Annual average car costs have risen by almost £1,000 – an increase of around 20% – since the start of 2022.
November’s Startline Used Car Tracker research suggests motorists’ annual spending on fuel, insurance, servicing and car finance had risen by £80 a month.
The biggest single increase was seen in fuel at £37 per month but insurance and motor car finance both rose by around £20 per month.
Paul Burgess, CEO at Startline Motor Finance, said: “For a lot of drivers, an annual £960 hike in motoring costs is money that they can’t easily find. Last month, our research showed that one in four families were thinking of selling their car or perhaps downsizing from two cars to one – and this really underlines why.
“The latest finding puts into perspective just how much rising motoring costs are affecting ordinary people who need their car to simply get to work, take their kids to school and drive to the supermarket.”
Respondents also claimed their worsening personal finances would influence the decision-making when buying their next used car with running costs at 66%, the cost of living at 65%, inflation at 35% and job security at 22% topping their concerns.