When many people by a car, they fail to think about all those extra costs, and only take into account the purchase of the vehicle. However, all those extra costs quickly add up, and can make it remarkably expensive to own a car.
Recent research carried out by company AutoEurope, found that compared to the cost of owing a car it’s actually cheaper to hire a car when you absolutely need to.
It turns out that British motorists are paying a huge £168,880 just to keep their cars on the road.
Almost 2000 motorists were surveyed about their driving behaviours and attitudes towards motoring, along with current costs. The research showed that renting a car is much cheaper compared to the large financial commitment associated with car ownership.
Car owners spend an average of £168.46 each year on MOT and repairs. That works out to be £10,865 over a lifetime of spending. Petrol is even more expensive, with the average person spending around £89.67 each month, which works out to be a massive £69.402 over a lifetime of driving.
As a spokesman for the company said, this money could potentially buy a home in many parts of the UK, and doesn’t even include insurance and tax.
There were some funny and interesting statistics revealed in the infographic as well. In a driver’s lifetime, they can expect to play 1,470 games of eye spy, participate in 7,740 kisses goodbye, and visit the drive-thru 2,012 times.
Each brit will drink around 7,000 cups of coffee, and will eat around 1,935 burgers and 4,953 sandwiches.
The average Brit also owns a car worth around £12,919, and every British family owns an average of 1.6 vehicles. The average driver spends around £436 each year on car insurance, and when they go on holiday they spend around £180 on car hire.
If you think you’re the only one that seems to continually have parking fails, don’t worry. It turns out that most brits will mess up their parking 3.5 times a month, which adds up to a huge 2,790 times between the ages of 17 and 81.
You can also expect to clip the curb 1,702 times, scratch and scrape your car 1,006 times, and be involved in road rage around 2,709 times.
Along with the expected costs like MOT and insurance, you’ll also pay for things like air freshener and screen wash, which will cost around £2000 over a lifetime.
For many people, owning a car equals freedom. However, if you’re aiming to save some serious money and use public transport to commute to work, it can make much more sense to hire a car when you need one, so you can save money on all the upkeep.
While short term rentals are popular, many people are unaware that you can also hire for long-term. This can greatly decrease your hire rate per day, and it can be worth doing this instead of owning a car outright.