Motoring costs are on the rise, but what should you look out for? Our guide breaks down the growing expenditure for the every day driver
In a typical year, the government nets £7 billion from vehicle excise duty . That’s a lot of money, but it wants more. So from this April, the standard rate of road tax is rising by £10, while for the first year of a car’s registration, rises will range from £5 for some of the least-polluting cars to £120 for the worst offenders. On the plus side, electric cars will continue to attract no road tax and hybrid and alternative-fuel cars will go unchanged at £155.
On 23 March this year, the chancellor stepped in to help motorists with a 5p per litre cut to fuel duty, to last until March 2023. The RAC welcomed the cut but said that it would only take prices back to where they had been the week before. Meanwhile, from this month, EVs will be pricier to charge at home when the energy price cap on certain standard variable rate deals rises by 54%.
“Price increases have been seen across all ages and mileages,” says Chris Plumb, Cap HPI’s senior valuations editor. The table on p51 shows how much the top 10 value gainers have risen over the past 12 months. All are 2018/18-reg cars with 30,000 miles.Strong demand and not enough cars to satisfy it sounds like a recipe for new car price inflation.
General inflation will only fuel the trend. Although the UK has enjoyed relatively low inflation of cumulatively 26% over the past decade, according to Jay Nagley, managing director of automotive consultancy Redspy, the prices of a basket of popular models adjusted for power and specification have risen 40% over the same period. As we enter a period of high inflation, we may have to get used to much more expensive new cars.In January, inflation hit 5.5%.
“There are huge cost pressures coming from a variety of directions,” says Andy Lane, marketing director at Kwik Fit. “The increased oil price is hitting all businesses, but it places an extra burden on an organisation like ours, which has to move products around a national network. We’re expecting to see a 6-10% increase in the price of tyres from manufacturers by the end of the year and around a 5-8% increase in the costs of the elements making up servicing packages.
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