We're spending more money on our cars than ever before, according to the Government’s latest inflation stats.
The cost of motoring has spiralled 14.3% in a year – much more than the overall inflation rate of 3.8%, which in itself is the highest increase since 1997.
High fuel bills are the main drain on finances, though tax, insurance and maintenance costs are all on the rise, too.
The price of fuel is 24% more expensive than in June 2007, up 4.5% from May. Diesel prices are 7.1 pence per litre dearer, while a litre of petrol has gone up 5.3 pence in a month.
This means family car drivers covering 10,000 miles a year will have to dig deeper to find another £80 a year for diesel, or £60 for petrol.
It’s bad news for 4x4 owners, who are facing extortionate fuel bill increases. Expensive petrol and diesel is having a devastating effect on resale values when combined with the plans to ramp-up road tax costs in April 2009. Read more here.
With demand plummeting for thirsty, high-emission cars, the average selling price for a secondhand model is now 5.7% lower than in June 2007.
Expensive diesel and petrol prices are forcing motorists to look elsewhere for alternative fuels for their cars.
Consequently, the increasing popularity of biodiesels – such as conventional sunflower oil – has pushed prices for cooking oils and fats up by almost 25% on last year.
The growth in popularity has accelerated in recent months, with prices of household oils picking up speed in 2008.
We’ve answered all of your biodiesel questions here.
Other outgoings hitting motorists' pockets harder than ever include tax, insurance and car maintenance costs. All are up on last year, with road tax and insurance premiums increasing by 3.6% and servicing costs up by 5.4%. Both have risen by 0.5% in one month alone.
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