Motoring costs have rocketed 84% in 10 years

Richard Aucock, Contributor
Fri, 01 Nov 2024

The cost of running a car in the first year of ownership has risen 84% in just 10 years, new analysis has revealed.

The tally of costs includes the outright purchase of a car, along with car insurance, fuel and tax.

With more than 2 in 3 Brits considering a car to be an essential part of their lives, the analysis helps highlight the impact on household finances.

LeaseCar UK’s research shows that if motorists wanted to purchase outright one of the top 10 most popular new cars in the UK, they would today have to spend an average of £27,649.

This figure is up a staggering 88.9% from 2014’s figure of £14,637 and illustrates just how expensive new cars have become.

It’s not just the cost of the car that has gone up, either. Average maintenance bills of £210 are 62.8% up on 2014 and average car insurance of £622 is up 53.4%.

Notably, VED car tax has also shot up, from an average of £28 in 2014 to £190 in 2024.

That’s an increase of 578%.

Surprisingly, it’s only fuel costs that have remained stable, with today’s bill of £855 being just 0.75% up on 2014. When inflation is factored in, that’s a real-terms decrease in fuel cost.

Ask HJ

I'm no longer able to drive - can I insure my car for two named drivers?

I’m no longer able to drive after a stroke. Can I insure my car for two named drivers one of which has a car wile the other is named on two other vehicles? My car will only be used occasionally.

Yes, you can insure your car with two named drivers, even if you are no longer able to drive. It’s important to be clear with your insurer about how frequently the vehicle will be used, as this will influence the terms of the policy. The second driver, who is already named on two other vehicles, can be added to your policy, but their status on other cars should be disclosed to ensure all policies align and prevent complications with multiple insurance claims. You might want to consider a “named driver policy”, as the car will not be in constant use. You will be the owner of the vehicle but will be classified as a non-driving policyholder. However, the most important thing is to be honest with your insurer about your health situation, the fact that you will not be driving, and how often the named drivers will be using the car. This will ensure your policy is valid, and there are no issues in the event of a claim.

Answered by Rhydian Jones

More Questions