The yearly cost of running a car is set to almost equal the worth of a vehicle. uSwitch are warning that if petrol prices rise to the predicted rate of £2.30 per litre, the annual costs of fuel in 2009 will reach £3,800 alone. This is just £385 lower than the average cost of a vehicle.
This could lead to more people being forced to give up their car as they cannot afford to keep it going, as the yearly cost to run a car will represent 24% of the average net salary.
Ann Robinson, director of consumer policy at uSwitch, commented: “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. Drivers are going to need to contend with rising insurance premiums and increased road tax as announced in the Budget.”