2 September 2008
The cost of motoring has outstripped the rate of inflation by 34% in the last ten years, according to new research uSwitch.com. Motorists now pay £2,395 a year to service and tax their car, fill it with fuel and purchase car insurance, the independent price comparison and switching service found. If these costs had stayed in line with inflation they would be paying just £1,787 a year. All costs associated with motoring have risen in the last 12 months, but it is fuel that has seen the biggest rise, increasing 94% since 1997. Car insurance premiums have also risen considerably and motorists can now expect to pay £535 a year, compared to £311 a year a decade ago. If current trends continue, by 2017 motorists could be paying as much as £3,659 a year to keep their cars running, uSwitch.com claims. Meanwhile, research from Sainsbury's Bank shows that the average car insurance premium has increased by 6% in the last year.
© 2008 Adfero Ltd
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