Warning of Rising Car Costs

Business News
New research, published by specialist market research agency Consumer Intelligence, appears to show what motorists have feared for many years – that keeping a car on the road is becoming ever more expensive. Due to rising petrol and insurance costs, car owners are cutting back significantly on their time behind the wheel. The research shows that 34% of car owners have reduced their driving, a number which rises to 42% in London. Average insurance premiums are rising at a rate of 9.3% per year, which is in addition to soaring petrol and road tariff prices. Unfortunately, there is not much good news on the horizon to ease these growing concerns. June marks the introduction of an increased rate of insurance premium tax (IPT) and when the new Vehicle Excise Duty rules are taken into account, along with planned changes to certain insurance claims, the immediate future for many car owners will be one dictated by budget. Despite the growing cost of maintaining their vehicles, a vast majority of motorists are determined to remain active drivers.…
Thursday, March 30th, 2017