When it comes to cost and budgeting in our lives, owning a car can be a big chunk of those budgets. The question is though; over our lifetime how much do we spend on owning a car?
Well according to Money Supermarket, on average, a driver will spend over £200,000 over their lifetime. Obviously, this will change entirely dependent on your personal budgets, but here we will deal with averages. Also, their statistics do not consider actually buying a car, but simply running the car.
According to Money Supermarket, women spend more on running their car than men do by a figure of £15,000 on average. This could be down to the fact that one average women live longer than men. However, for both men and women, fuel is the biggest expense, Men spend on average £106,064.25 whilst women spend £116,042.55.
Obviously, the next major form of expense for drivers is car insurance. This may surprise some people, but men pay less over their lifetime than women do. Women pay £33,015 over their lifetime whilst men pay £31,155. This may have come about because in recent years the EU made it illegal for Insurance companies to differentiate insurance premiums based on gender, which meant that women’s premiums rose, whilst men’s dropped.
Road tax depends entirely on the car you choose to own and whether that has high or low road tax. When it comes to who spends more over their lifetime, again women spend more on road tax than men. For women, road tax costs them £11,360 over their lives, whilst for men it only costs them £10,720.
Servicing and repairs
Repairing and maintaining your cars ability to function will costs you the combined majority of your expense. Servicing your car alone with cost men £20,784.61, whilst it’ll cost women £22,025.62. Then you have to replace your tyres and again women pay more than men for their tyres. Women will pay £6,164.93 for their lifetime number of tyres, whilst men pay £5,817.61 for theirs.
When you need to replace the parts in your car because they have got damages or simply got old, women are again paying more. £12,821.12 for men and £13,586.56 for women. To avoid having tp ay out even more when we breakdown, many of us pay for breakdown cover. This comes out over our lifetime at a cost of £3,350 for men and for women it is £3,550.
Finally, Money Supermarket takes into account how much you spend on parking and unsurprisingly again women appear to pay more. Men only pay £11,296.20 for parking whilst women pay £11,970.60 over their longer lifespans.
Overall, men spend £202,008.92 over their lifetime on average whilst women spend £217,715.26. Women end up paying for over their lifetime because on average they live longer than men. In order to reduce the cost of what a car costs over your lifetime, it might be work considering ways of getting the actual car cheaper. To get a car through car finance could greatly depreciate your cost for your vehicle. In order to finance cars, you simply need to give us a call and we can take you through the process.
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