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Thread: New Cost of Motoring Report published

  1. #1
    Join Date
    May 2008
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    Default New Cost of Motoring Report published

    We've just released the latest Cost of Motoring Report, and it doesn't look like good news for motorists - let us know what you think...

    http://www.rac.co.uk/news-advice/mot...-in-12-months/

  2. #2
    Join Date
    Apr 2007
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    I don't know how the RAC gets these figures. The weekly cost of running a car being described as 128.64 per week seems exaggerated to me. I have just worked out my approximate weekly costs (excluding fuel which is driver dependent), but I have factored in an extra 107 for the coming insurance year and two new tyres per year as a rough average.
    My vehicle is a 2009 MPV, and is on a manufacturer's service and maintenance contract. Excluding fuel, my weekly costs work out at 64.16.
    Of this, 42.28 per week is car purchase, which ends in about 16 months unless I renew the vehicle.

    Admittedly, being retired, I only drive between 7,000 and 10,000 miles per annum.

  3. #3
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    Oct 2007
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    I remember the 1600 Maestro Estate from some years ago. The cost was ridiculous, as they depreciated so badly. Other cars depreciate very little after the first year, and the overall costs are much less. I remember an article from the 60s showing a Mini cost 3d a mile over 10,000 miles, and 6d a mile for 5,000 mile. My current running costs are around 1200 for 5,000 miles, and 1900 for 10,000. This figure does not include any depreciation, parking charges, or any garage labour for servicing and the like.

  4. #4
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    Apr 2007
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    Here's how ridiculous is the figure of 128.64 per week. The average gross yearly wage of the population is about 26,000, so the foregoing figure is about 25% of that.
    Recent media interest in the cost of household energy claims that anyone paying out more than 10% of their income on this energy is in fuel poverty. So most of us drivers must be running around in rags, with holes in our shoes!

  5. #5
    Join Date
    Nov 2011
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    Hi Snowball, I'm from the RAC Media team that helped put this together. The overall cost takes into account owning and running a new car which includes depreciation, finance, fuel, insurance, maintenance, Vehicle Excise Duty and breakdown cover. Depreciation is the biggest factor in the overall cost, coming in at 3,582 per annum. This isn't a cost that drivers will see on a daily basis but does come into play if you look to sell your car. When we look at every day running costs (Fuel, Insurance, Maintenance, VED, Breakdown Cover) the figure is 2,741 per annum, or 52.71 per week. I hope this explanation clarifies the figures for you. Regards, John

  6. #6
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    Apr 2007
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    Quote Originally Posted by RAC_Media View Post
    Hi Snowball, I'm from the RAC Media team that helped put this together. The overall cost takes into account owning and running a new car which includes depreciation, finance, fuel, insurance, maintenance, Vehicle Excise Duty and breakdown cover. Depreciation is the biggest factor in the overall cost, coming in at 3,582 per annum. This isn't a cost that drivers will see on a daily basis but does come into play if you look to sell your car. When we look at every day running costs (Fuel, Insurance, Maintenance, VED, Breakdown Cover) the figure is 2,741 per annum, or 52.71 per week. I hope this explanation clarifies the figures for you. Regards, John
    Hi, John. Thanks for your reply.
    In my figure of 64.16 per week I have included everything except depreciation. Since I have exactly the same model as my previous car, I can assume a rough estimate of the same depreciated value for this car as for my previous one. This would work out at 10,000 over 4 years (48.07 per week) bringing the total up to 112.23 per week.
    But after the third year the end of the finance (-42.28) would bring it down to 69.79 per week.
    So, (((112.23x52)x3)+(69.79x52))/208) = 101.62.

    Hmmm! Doesn't work out that far from your figures, John, allowing for the wide variations of vehicles and relevant costs.
    Sounds a lot of cash - wish I hadn't checked it out!

  7. #7
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    Scotland
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    Quote...."coming in at 3,582 per annum."

    Well, I'm well chuffed I bought that wee car of ours, as there is no way that the cost of running it is going to come to that, even allowing for depreciation.

  8. #8
    Join Date
    Nov 2011
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    6

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    Glad my running costs are under those :-).

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