Driving fees rise three times inflation - Car Rental News
Driving fees rise three times inflation
Car Rental News - 24/11/2011
A recent report has revealed that motoring costs have risen three times faster than inflation.
According to the RAC’s annual index, the price of owning and operating a vehicle has increased about 14 per cent in the last year alone – a figure triple that of the UK’s inflation rate and major blow for struggling British families.
The RAC report said that the average annual cost of driving is now £6,500, or 55.74p per mile/£129 each week. This cost marks a whopping £1,556 rise from the same figure seen in 2007. Moreover, day-to-day running costs, excluding vehicle financing and value depreciation rates, have risen to £2,743, an increase of more than 11 per cent.
The skyrocketing price of fuel has by and large been the biggest burden for UK motorists. Average annual fuel costs have jumped up by £160 since the end of 2010, marking a 12.4 per cent rise and a hard-hitting cost for families, according to the RAC.
Adrian Tink, motoring strategist for the RAC, said that the index reflected ‘tough conditions’ for drivers with annual costs quickly approaching the £7,000 mark. He said that many drivers were calling on the government to step in and said that action of some kind was required to ‘stem the tide’