If you thought the real cost of your car was just down to the price tag, think again. There’s a lot that goes into running any vehicle, including petrol, repairs, road tax and MOTs that all add up over the years.
Recent research by MoneySuperMarket.com has revealed that most of us underestimate the amount our cars are costing us. On average, 52% of us think we’re paying much less than we actually are. In fact, on average for a new car we’re spending in excess of £37,000 over its lifespan.
Three quarters of us think of the car as highly essential, so you’d think we’d have a better handle on the amount it costs. MoneySuperMarket.com based their research on the average life of a car of around 6 years. They crunched the numbers for 200,000 vehicles and used it to build an interactive online tool that allows you to find out which give best value for money when it comes to those additional costs.
Here’s a quick breakdown of the more expensive and cheapest cars out there at the moment.
The Most Expensive Cars
No surprise at all to find a luxury car like the Rolls Royce Phantom near the top of the list here. A new model will cost you in excess of £340,000. But fuel, tax and insurance can all bump up the cost by an additional £39,000 or more.
If your idea of fun is a luxury Ferrari, then the starting price tag of £227,107 is pretty eye watering but so is the insurance over 6 years. You could be forking out well over £56,000 just to drive your car. Sports cars in general have a lot higher additional costs. That Ferrari could set you back an additional £70,000 on top of the initial buying price.
The Cheapest Cars
There are plenty of cars on the market, however, that are going to cost you considerably less you’ll be glad to know. The Aixam 500-5 comes out the cheapest on the list partly because of it’s £5,999 price tag and partly because of low insurance and petrol costs. On average, the car should cost you just over £9,000 across the six years.
Insurance premiums can make a big difference when it comes to the lifetime cost of any car and it’s worth checking out before you buy. While a Peugeot 205 might only cost you in the region of £729, a budget car like Suzuki Swift can set you back £2,300 or more. More than half of people who took part in the moneysupermarket.com survey thought that insurance was too high, while even more (63%) thought fuel was too expensive.
It’s worth working out at what you will need to pay over and above the price of the car when you come to buy a new model. Pick the right options and it can save you more than £1,000 on cheaper models and a lot, lot more on luxury cars.
You can find the interactive tool on the moneysupermarket.com website.
