Drivers across the UK are leaving their vehicles unused in driveways and garages as a result of the rising price of motoring costs. Research performed by HyaCar has revealed that around half of people in the whole of the UK cannot afford to buy or run a car due to its continual running costs, and those who can afford to run a car spend more than £2,500 per year on the general upkeep of the vehicle. Currently, in Britain, there are one million cars that are driven just once a month, while a significant 2.4 million people can only afford to use their cars just once a week or less.
According to the study, motorists in the South East are forking out the most to keep their automobiles on the road, and running costs in the area are topping £220 for a month of use. In London, drivers are generally expected to pay a minimum of £3133.20 for a year of expenditure on keeping their cars running; this works out at a monthly outgoing of over £260. In Norwich, the costs are considerably less, working out at £165.80 per month. Drivers across the board are soon to feel the financial pressure mounting as insurance premiums are fully expected to break a national average of £800.
For 48.8 per cent of the respondents surveyed in the poll, the biggest outgoing was regular upkeep costs, which include tax, MOT, insurance, financing and minor repair costs. The current state of car costs in the UK has seen the price of running a vehicle catapult higher than the cost of several household bills combined; this includes the price of gas, electric, the Internet, phone and water. Despite having knowledge of the effects of depreciation on the value of their vehicles, many of Britain’s car owners still choose to drive infrequently.