Driving costs soar 14% in 12 months

New figures have shown that motorists now pay 14% more to keep a vehicle on the road than they did a year ago.

The average new car running cost now stands at £128.64 a week, the RAC said in its report.

Compared with 2007, owning and keeping a new car on the road is now £1,556 a year more expensive.

The highest year-on-year increase in 2011 was seen in the depreciation rate, at 16.67%, ahead of car insurance at 14.38%, fuel (12.4%) and maintenance costs (8.8%).

There was a 9.85% year-on-year increase in car finance costs in 2011, while RAC membership was 4.21% higher.

The total costs were £819 higher than the previous year, according to the report.

When depreciation and car finance are not taken in to account, the costs of running a car stood at £2,743 a day, up 11.1%.

The report also showed a 13.2% increase in the cost of running a second-hand vehicle.

Copyright © Press Association 2011

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