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UK Car Prices Through the Roof

By Jessie Wilkens on November 23, 2011 in UK government policies

In addition to all of the other economic woes hitting the UK at the moment, add to these the cost of driving. RAC has just revealed that drivers have experienced a 14% rise in the cost of motoring this year. And the hardest hit are the middle-class car users. The report from RAC says that motorists are paying, on average, £128.64 a week to keep the family car going.

The fuel costs have been estimated to be 12.4% higher than they were a year ago, and the maintenance costs are 8.8% higher.

Ironically, at the same time that car costs are skyrocketing, car values are depreciating. Depreciation for cars rose 16.67% during the last year.

Adrian Tink, the RAC motoring strategist, explained,

“This year’s cost index highlights the tough conditions being faced by Britain’s motorists. With the annual cost of motoring approaching £7,000 the price burden of car ownership is hitting drivers hard. The increase of almost three times the rate of inflation is crippling drivers’ wallets and something needs to be done to stem the tide.”

Looks like it might be time to invest in a bike.

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