Why Owning a Car Costs More Than You Think!

Most of us moan about how much it costs to run a car. But the truth is that we’re pretty poor at estimating the additional money a vehicle is going to cost over its lifetime. At least that’s according to MoneySuperMarket.com who’ve done a little research of their own. 

Their new interactive tool, the ‘lifetime cost of a car’, breaks down those additional costs for insurance, MOT, fuel and road tax to show that it’s a lot higher than many of us think. The average cost of a car on the road, over and above it’s purchase prices, is £2,264. Many Brits think it’s half that and have no real handle on the true costs. 

This interactive tool allows you to put in your car details and get an estimate of the total cost over an average 6 year lifespan. The company analysed the information for around 200,000 cars and their drivers and came up with some interesting results.
  • While 80% of us think our cars are vital, at least half of us greatly underestimate how much they are going to cost.
  • 58% of us think that insurance is way to expensive, while 63% believe fuel prices are too high.
  • 35% think that all these additional motoring expenses take up too much of their monthly salary.
So, which are the most expensive cars and which give you a great budget option? The interactive tool gives you a good idea of what’s going to cost a lot more and what’s not:
  • Top of the league when it comes to expense is the Rolls Royce Phantom. The initial price tag is an eye watering £340,650 but you can expect to pay over £23,000 on insurance premiums and you’ll need to live with an average fuel expenditure in excess of £10,000 over 6 years.
  • Sports cars, as you might expect, figure extensively in the most expensive cars. Much of the additional cost is down to the insurance premiums. For a Lamborghini Aventador, for example, expect to pay just a shade over £66,000 in total for your cover while a Ferrari F12 will set you back a little less at £56,525. Road tax for luxury cars is also more expensive, costing on average £3,183 over six years.
  • The cheaper models on the market come with lower running costs, of course. Top of the list here is the Aixam 500-5 which should set you back around £5,999 to buy outright and an extra £3,282 for running costs including petrol over a 6 year period. While the Aixam will only cost you about £702 in fuel, a car like the Smart Passion can set you back £2,335 or more.
Taking a look at all those additional expenses such as fuel, tax and insurance will make a big difference to the final amount you lay out for your new car. Not all vehicles are the same and you can make some significant savings by simply switching to a different model with lower insurance costs or better fuel economy. 

If you’d like to test your own car against the rest, you can use the moneysupermarket.com interactive tool here.

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