Drivers spend 20% of salary getting to work, new research revealsNews entry
dated 20th Apr 2017
It is an expensive time to be a motorist in the UK. Not only has car insurance been rising steadily, but the recently announced charges for diesel drivers mean that more and more of the average motorist’s disposable income is spent on driving-related expenses.
Now, shocking new statistics from YourParkingSpace.co.uk have revealed that the situation is even worse than many had imagined. The new data reveals that the average Brit who travels to work by car spends one-fifth of their salary on getting to work. This works out at 19.5% of their salary, equating to around £360 per month, or nearly £4,320 per year. Back in 2013, this figure was closer to £3,500.
The figures are particularly shockingly considering that most of us work in order to earn money, not spend it on getting to and from the office!
The findings suggest that the bulk of this money is spent on car finance, fuel and maintenance. Motorists who have to factor in paying for parking see their monthly outlay rise to around £460.
At a time when the cost of living is rising and fuel expenses are following the trend, this makes for depressing reading for motorists up and down the country.
Ways to cut the costs of motoring
The good news is that there are some simple ways to shave some weight off your annual motoring expenses.
For instance, we estimate that PetrolPrices.com members save on average £240 per year when they check with us for the cheapest fuel prices before they fill up. This figure can rise significantly depending on how often you fill up and the size of your tank.
Car maintenance is another main area of expense. Thankfully, services like Clickmechanic can lead to considerable savings when your car is in need of repair, as they are (on average) 50% cheaper to use than garages and franchise dealers.
For the majority of motorists, insurance is another of their greatest driving-related expenses, particularly given recent price climbs. It’s therefore essential to shop around for the cheapest possible policy by using a comparison service like Quotezone.
There are also ways to offset the cost of driving to work. Renting out an unwanted parking space (or even your vehicle) is a viable way to subsidise motoring expense at times. For many people, services like JustPark or easyCar Club have become a lifeline. Many UK motorists have been able to finance new vehicles from the revenue they’ve earned. If this sounds appealing to you, take a look at our Offers section to find discounts for both of these services.
Finally, when it comes to cutting the cost of motoring, we recommend avoiding the abundance of car finance programmes on the market. The Telegraph recently reported that choosing to finance your car in this way will lead to you being tied into a never ending cycle of add-ons and extra expenses, culminating in you having to finance a new car every three years. As an alternative, we recommend going directly to your bank and taking out a loan to fund an outright payment for a new car. This option means you won’t have to answer to anybody over any knocks and bumps your vehicle may pick up, nor will you be trapped in a cycle of leasing a car every three years. Using a service like carwow to shop around and find the cheapest deal on your chosen vehicle can also save you a small fortune.
Let us know in the comments section below what you think of these new statistics. What do you plan to do to cut your motoring costs?
Image credit – Pixabay