Some people may be surprised that Brits pay more to drive and maintain their vehicles than anyone else.
A study conducted by the team over at CarMoney found that, on average, Brits spend around £2,835 on costs related to their car every year.
This amount doesn’t even factor into the price of purchasing a vehicle, so the actual number is considerably higher.
What the Data Tells Us
It is difficult to determine how much the British spend on their car.
However, by pooling information from statistics and studies from several sources, you can get a rough estimate which may shock you.
With data gathered from various sources online, including the AA, Nimblefins, Statista, and many more, the average Brit is said to spend around £438,000 on their car over their lifetime of 60 years.
This value includes the price of purchasing cars as well as other costs, including annual mandatory tests, road tax, servicing, repairs, insurance, and fuel.
The most popular type of car purchased by the British public are hatchbacks such as the Ford Fiesta and Vauxhall Corsa.
However, there has also been a significant rise in the number of people purchasing vans in recent years, leading to the price of these larger vehicles skyrocketing.
The average cost of a van is £9,364, which is around 42% higher than the price of a van only a few years ago.
This means that unless you plan on entering a van competition to remove the expense of buying a van yourself, you may find it difficult to include this type of vehicle in your budget for something new.
Brits spend around double the amount on car repairs compared to other countries considered heavily car-dependent, such as the US, New Zealand, Germany, and France.
There are a couple of theories as to why this is the case. First, other countries may have better roads, which means their cars are less likely to wear out quickly over time and, therefore, require fewer repairs.
Another is that in other countries, car repairs may not cost as much, and drivers may be more likely to try fixing any issues with their cars themselves.
Despite the UK being almost 40 times smaller than the US, UK drivers spend nearly the same fuel as American drivers, £1,435 vs. £1,505 per year respectively.
In addition, German drivers, on average, spend less than £1000 on fuel each year.
What Do British People Plan To Spend on Their Next Car?
Data gathered from YouGov found that, on average, most Brits (67%) have a budget of around £15000 or less for first-time car buyers.
The same study found that 49% of Brits have a budget of around £10,000 or less, and only 8% planned to spend over £30,000 on their car.
There are differences between the types of cars bought by those with smaller and much larger budgets.
First, Brits with a larger budget are much less likely to buy a petrol car, with just 43% opting for this type of car compared to 59% of Brits with a lower budget.
This may lead you to believe that those with a higher budget are choosing to buy electric cars; however, this is different; only 30% of individuals with a higher budget considered purchasing an electric vehicle, and around 26% considered a diesel car.
High vs. Low Budget Priority Features
Regarding car features, there are some differences and similarities between those with low and high budgets.
Both groups prioritise a car with parking sensors, smartphone integration, and a rear parking camera.
Concerning each feature mentioned above, those with a higher budget are willing to spend more to have these features in their car.
When it comes to more unique features, there are some apparent differences between those with high vs low budgets when purchasing a car.
For example, keyless entry is not prioritised by those with a low budget, with only 22% of people wanting this car feature versus 45% of those with a higher budget.
This trend continues for other features, including a lane departure warning system, a blindspot monitor and a touchscreen.
The Rising Cost of Cars in the UK
The cost of buying and maintaining a car in the UK has risen significantly over the past few years, and it will continue to increase in the years to come.
However, if you budget correctly and look after your vehicle, you can keep costs down and avoid spending a lot.
If you are looking to buy a new car, it is a good idea to look at reviews for models that are of great value for money and reliable.
This will reduce the repairs and costs you must pay while owning the car.
Featured image by Zdravko Shishmanov from Pixabay
