It has been revealed that over half the amount of people that have bought a second-hand car within the last two years have found that it has been much more expensive to run that first anticipated. This is according to a government backed body.
One in five drivers have got into debt to keep their car on the road with the top offenders being;
- Maintenance
- Unforeseen repairs
- Car insurance
- Fuel
- Tax
One in four of the people surveyed (3,000) 26% have said that they regret purchasing the car in the first place. Out of the consumers who have found that there car costs more to run – they have had to cut back on other daily expenditure to make the car viable to maintain, with 16% delaying car repairs due to other family expenditure such as food, clothing and household bills.
The Money Advice Service or otherwise known as MAS who conducted this study have launched a “car cost calculator” to help drivers find a car within a suitable budget and not to overspend. It enables consumers to compare the overall annual picture or running different vehicle models versus other vehicle manufacturers, engine type etc. with the road tax, car insurance and servicing put in to give you an idea of the ongoing cost to you.
The study found that drivers in Scotland and the North-East of England are more realistic car purchasers than there southerner counterparts. The average for them was 49% compared to 56% in the other areas of the country. Londoners have been shown to be the biggest culprits with a massiv 73% of car buyers over estimating the cost or running their preferred choice of car. Here is the UK wide country breakdown;
- Scotland, 49%
Northern Ireland, 61%
Wales, 55%
East of England, 51%
East Midlands, 54%
London, 73%
North East, 49%
North West, 56%
South East, 53%
South West, 55%
West Midlands, 58%
Yorkshire and the Humber, 55%
UK, 56%
When researching what car is right for you and your daily needs just look at the overall cost involved. You might find a bargain big engine Lexus, but costs an arm and a leg to insure and run on fuel. Check out more specialist car insurance such as modified car insurance or import car insurance as you can often save money by shopping around for more specialist policies.