Car insurance news
The RAC has found that the average driver pays £14 a day to keep their car on the roads in fuel, maintenance, tax, and car insurance costs, also taking into account depreciation on the vehicle.
The study found that the average motorist will pay just under £5,000 each year to run their car, although some cars are much more costly to run than others. 4x4s, for example, cost around double to operate compared to a normal car.
The average driver will pay £1,154 in fuel, £389 in motor insurance, £124 in tax, and maintenance of £271. Depreciation is extremely costly, with the average vehicle losing £1,987 of their worth each year.
The cheapest car to run is the Toyota Yaris at £3,178 in yearly bills, whilst the most expensive is the Porsche Cayenne, costing owners a whopping £19,074 a year.
The Retail Motor Industry Federation said that people weren’t about to hang up their keys just yet: “This information won’t stop people buying new cars in record numbers – approximately 2.3 million a year. The depreciation is fairly static across all models, so the high drop for a Porsche Cayenne is in fact roughly the same percentage drop as a Toyota Yaris.”
Some running costs are rising, such as fuel, and others, such as car insurance and maintenance, are falling. In the last year, the cost of car insurance has fallen by 4%, while maintaining a car cost 7% less.