Motoring costs shoot up by 14% in a year

car atop coins

The cost of running a car has risen by 14% in the last year and the average motorist now pays £128.64 a week, according to research from the RAC.

This increase is nearly three times the current rate of inflation (CPI), which currently stands at 5%

According to the latest RAC Cost of Motoring Index, motorists now pay £6,689 a year for their car - the equivalent to 55.74p per mile.
This is a staggering £1,556 more a year compare to four years ago.

The reasons why

Depreciation is the biggest factor behind the increase, rising by 16.67% in the last year.

The next highest cost was car insurance, which has shot up by 14.38%, while the cost of petrol has added 12.4% onto motorists' yearly bill.

Adrian Tink, RAC motoring strategist, says: "With the annual cost of motoring approaching £7,000 the price burden of car ownership is hitting drivers hard.

"Oil companies need to be more transparent over pricing so that drivers know exactly where their hard-earned money is going.  The Cost of Motoring Index makes it quite clear that motorists are already paying way over the odds."

The research was based on a pool of 17 new cars with the results weighted by their level of ownership, looking at a number of costs including depreciation, finance, service, maintenance, repair fuel, insurance, road tax and breakdown cover.