For many of us, it’s our pride and joy. A faithful commuting companion during the most arduous of gridlocks whether you are wielding a rust bucket or a Tesla Roadster.
However, your trusty old banger may well be costing you much, much more than you would think. Like a footballer’s weekly salary worthy amount.
Indeed, according to recent research from online lender MYJAR, your average driver will spend around £206,625 on car ownership duties throughout the course of their lifetime.
So this is basically like having a long series of needy, mechanical children with an insatiable thirst for fuel…
This study of 2,000 drivers found out just how much we are all spending on humdrum car related expenses such as repairs, fuel and parking, as well as car tax and insurance.
Car maintenance costs your ordinary driver around £439 per year as they fork out for essential upkeep and repairs. This works out as much as £27,716 after a lifetime on the road.
Perhaps, unsurprisingly, fuel is the biggest pocket drain with your regular car driver spending £54,341 at the petrol station pump.
Typically, an adult will own five cars during their lifetime. This clocks up to £41,976 value-wise, or £8,395.20 each. Eek.
A MYJAR spokesperson has explained:
Running a car is a necessity for many people in the UK, but our survey found that the costs of owning a car run far beyond the initial payment of buying one.
Things like fuel and maintenance costs can quickly creep up.
And many of the smaller costs of car ownership – like paying for it to be cleaned, or buying accessories – are less likely to be budgeted for by many consumers.
Let’s face it, we are all guilty from time-to-time of accumulating under the seat treasures such as forgotten McDonald’s cartons and crisp crumbs.
However, cleaning is a major part of running a vehicle, with owners splurging £181 every year to keep their motor sparkling.
Over the course of your time on earth, these combined cleaning bills will add up to £11,460. Now that is a lot of car wax and dangly air fresheners…
The annual cost of car insurance averaged out at £342, with a heady combination of tax and insurance combined smacking drivers with total sums of £6,943 and £21,595 respectively.
As we all know, parking is a pain; a fact made particularly true when you consider the average motorist splashes £20,409 on parking throughout the years.
Interestingly, Brits usually purchase more expensive cars as they age. Their very first car will cost an average of £1,717, with their newest ride setting them back £6,845.
The spokesperson continued:
Our study found that four in 10 people have questioned whether they should keep their car, due to how much it was costing them.
But many would rather go without a lot of things before giving up their car – they’re vital for so many parts of life.
Our advice to car owners is to try and put aside money each month especially for future car maintenance emergencies – an unexpected bill can be devastating for saving plans.
Only one out of 10 motorists believe they could easily get by sans car. Somewhat strangely, over half described their life as being utterly dependent on the use of a car.
Humans have survived for many a millennia before cars but it seems we are now helpless without them; bound to their whims and quirks and slaves to their money guzzling tanks.
Jules studied English Literature with Creative Writing at Lancaster University before earning her masters in International Relations at Leiden University in The Netherlands (Hoi!). She then trained as a journalist through News Associates in Manchester. Jules has previously worked as a mental health blogger, copywriter and freelancer for various publications.