One of the biggest line-items in a household budget is likely to be transport-related (You have a monthly budget right?)
Having a car is one of the most convenient modes of transport, but it certainly isn’t the cheapest.
According to new research, the average motorist will spend £168,880 in their lifetime on their car travel alone!
This includes spending nearly seventy thousand pounds on fuel over the course of a lifetime, and forty thousand on MOTs, servicing and repairs.
The research was commissioned by car hire company autoeurope.co.uk and found on average, travel 166 miles on average in a week, which when multiplied over a lifetime is the equivalent of 22 loops around the earth.
I didn’t own a car until my late 20s and now having enjoyed the use of a car for over 3 years I can see first-hand that running a car and its associated expenses is a large financial commitment.
The numbers get even bigger if you’re tempted to buy brand new cars and replace them often. The research found found the typical Brit has a car worth £12,919 and every family owns 1.6 vehicles as an average.
How does your car(s) compare?
Amazingly, the study also found we sing along to the radio 7,817 times in our driving lifetime. I think I’ve already hit that number already so I might need to keep it down in future!
Ultimately having a car is great, whether you buy and own it outright or decide to opt for affordable car hire but whatever you do, make sure it’s an informed decision and you’ve run the numbers to calculate how much you are really paying to have your own set of wheels.
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