What is the True Cost of Owning a Car in UK? Maybe it’s something you never thought of before. but does the city you live in play a part in the overall cost you’re paying for your car? For most drivers you’ll pay the price of fuel at your nearest station, opt for the cheapest insurance quote and not think twice about the amount you’re paying for a service & MOT.
There’s a good chance this case for most drivers, however, research shows that the overall price for owning a car varies across UK cities. If you live in a quieter town or village then it’s more than likely you’re paying average prices; but remember to take into consideration your age, no claims discount etc.
Through research carried out by Kwik Fit, we can get a detailed insight into the overall cost of owning a car across 20 UK cities. Locations include London, Manchester, and Newcastle, all of which provide a breakdown of the overall cost; with factors such as insurance and the price of an MOT displayed. What is the True Cost of Owning a Car in UK?
What can Kwik Fit’s Research Tell us About the Most and Least Expensive Cities to Own a Car?
Top-end of the scale for the overall price of owning a car in Birmingham. The research shows us that drivers in the city are paying a total cost of £2,170.19 on average. Broken down, this includes car servicing at around £147, insurance costs at £1,125 and visitors to the city paying an hourly on-street parking fee of £3.50.
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The city at the lower end of the scale and therefore the cheapest to own a car in Exeter.
The research shows a huge difference in price compared to Birmingham, with the overall cost amounting to £867.48, which will be good news for the local drivers. Average insurance costs come out at £599 and on-street parking for visitors is around £1.10 per hour.
Manchester, London and Liverpool have also been labelled with a high price tag for owning a car, whilst Reading, Cardiff and Newcastle all feature at the lower end of the scale. Although you may not have thought it before, this research shows how each city compares at price and how the location you live in can affect your yearly vehicle finances.