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Car Insurance -
Running a car is more expensive than a car - 14/06/2008 |
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As car insurance, fuel prices and car tax premiums hit record prices, the annual cost of running a car, could now exceed the average value of a car.
According to research from comparison website, uSwitch.com, just under half of cars on the UK's roads are more than five years old, with an average cost of £4,227. Also, according to the study, the cost of running a car, could soon exceed this, estimated to reach £3,800 in 2009.
The cost of petrol is predicted to double from £1.17p per litre during 2008, to a massive £2.30 a litre in 2009 as the price of oil soars. Couple this with new car tax bands, due to take effect soon and rising car insurance premiums and the annual costs are not far off the price of the average car.
According to the research, it is fuel that will cause the most financial problems as British motorists have already seen a 33 per cent rise in the cost of filling the average fuel tank since 2007.
Ann Robinson, director of consumer policy at uSwitch.com, said: "We are heading towards a situation where motorists are going to be priced off the roads. At £2.30 per litre a driver's annual spend on petrol will soar by almost £2,000.”
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