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Cost of living crisis means cycling makes so much financial sense

Cost of living crisis means cycling makes so much financial sense

PRICE COMPARISON: There’s no comparison, really… IN 2019 the average petrol car was driven 6,300 miles, the average diesel 9,400 miles. With petrol and diesel…

Saturday, Mar 26

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PRICE COMPARISON: There’s no comparison, really… IN 2019 the average petrol car was driven 6,300 miles, the average diesel 9,400 miles.

With petrol and diesel already costing £1.65 and £1.76 per litre the annual fuel costs for a typical car owner has therefore risen to £1,374 for a petrol-powered car and £1,754 for a diesel-powered one.

Even before this dramatic rise in fuel prices a typical car cost £3,400 a year to own and run or £5,750 if using car finance.

Last year the average full-time salary was £31,285. A typical car owner was therefore already spending 11 per cent and 18 per cent of their pre-tax income on a depreciating asset they typically use only four per cent of the time.

Add in the fact that many households have two or more cars and it is easy to see why car ownership is a massive drain on household budgets.

That’s why, if the current rise in the cost of living is causing you problems, it’s worth considering reducing your motoring costs. Can you reduce your annual mileage and therefore fuel, maintenance, insurance and depreciation costs? Do you need two or more cars? Certainly, there’s no better time to get a good price from selling a car. One way of reducing your car mileage whilst still maintaining mobility is to cycle for more of the journeys you currently drive. With 20 per cent of car journeys being under one mile, 38 per cent less than two miles and a whopping 66 per cent under […]

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