According to recent reports by Sainsbury’s Finance, the cost of running a vehicle has soared by 13.55 per cent in the last year. Every year, according to the car finance company, motoring costs and average of £2,543.85, this excluding interest paid on car finance loan repayments.

Fuel costs have become considerably more expensive, up 19 per cent on figures from last year. The cost of driving is thought to be 16.2 per cent higher than in 2006, according to the study. Sainsbury’s pointed out that consumers could save money by shopping around for car insurance .

Furthermore, the manager of Sainsbury’s car leasing, Steven Bailie, made it clear that leasing schemes could aid those people who cannot afford a brand new car . The economic downturn has certainly hit the car finance and car sales industry, with consumers looking to save money by not buying new vehicles .