The full cost of owning a car during your motoring lifetime can be revealed – and it’s enough to make you think about getting a bicycle.
Keeping a car on the road will set motorists back £206,624 – including buying various vehicles over the years, filling them up and servicing them.
Added to that are the costs of insuring, tax and even parking your car over the years.
Online lender MYJAR spoke to 2,000 motorists to assess how much they spend keeping their car on the road to arrive at the figures.
The full breakdown of cost are:
- Five cars (on average) – £41,976 in value, or £8,395.20 each
- Fuel – £54,341
- Repairs – £27,716
- Servicing – £10,380.51
- Insurance – annual car insurance is £342, totalling £21,595
- Tax – £6,943
- Cleaning – £181 per year, for £11,460 a year
- Parking – £20,409
- Accessories – £7,922.88
- Breakdown cover – £3,167.64
- Fines – £710.01
The figures are based on a driver who passes his or her test at 17 and continues to drive until the age of 80.
Obviously, the cost of fuel, in particular, as well as insurance and other factors, will vary over time.
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.”
One fifth of respondents said they had taken out of loan to buy a car or pay for unexpected repairs, while almost half have put repair bills on a credit card.