Britons may find themselves more susceptible to debt as a result of the rising costs related to running cars, it has been revealed.
According to Sainsbury’s Finance, the annual expense of keeping a vehicle on the road has risen again, by approximately 2.68 per cent compared to last year.
The average annual amount spent in this way comes to around £2,338, 11 per cent higher than that of 2007.
And car insurance is where the greatest price hikes have been seen, climbing by almost 13 per cent compared to 2008 and by 23 per cent from 2007.
Car insurance manager with Sainbury’s Finance Ben Tyte noted that people may be able to keep a check on their spending by shopping around for servicing and policy deals.
“The cost of motoring has still increased fairly significantly with road taxes and insurance premiums both on the rise,” he said.
His comments follow further research by Sainsbury’s, which indicated that 1.9 million people admit to being without cover because of a lack of available funds.
By Sarah Adie