Car insurance and petrol price rises have forced motoring costs up by 8.6% in the last five months, according to Sainsburys Finance.
Motorists have seen an 8.6% rise in the cost of running their cars during the last five months as the cost of fuel and car insurance have risen significantly, Sainsburys Finance have found.
The bank calculates that it now costs £2,539 per year to run a car compared to £2,338 five months ago. When compared to the £2,100 annual cost in 2007, current annual car bills are now 20%. These figures exclude interest payments accrued from car loans.
Car insurance premiums have risen by 11% and fuel costs have increased by 10% during the last five months, however motorists now face larger tax bills for new cars registered after 1st April. There are also two further increases in fuel duty to be phased in over the next nine months.
Faced with these rising costs, it is advisable for motorists to shop around for the best car insurance deals, and there are a number of comparison sites to use to help you to compare car insurance quotes, including Quotezone, Confused.com and Gocompare.com.
Commenting on this, Ben Tyte, Sainsbury’s Car Insurance Manager said: “The cost of motoring has soared in recent months as all costs, but particularly fuel prices and insurance premiums, continue to rise. The cost of driving can be kept better in check by shopping around, particularly for car insurance and servicing.”
“With the new higher level of tax coming in as of 1st April for newly registered cars it’s also worth those looking to buy brand new cars haggling down the price to offset this higher cost.”