Here is the best news yet for followers of Bangernomics, buying and running a car on a budget. Indeed, the biggest expense of all is not mentioned and that is depreciation. Anyway, these stats are interesting, but the conclusion ought to be that many of should simply banger race our cars into the ground.
Brits spend £206 billion on car running costs before trading in their vehicle after an average of 3 years 10 months. New research from American Express® found that car owners will outlay an average of £5,670 over the typical period of car ownership, which is just over half the average car purchase price in 2017 (£11,094).
The average car lifespan in the UK is just under four years according to research by American Express, with the good people of Manchester owning their cars for 3 years and 10 months and spending the most £5,918, to keep them running.
Jenny Cheung, Director at American Express says, “While running a car can be a costly affair, shrewd shoppers can get something back for their spending by putting car-related purchases on a card that earns rewards or cashback.”
American Express offers the following finance tips when it comes to running a car:
1) Car pool to help save fuel: if you’re headed to the same place with family, friends or colleagues, buddy up so you can split the cost of petrol.
2) Be efficient with your driving: whether you’re heading out to pick up some groceries or visit a friend, think about other errands you need to run nearby and do these in the same trip, to save you multiple trips to the pump.
3) DIY: instead of spending money at the carwash, every time your motor needs a shine and polish, consider doing it yourself or even better, get the family involved – not only will you get it done in half the time, you’ll also get to spend quality time together.
4) Do your due diligence: when organising maintenance or repairs for your car, don’t accept the first quote you receive. Make sure you do your research to find the best deals, and look online for the best prices.
5) Make use of discount vouchers: look out for fuel discount vouchers. Pair these with a card that offers cashback or rewards on your spending.