Cost of motoring up 6.3%

The average annual cost of owning and running a new car has jumped by 6.3% in the last 12 months, according to RAC’s annual Cost of Motoring (CoM) Index.

The £346 increase, almost double the current rate of inflation, propels the average cost up to £5869 from £5523 in 2009. This equates to £112.87 per week or 48.91p per mile.

The index addresses the costs of owning and running a new car and includes fuel, insurance, maintenance, road tax, breakdown cover, depreciation and finance.

The index also considered the day-to-day running costs by stripping out both depreciation and car finance.

New car running costs have increased by £197 (8.9%) to £2417. This figure is up from £2219 in 2009 and equates to a weekly cost of £46.48 – an increase of £3.79 per week.

Overall, it now costs an average of £736 more to own and run a car than it did before the onset of the recession and financial crisis in 2007, according to the RAC.

Record high fuel prices is a key contributor to this year’s rise with the cost of fuel for the average motorist escalating £116 (9.8%) to £1300 per year.

“Rises in the cost of motoring for Britain’s 34 million drivers shows no sign of ending," said an RAC spokesman.

Used car costs fell slightly, down £18 from last year to £4,441 or £85.41 per week.