As Christmas approaches, saving those loose pennies becomes more crucial than usual. However, according to a new study, British households are spending more than ever on their cars. In fact, the study has revealed an increase of more than £200bn over the last 20 years.
To dig a little deeper, insurance specialist Admiral carried out a survey to find out how much Britons spend on their cars and what particular regions pay out the most cash for, whether it’s fuel, maintenance or the car itself.
In Great Britain, the average amount spent on a car per household, including maintenance and petrol over the duration of an ownership, has risen by a staggering £13,670 since 1995.
The largest increase was seen in the North East, where Brits spend an extra £16,302.64 per household. This can be attributed to a surge in households with two or more cars – the average in 1995 stood at 0.70 cars/vans, compared to 1.08 in more recent years.
London’s car spend has seen the lowest increase in the past two decades, with an average of £17,870.62 per household compared to £10,859.86 in 1995.
Admiral has collected these findings into an interactive tool called The Great British Car-Buying Landscape, which allows users to compare motoring costs across the country.
Justin Beddows of Admiral said: “British households are becoming more reliant on owning two or more cars than ever before, and as a result we are spending much more on our vehicles. The average home has 1.14 cars or vans, whereas 20 years ago it was just one.”