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Cost of Motoring in the United Kingdom

Cost of Motoring in the United Kingdom Image

The average driver in the United Kingdom spends up to £2,999 per annum on their motor vehicles, according to new research from Age UK Enterprises, which is the commercial services division of Charity Age UK.  Although price is the single most important factor when picking a car and taking out a Motor Warranty, with 23% choosing the cheapest vehicle they can find, the great majority of drivers then spend a large amount of money running it every year.

Two thirds of all adults in the United Kingdom own a car, a statistic that only increases with age with 81% of all adults aged between 55 and 64 owning a motor vehicle. 

The cost of car ownership accounts for a considerable amount of annual spending, although many drivers are failing to do simple tasks that could save them money in the long run, such as shopping around more for car insurance rather than just taking the first offer they find.  Sixty-three percent of those car owners surveyed admitted that they just stick with their existing car insurance provider when it comes time to renew their policy, a percentage number that increases to 70% the older the car owner becomes. 

"Despite the economic downturn, the UK remains a nation of car owners with those in later life the most likely to have a car whilst spending a significant amount every year maintaining it" says Age UK Enterprises Managing Director Gordon Morris.  "While consumers are cautious about price when they buy their car, too often they don't take action during its lifetime that could save them money."

published: 30/11/2011 14:00:01

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