British drivers spending up to 52 per cent more on car maintenance than expected

Recent figures from MoneySuperMarket signal that motorists unaware of total costs of owning their car

British drivers spending up to 52 per cent more on car maintenance than expected
Motorists are forking out more than they expected, according to recent figures. Image: Bigstock.

New research by leading price comparison website MoneySuperMarket has found that Brits are unaware of the total costs of owning their car, despite 80 per cent viewing their car as an essential item.

The costs will soon add up, given that the lifetime of a car is approximately 71.4 months, or just under six years, based on the UK average.

New research by leading price comparison website MoneySuperMarket has found that Brits are unaware of the total costs of owning their car, despite 80 per cent viewing their car as an essential item.

The costs will soon add up, given that the lifetime of a car is approximately 71.4 months, or just under 6 years, based on the UK average.

With numerous factors to consider such as car insurance, fuel costs and MOTs, it can be difficult to know which model to purchase to keep costs to a minimum.

To help consumers, MoneySuperMarket has analysed data from over 200,000 vehicles registered in the UK to create a new interactive tool that allows car owners to find out the most and least cost-effective cars to own across its lifetime.

The tool takes into consideration all major costs, including the initial purchase, fuel, insurance premiums, tax, MOT and servicing over the lifetime of the car.

Evaluating costs

  • 58 per cent of survey respondents felt their car insurance was too expensive, while nearly half (46 per cent) felt that road tax was too high.
  • 63 per cent of respondents felt fuel prices were too high.
  • 73 per cent of over 45s believe that fuel is too expensive compared to just 39 per cent of 18 to 24 year olds.
  • Car costs in general were the most troublesome for respondents from the North East, as 35 per cent found motor expenses took up too much of their budget, 11 per cent more than the national average.
  • On average, Brits were prone to underestimating the amount they spent on their car, which was actually £2,264 per year (based on all costs except the initial purchase) despite valuing their yearly expenditure at £1,494.

Least Costly CarsLuckily for those looking to save themselves some money, not all cars need to break the bank.

The top five cheapest cars to own over six years were found to be the Seat Mii, Volkswagen Up, Suzuki Celerio, Peugeot 108 and the Ford KA+.

At the other end of the scale, while it may be a dream for many to own a luxury motor, unsurprisingly the hefty price tag attached to these vehicles doesn’t end with their purchase.

The top five most expensive cars found were the F12 Bentley Flying, McLauren 570GT Jaguar, F-Type Ferrari and the GTC4.

Kevin Pratt, consumer affairs expert at MoneySuperMarket, commented: “Most drivers probably don’t think about the cost of running a car over a year and over the course of time they own it – after all, it’s just a household expense you learn to live with.

“But when you tot up the various bills and payments – fuel, tax, insurance, garage work – it really mounts up, easily hitting thousands of pounds every year.

“That’s why it’s vital to cut the costs you can control, such as how much you pay for your insurance.

“If you renew with the same firm year after year, chances are you’ll end up paying much more than you should.

“Golden rule – shop around at every renewal, save money and take some of the sting out of running your car.”

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