Owning a car sets Brits back £206,000 during a lifetime

OWNING a car will set the average motorist back more than £206,625 during their lifetime on the road, according to research.

A study of 2,000 drivers revealed just how much they can expect to spend on repairs, petrol and parking, as well as insurance and car tax.

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It revealed car maintenance sets the average owner back £439 per year as they fork out for essential upkeep and repairs – adding up to £27,716 over a lifetime behind the wheel.

The biggest expense is fuel, with typically an incredible £54,341 pumped into their vehicle.

It also emerged the average adult will own five cars, worth a total of £41,976 in value, or £8,395.20 each.

A spokesman for leading online lender MYJAR, which commissioned the research, said: “Running a car is a necessity for many people in the UK, but our survey found that the costs of owning a car run far beyond the initial payment of buying one.

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"Things like fuel and maintenance costs can quickly creep up.

“And many of the smaller costs of car ownership – like paying for it to be cleaned, or buying accessories – are less likely to be budgeted for by many consumers.”

The study also found the average cost of annual car insurance is £342 while another £181 per year is spent on cleaning costs.

That puts a car owner’s lifetime cleaning bill at a huge £11,460.

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And even when they’re not in their motor, drivers are being hit by expenses – with the average motorist spending an incredible £20,409 on parking over the years.

Tax and insurance combined will also hit drivers for £6,943 and £21,595 respectively.

But the study also found Brits tend to buy more expensive cars as they get older – with their first costing an average of £1,717, and their most recent £6,845.

Just one in 10 motorists think they could get by easily without their car, with more than half saying their life utterly depends on it.

It’s not all outgoings though – Brits think they can expect to find a few pounds in loose change lying around in their car each year, adding up to a cool £145 over a lifetime.

To cover the staggering expenses of owning a vehicle one fifth of respondents have taken out a loan, and 46 per cent have put them on credit cards.

The most common uses for car-related use of loans and credit cards are buying a new or preowned vehicle, buying petrol or paying for unexpected repair bills.

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MYJAR’s spokesman added: “Our study found that four in 10 people have questioned whether they should keep their car, due to how much it was costing them.

“But many would rather go without a lot of things before giving up their car – they’re vital for so many parts of life.

“Our advice to car owners is to try and put aside money each month especially for future car maintenance emergencies – an unexpected bill can be devastating for saving plans.”