Bad credit car finance provider, Go Car Credit, has recently conducted a nationally representative study into the on-going cost of running a car. Whilst deposits are often seen to be the most substantial expense for a vehicle, Go Car Credit’s study seeks to raise awareness about the additional financial responsibilities that come along with car ownership. This includes, but isn’t limited to, repair costs, fuel, and insurance. Alongside this, the study reveals which car brands are cheaper to run in the long run.
After a nationally representative survey (1832+ people) with Find Out Now, Go Car Credit found that;
· 78% of people believe that car ownership has become unaffordable
This includes fuel, insurance, running costs, MOTs etc.
· 47% of people have at least 1 car on their property
· Over half of people overall believe car ownership has become too expensive
· 82% of people say fuel is the biggest factor to this
· People also believed that Ford was one of the most reliable cars
We also asked; “To what extent do you agree that car ownership has become unaffordable due to the rising cost of cars?” (Car price/fuel/maintenance costs)
We found that 78% of people believe that car ownership has become unaffordable
Using a point system based on initial purchase price, depreciation, average cost for a full tank of fuel, miles from a full tank, cost per mile, and insurance group cost we have created a league table of the on-going cost of popular cars.
Our rankings reveal that, in joint first place, the most affordable cars to run over time are the Vauxhall Corsa Design and the Ford Fiesta Zetec with an affordability score of 11. The Ford Kuga came in last place with an affordability score of 47 due to how much it would cost you to run the car over a long period of time.
