You are here: Home - Insurance - News -

Car running costs hit £30bn a year

0
Written by:
05/12/2012
Brits are paying £2.5bn a month to meet the costs of running a car.

The research, based on a survey of 2,000 people, included costs such as tax, parking, insurance, petrol, maintenance and accessories to find the average total cost which equates to £88.50 per person, per month; £1,062 per annum, according to website Recombu Cars.

The report also highlighted that one in 10 Brits spend more money on their car per month than they do on their children, with 9% spending more on their cars than their spouses.

Rory Reid, editor of Recombu Cars, said: “Although owning a car is a huge expense, the relationship that owners have with their wheels ensures we’ll continue to spend our hard earned cash on them.

“The fact that Brits see their car as part of the family and are willing to spend more on their car than their children or partner just goes to show the lengths people will go to for their car and reinforces our status as a motor mad nation!”

Additionally, bonkers Brits admit that their car is part of the family (8%) with a further one in five going as far as naming their car.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2229725-shutterstock-102379315
NatWest slashes rates across range

NatWest Intermediary Solutions is to cut rates across its mortgage product range, including a new range of fee-free 50% LTV...

Close