Cost of driving soars 11 per cent

Fri, 20 Nov 2009



According to car finance news today, the cost of motoring has soared since 2007, with car insurance premiums leaping and increased motoring taxes all adding to the financial weight of running a car .

Sainsbury’s Finance provided a series of statistics regarding car costs . Including the interest repayments on car finance loans, the average cost is around 2,338 pounds. The figure is 2.68% higher than 2008 and 11.33% higher than 2007.

Both car insurance premiums and car taxation have increased in cost. However average car service costs have gone down. Sainsbury’s car insurance manager Ben Tyte reportedly commented: ''While certain costs of running a car have fallen during the past year, compared to 2007, the cost of motoring has still increased fairly significantly with road taxes and insurance premiums both on the rise. The cost of driving a car can be kept better in check by shopping around, particularly for car insurance and servicing.''
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