Factors driving up costs on the road
IF YOU think motoring has become more expensive over the past 12 months, you may be right.
Experts at motor data experts HPI say they estimate the cost of driving has risen by 10 per cent.
The study examines factors from depreciation to fuel costs and repairs to calculate a total cost of ownership on some popular models.
Philip Nothard, consumer and retail specialist at HPI, said: “The motorist is facing rising taxation and fuel costs due to a weak pound.”
“There are still some great deals to be had on new and used vehicles due to the growing popularity of finance that allows payments to be spread over a fixed term.”
The figures show a cost per mile and are based on vehicles aged at three years and 30,000 miles, and include service and maintenance, fuel, depreciation from the cost new and road tax.
The research looked at the cheapest vehicles to own in 2016 against 2017. It found the cost per mile for the Peugeot 108 increased from 24p to 27p. The Toyota Aygo jumped by more than 15 per cent from 24p to 28p over the same period.
Mr Nothard said: “Depreciation is the single biggest factor in the cost of owning a car.”