Keeping a car on the road is always expensive when you factor in the cost of the car itself, insurance, fuel and road tax. Currently, costs are at an all-time high with the cost of fuel so high and insurance prices rising, which can create challenges for motorists when you consider that the cost of everything else is increasing as well. This post will take a look at the average cost of owning a car in the UK so that you know what to expect.
The Total Average Cost
Overall, the total average annual cost for owning a car in the UK is £3406.80 and £5744.40 for those that have a car on a finance deal. Of course, this can vary greatly depending on a number of different factors and there will always be ways that you can pay less to keep your car on the road.
Insurance
Insurance is one of the major costs that a motorist will need to cover and required by law. The average payment for insurance in the UK is £53.40 per month, but this can vary greatly. Men, for example, pay an average of £64.10 while women pay an average of £41.90 while motorists between 18 and 34 pay a huge £82.10 per month on average. There are always ways that you can bring down the cost of your car insurance, such as shopping around, increasing your excess and reducing your mileage just as a few examples.
Many motorists also pay for gap insurance on top. Although an extra expense, this can be smart because you could see yourself short by thousands of pounds in the event of a write-off when you would only receive the current market value from your insurance company. You can get a gap insurance quote online to find out how much it would cost and this is worth doing because it could save you so much in the long run.
Fuel & Maintenance
Fuel has been a major talking point in the news with prices soaring and reaching almost as high as £2 per litre. This has since cooled off but it is still a major cost for motorists to cover, especially those that spend a lot of time behind the wheel. Motorists also have to factor in maintenance costs and these can also be high.
Working Out Your Running Costs
So, how can you work out your ownership costs? There are online calculators that you can use that will work out exactly how much you are paying to keep your car on the road. If you are paying more than the average, you might want to look for ways to bring your costs down.
It can be hard for motorists to know how much they are spending on their car when there are so many costs to cover, so it is helpful to know the average and then use a calculator to see how you compare.