Research reveals UK motorists spend over £206k maintaining vehicles over lifetime

Online lender highlights costs of running a vehicle, with a fifth of drivers admitting to needing a loan

Research reveals UK motorists spend over £206k maintaining vehicles over lifetime
Fuel drew up the largest expense, with drivers expected to spend over £50,000 filling up. Image: Bigstock.

Recent research has highlighted that the average motorist will spend over £206,625 on driving throughout their lifetime, reports The Sun. 

Online lender MYJAR, which commissioned the research, said: “Running a car is a necessity for many people in the UK, but our survey found that the costs of owning a car run far beyond the initial payment of buying one.

“Things like fuel and maintenance costs can quickly creep up.

“Many of the smaller costs of car ownership – like paying for it to be cleaned, or buying accessories – are less likely to be budgeted for by many consumers.”

Report in numbers

  • Average driver spends £439 per year on car maintenance, adding up to £27,716 over a lifetime.
  • Fuel is the largest expense, with the average driver expected to spend £54,341 over the course of their driving life.
  • The average adult will have five cars, with an average total worth of £41,976.
  • On average, tax and insurance will set motorists back £6,943 and £21,595 respectively.
  • Cleaning costs rack up a huge £11,460 over a driver’s lifetime.
  • Motorists are expected to spend £20,409 on parking over the course of their life.

Additionally, a fifth of the 2,000 drivers surveyed admitted to needing to take out a loan at some point in order to fund their vehicle and 46 per cent said they put expenses on their credit cards.

MYJAR’s spokesman added: “Our study found that four in 10 people have questioned whether they should keep their car, due to how much it was costing them.

“But many would rather go without a lot of things before giving up their car – they’re vital for so many parts of life.

“Our advice to car owners is to try and put aside money each month especially for future car maintenance emergencies – an unexpected bill can be devastating for saving plans.”

Have your say!

0 0
Written by

Lost Password

Please enter your username or email address. You will receive a link to create a new password via email.