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Jacksonville, FL
The cost of keeping a car on the road has far outstripped the rate of inflation over the last decade. .
It now costs an average of pounds 2,395 a year for motorists to insure, service tax and fuel a vehicle, according to price comparison company uSwitch.com.
It added that if costs had stayed in line with inflation, drivers would now be paying only pounds 1,787.
The company also said that if running costs continued to rise at the current rate, by 2017 motorists would be paying an average of pounds 3,659, to keep their cars on the road.
The survey showed:
Motorists now spend a total of almost pounds 75 billion to keep their cars on the road car maintenance now costs 11 per cent, or pounds 228, a year more compared with last year and 78 per cent, or pounds 1,051, more than in 1997
Since 1997 the cost of car insurance has outstripped inflation by 29 per cent, with average premiums increasing from pounds 311 to pounds 535 a year
Vehicle excise duty (VED) car tax has seen the smallest increase, with motorists now paying just two per cent more than they did a decade ago
If prices had increased in line with inflation, an MOT would now cost just pounds 38 a year, not the pounds 50 motorists currently spend
In 1997 it cost pounds 854 a year to fill a car with petrol. This has now increased 94 per cent to pounds 1,657 a year, pounds 521 more than if prices had stayed in line with the rate of inflation.
(c) 2008 Birmingham Post; Birmingham (UK). Provided by ProQuest LLC. All rights Reserved.
Car Insurance News: Motoring Costs Above Inflation...Get an auto insurance quote!