Asda Money highlights research which shows that drivers are becoming increasingly concerned about the rising cost of motoring with many fearing that car-related costs could double over the next decade(1).
The recent driver poll outlined that the next ten years could see motoring costs climb to an annual figure of £4,850, bringing the collective bill footed by drivers in the UK to a staggering £135 billion(1).
The spiralling costs of running and maintaining a car has led 53%(1) of those aged between 17 and 24 to argue that the number of people learning to drive will fall, as the cost of motoring increases.
Further figures showed that nearly three-quarters (71%)(1) of those surveyed argued that the rising costs involved with owning a car may deter young people from investing a motor of their own in the future.
With these figures in mind, Asda Money looks at some of the factors that are putting increasing pressure on motorists’ budgets.
Rising fuel costs
Recent research has outlined that the cost of petrol has risen by a staggering 33%(2) over the last five years, meaning that travelling on key commuter routes by train presents almost half the cost to consumers as travelling by car; £2,440 a year against £4,800(3).
Garage labour rates reach record high
Motorists are facing a hefty bill for taking their vehicle to independent local garage, with figures showing that costs have climbed by 6.4% between 2011 and 2012 to an average of £64.58(4). However, some motorists are paying significantly above this cost, with the highest independent garage costs found in Surrey (£98.27 on average) and the lowest costs found in Powys, Wales (£58.46).
Car Insurance costs on an upward trend
The rising cost of car insurance is said to have been a factor in a sharp fall in the number of young drivers taking practical tests since 2007. Figures from the Department of Transport have revealed an 18% decrease in the number of 17 to 19-year olds taking their practical driving tests while this figure has dropped by more than 10% for people in their 20s(5).
To get the best deal on your car insurance, it is important to get the cheapest car insurance quotes for your needs.
Notes to Editors
About Asda Car Insurance
- Independently rated as 5 star quality by industry experts Defaqto
- Breakdown Assistance^ and Legal Expenses cover included as standard
- A courtesy car as standard following an event that is covered by your policy
- UK Customer Service centre and your own personal claims manager
- Optional no claims discount protection when you’ve got 4 or more years without claims†
^ For vehicles under 12 years of age. Applies to comprehensive policy only. There is a 48 hour period after your policy starts before recoveries can commence.
† A No Claims Discount of four or more years will not be reduced provided no more than two claims occur within any five consecutive years. If three or more claims are made during the five year period, we will reduce the discount you receive.
Asda Money is a trading name of Asda Financial Services Limited. Asda Financial Services Limited uses a selection of companies to provide its products and services. Please refer to www.ASDA.com/money for details of our product partners and the relevant terms and conditions for each of our products and services.
Asda Car Insurance is arranged and administered by Commercial Vehicle Direct Insurance Services Ltd (CVD) who are authorised and regulated by the Financial Conduct Authority (Firm reference No. 302216). www.fca.org.uk. Registered office: MMT Centre, Severn Bridge, Aust Bristol BS35 4BL. Registered in England and Wales number 04137311. Asda Financial Services Limited and Asda Stores Ltd who are Introducer Appointed Representatives of Commercial Vehicle Direct Insurance Services Ltd.