Motoring cost rises exceed inflation, says uSwitch

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Motoring cost rises exceed inflation, says uSwitch

The cost of driving has increased beyond the rate of inflation, new research from uSwitch has shown.

Car insurance premiums have increased from £311 in 1997 to £535 a year, outstripping inflation by 29 per cent.

The price comparison and switching website found that motorists now pay an average of £2,395 a year to run their cars.

But if costs had stayed in line with inflation, the figure would be £1,787.

In the same time span, the cost of filling up with petrol has risen by 94 per cent, from £854 a year to £1,657.

In related news, the latest Sainsbury's Finance Car Buying Index has found that the number of people planning to buy a car in the next six months remains at a three-year low.

Of those who do plan to purchase a vehicle, 27 per cent intend to finance it in part with a loan.

Steven Baillie, head of loans at Sainsbury's Finance, said the continuing low number of buyers was not surprising given the "economic doom and gloom that has dominated much of the media for the past few months".

Click here for more insurance news.

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