Cars are getting more expensive to run, which is rubbish news
Soon, you won't be able to afford a train ticket, unless you're prepared to sell your lungs to science before you've died. That's okay - you can always drive right?
Well, not for long because thanks to rising petrol prices and insurance premiums, there's been a 6.3% increase in the average annual cost of owning and running a new car in the past year.
Soon, the UK will be famous for being The Housebound Nations.
The RAC, in its cost of motoring index, said today that the £346 increase is twice the rate of inflation and equates to £112.87 a week, or 48.91p a mile. The index covers a whole host of costs including fuel, insurance, maintenance, road tax, breakdown cover, depreciation and finance.
The RAC reckon that running costs (excluding the cost of ownership) have increased by £197 (8.9%) to £2,417, up from £2,219 last year and amounting to a weekly cost of £46.48 – an increase of £3.79 a week. It's not much cheaper to own and run a used car, which they reckon stands at £4,441 a year, or £85.41 a week. Of course, the running costs of used cars are more expensive to run than new cars (to the tune of £553) thanks to maintenance and fuel consumption.
Diesel and petrol prices have risen by 14.8% and 12.6% respectively, which adds up to a depressing annual bill.
RAC motoring strategist Adrian Tink said: "Rises in the cost of motoring for Britain's 34 million drivers shows no sign of ending. Owning a car is a necessity for most people, but they are once again being hit in their pockets – this time by an increase in costs which is double the rate of inflation. Fuel continues to be a major contributor in the rising costs, with little being done to control the spiralling prices at the pumps. It is time for the government to look closely at the problem and take action, starting by cancelling the planned fuel duty rise of 0.76p in January 2011."
In the new year, there's a nice rise in VAT to 20% for everyone to look forward to, which will invariably take us into a period of record petrol prices. Time to check the prices of rollerskates then...