Higher oil prices 'hit motorists'

Running costs vary greatly among different car models

Recent rises in the cost of petrol and interest rate increases are hitting motorists' pockets, a survey by RAC Insure has said.

On average a new car costs £101.75 a week after fuel, insurance, maintenance, tax and depreciation.

Recent petrol price rises have added up to £102 per year to running costs, while rate rises have added an average of £94 to finance deals.

Overall, running costs can vary by up to £250 a week between car models.

Expensive finance

According to the RAC quarterly cost of motoring survey, the expense of running a new car is equivalent to 25% of average household income.

The survey said that on average unleaded petrol was 5p a litre more expensive than in March.

As a result, even fuel-efficient cars tracked by the RAC, such as the Toyota Yaris cost on average £53 a year more to fuel.

At the other end of the scale, the BMW 7 series now costs on average £102 a year more to fuel.

In addition, recent rises in Bank of England interest rates are feeding through to motorists through more expensive finance packages.

The RAC estimates that the cost of finance payments has risen by 11% on average, equivalent to £94 a year.

Depreciation slowing

But there is some good news for car owners - the depreciation suffered by the majority of cars surveyed is less severe than in the recent past.

In particular, Land Rover Discovery, Rover 25 and Vauxhall Corsa are depreciating in value less dramatically.

Overall, the survey found that the difference between the most expensive car to run - the BMW 7 series - and the cheapest - the Toyota Yaris - was £255 a week.

The RAC insure survey coincides with the release of the new 54 registration plates - a key date in the UK motor industry calendar.