Shropshire Star

Average motorist will spend more than £200,000 on driving in their lifetime, report claims

New research suggests the average driver will spend nearly £207,000 on buying cars, refuelling them and keeping them running throughout their life

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Motorists will spend more than £200,000 on car ownership in their lifetime, new research suggests.

A study of the spending habits of 2,000 British drivers by car finance provider MyJar found that the average motorist will fork out £206,625 over their lifetime – assuming they passed their test at 17 years old and hand over their licence at 80.

The figure was calculated by taking into account the cost of buying a car, refuelling it and keeping it on the road.

(PA)
(PA)

The biggest expense, unsurprisingly, is fuel, with motorists paying out £54,341 at the pumps in their lifetime. Next up is buying a car, with the average driver owning five vehicles at a cost of £8,395 each, or £41,975 in total.

Other big hits to the wallet include insurance, which costs about £21,595, while tax costs £6,943. Repairs are said to set drivers back a hefty £27,716, servicing costs £10,380 and parking a whopping £20,409. It is also estimated that the average driver will spend more than £700 on fines.

A MyJar spokesman said: “Running a car is a necessity for many people in the UK.

“But our survey found that the costs of owning a car run far beyond the initial payment of buying one. Things like fuel and maintenance costs can quickly creep up.

(PA)
(PA)

“And many of the smaller costs of car ownership – like paying for it to be cleaned, or buying accessories – are less likely to be budgeted for by many consumers.”

With the spiralling cost of motoring, it’s no surprise that the survey found that about 40 per cent of motorists have considered getting rid of their car because of how much it was costing them. However, more than half said their vehicle was a vital part of their life.

For motorists concerned about how much car ownership is costing, the MyJar spokesman said: “Our advice to car owners is to try to put aside money each month, especially for future car maintenance emergencies – an unexpected bill can be devastating for saving plans.”

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