Motorist misery as car costs climb 27% year on year
Monday 11th September 2023
The cost of keeping our cars on the road has increased by 27% in the last year alone, that’s £256 more spent by the average motorist, with the annual cost now sitting at £1,200.
That’s according to our analysis, but while the recently expanded ULEZ has only added to this financial misery for many motorists, our research also shows that those using their car for professional purposes can offset Sadiq’s latest tax grab against their tax bill, with an increase in fuel advisory rates also allowing them to claim back thousands in fuel costs.
Car costs up 27% annually
Keeping a car can be costly and our analysis shows that this cost has climbed substantially over the last year. The average cost to keep a car on the road - including an MOT, service, insurance and road tax - currently sits at £1,200. This cost has increased by 27% in the last year alone, meaning the average motorist is now paying £256 more a year.
Car insurance costs have contributed to this increase to the greatest extent, up 40% annually. At the same time, the Admiral Group’s half year financial results show that they have recorded a healthy year on year increase in insurance revenues, no doubt driven by the increased cost incurred by the consumer.