Sainsbury's: Cost of motoring hits £2,543.85

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Sainsbury's: Cost of motoring hits £2,543.85

Tue 21st Oct 2008

The annual cost of running a car has increased by 13.55 per cent in a year, Sainsbury's has said.

According to its estimate, motoring for a year now costs £2,543.85, excluding interest repayments on loans used to purchase vehicles.

Rising fuel costs were given as the biggest reason for the increase, with the average driver now paying 19 per cent more than last year for it.

Car servicing and tax have also increased.

And the cost of motoring is now said to be 16.2 per cent higher than in 2006.

Sainsbury's advised shopping around for car insurance, pointing out that it offers a ten per cent discount for customers who buy online.

Steven Baillie, Sainsbury's car leasing manager, also said that leasing schemes could help people who cannot afford brand new cars.

In September, the Sainsbury's Finance Car Buying Index found that the number of people planning to buy a car had hit a three-year low and this was continuing.

At the time, Mr Baillie said it was not surprising and cited "economic doom and gloom that has dominated much of the media for the past few months".