When purchasing a car we often forget about the cost of running it afterwards, such as petrol, servicing and parking expenses. Choosing a more expensive vehicle with a bigger engine will use more fuel, cost more in servicing and usually more on insurance.
You’ll be surprised to know the cost of running a car can also depend on what city you live in. To look into this further, a campaign started by Kwik Fit looks at the cost of running a car around different cities in the UK. The survey and data was carried out and recorded in January 2020.
You would have probably thought London would have been the most expensive city to own a car but it in fact places third on the list. Although London does have the highest average cost in insurance at £1433.88, the cost of a residents permit is £630 less than it is in Birmingham.
Average cost to own a car in London £2,921.12
It is surprising that Birmingham is ranked the most expensive city to own a car, although it is cheaper than London for fuel and insurance. The cost of parking and resident parking is significantly higher, putting it top of the list. If you’re thinking of moving to Birmingham, be ready to pay up to £785 for a resident parking space!
Average cost to own a car in Birmingham £3,326.87
Glasgow sits in the middle of the ranking, along with Coventry and Sheffield. The cost of insurance is roughly £698 less than London and the average on parking spend is low, roughly £130 over the year. The cost of fuel for Coventry and Sheffield is also very similar to Glasgow, roughly £20 between each city.
Average cost to own a car in Glasgow £2,190.78
Exeter comes in at the cheapest city to own a car in, only just beating Southampton by £25. All of the different sectors looked at is what puts Execter at the bottom of the list! It costs just £30 for a resident parking space and an annual fuel cost of just £924.04, which is significantly cheaper than London and Birmingham. This could be something to think about if you’re relocating to save some money!
Average cost to own a car in Exeter £1,675.75
You can check out where your city ranks on the list, it may surprise you!