The cost of motoring has gone up by more than 10% according to new research.
Automotive data company Hpi conducted the study into a range of motoring factors, including depreciation, fuel costs, road tax, and repairs, to determine the average cost per mile of running some of the UK’s most popular models and found the figure to be 10% higher than this time last year.
The criteria set for the test was for vehicles aged three years with around 30,000-miles on the clock. Hpi found that the pence-per-mile figure for the Peugeot 108 had increased from 24p to 27p, and for the Toyota Aygo is had jumped by more than 15% from 24p to 28p. This can be attributed in part to the cost of fuel, with official data from the Department of Business, Energy, and Industrial Strategy showing a rise in the average price of a litre unleaded fuel of over 19.5p in the past 12 months.
Philip Nothard, consumer and retail specialist at hpi, explained said: “The motorist is facing rising taxation and fuel costs due to a weak pound. Depreciation, the amount of money a car loses in value after you buy it, is the single biggest factor in the cost of owning a car. It usually outweighs the costs of fuel use, servicing, car tax and even insurance, even when added together. The drop in value varies between makes and models, and while depreciation is often quoted in percentage terms it can be more useful to think in cash values, which helps identify if a car is going to lose them more or less money than another.”
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