The Real Cost of Driving

Written by Payplan Ryan on 18 May 2012

There is no hiding from the fact that the cost of driving is going up. From fuel to insurance to on-going maintenance – driving a car costs us hundreds of pounds each year.

Fuel prices regularly hit the headlines as prices continue to soar. As this blog is published the average price for a litre of petrol and diesel is at a record high at 142.42ppp and 147.93ppp respectively. In the recent budget people urged Chancellor George Osborn to scrap a planned increase in fuel duty tax, unfortunately for motorists the Chancellor ignored the calls and decided to go ahead with his plans to add a further 3.02ppp (pence per litre) to fuel on 1st August.

It isn’t just fuel that has hit the headlines, as recently judges at the European Court of Justice decided that it was unfair for insurers across the EU to continue charging different premiums for people depending on gender. This will mean that from 21st December 2012 when the ruling comes into action, many will see their policy increase, especially women. Traditionally women paid less for their insurances as statistics show that men are more likely to be involved in an accident.

Other costs associated with driving include road tax, MOT and maintenance. The diesel car costing £15,000 new currently costs £165 per year to tax, with a petrol car of the same value costs £245 according the figures released by the AA. An MOT currently costs £54.85 and general maintenance can cost anything up to thousands depending on the make and model of the car.

If you have a car, why not work out how much it is costing you to run over the course of the year? The AA has a break down for different vehicle types that may be able to help you, why not have a look by clicking here

If you find that you are spending too much, or can no longer afford the cost of driving, why not look at alternatives like:

Walking

Biking

Public transport

Car sharing

And see how much money you can save.

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This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

One thought on “The Real Cost of Driving”

  • Sarah G

    May 18, 2012 at 1:14 pm

    Worked out my car costs:
    £1300 on Petrol
    £1935 on car finance payments
    £140.00 on tax
    £30 on MOT
    £150 on yearly service
    £500 est on repairs/other maintenance
    £79.90 on breadown cover

    = £4134 per year, not including depreciation

    I have an 08 reg Vauxhall corsa which is essential for my work and for having 2 kids in a semi rural area!

    Reply Report comment

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