In a recent survey of 2,000 British vehicle owners; it was found that the average purchase and running costs of a car are just over £205,000 over a lifetime!
These costs are made up of adding together the cost of purchasing cars, having the car repaired, filling it with fuel and making sure that it is legal to drive by paying tax and insurance.
It must also be remembered that the vehicle purchase costs above, don’t factor in the costs that are recouped from reselling vehicles.
The largest costs are fuel! It’s estimated that the cost of fuel over the lifetime being just over £54,300. It must be noted that this figure is open to variable fuel prices which can fluctuate in line with oil costs.
The cost of buying a car is the second highest financial cost. With the purchase costs of being calculated at just under £42,000; with survey participants paying on average just under £8,400 on each vehicle; with it being calculated that each car is owned for five years.
The next highest costs are vehicle repairs which are estimated at just under £42,000. Insurance costs are also a significant cost at just under £28,000.
These estimates are based on the survey respondents passing their test at 17, driving their vehicle for 63 years and giving up their license at 80 years of age.