Budget Motoring Costs
The cost of motoring has become unaffordable for 1.3 million drivers, research shows.
In total, 76 percent of motorists have changed their driving habits over this period to save money, the analysis by Sainsbury’s Finance reveals.
The past 12 months has seen motorists not filling up at petrol stations in full each visit to save money, which 26 percent of those surveyed admit to doing, while others are purchasing specific values of fuel per visit to budget their costs.
“We estimate the average motorist has an annual fuel bill of over £1,700, a 22.9 percent year on year increase, which underlines just how hard the rising cost of motoring is affecting people,” said Ben Tyte, Sainsbury’s Finance head of motor insurance.
“The average annual cost of running a car is now just over £3,000 a year, 21 percent higher than a year ago.”
A further 45 percent of motorists are now driving less to reduce the amount they spend on petrol, while seven percent have started a car share.
Even 10 percent, which amounts to 3.53 million people, have downgraded their car for one that’s cheaper to run.
Recent research by Moneysupermarket also backed up this study as they showed Brits are fretting most about increasing household bills as their budgets are stretched to the max.
They discovered 13 percent find the rising cost of motoring their biggest financial concern, while for 12 percent debts are their biggest money worry.
The high cost of living which is reducing disposable income is the biggest concern for the majority however, with 36 percent agreeing.
“People should be reviewing all of their outgoings as a priority to see where they can get better value and free up vital cash,” said Clare Francis, Moneysupermarket’s personal finance expert.