Yearly savings of thousands are achievable for drivers
With the average cost of driving a car hitting £5,795 in 2017, we offer advice for saving money (yearly savings for drivers).
It’s a figure most of us would prefer to ignore – the annual price of holding the keys to a modest new or newish car covering almost 1,000 miles a month. Whether leasing or buying, I reckon it’s around £5,000 all-in.
Shocked? Don’t be. Raising the money for and acquiring even a half-decent small to medium vehicle, then taxing, insuring, fuelling, driving, cleaning, parking, servicing and repairing it while watching it depreciate daily is not a cheap process. Thus the need for the typical 10,000-12,000-mile-a-year motorist in a sub-£15k-£20k car to have that five grand per annum budget before possible tolls, fines and other often-forgotten expenses.
Sure, you pay a lot, but you get a lot in return – the privilege of enjoying exclusive access to a humble road-legal vehicle 24/7, 365 days a year, for starters. One of the joys of modern life, no?
Reckon my figure of £5,000 is too high? Then you won’t like what follows from automotive research specialist INRIX, which says it’s too low. The company insists “the average UK driver faced a total driving cost of £5,795 in 2017”. When considered that its researchers included what they bizarrely describe as the “toll fees, wasted time and carbon, plus overpayments” that I didn’t factor in (sorry!), we’re not too far apart. Think £5k-£6k pa for Mr or Mrs Average Motorist.