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Now UK Fuel Bills Hit £1,000

The price Mr Average pays to fill his car with fuel for a year has broken the magic £1,000 barrier for the first time. The figure is revealed in the latest RAC Cost of Motoring Index, which covers the July to September 2004 period.

By Mat Watson

05th January 2005

And if you thought Christmas was expensive, your wallet is in for another battering. Shopping experts say the average family splashed out ΂£375 on gifts in December, but the RAC has worked out we spent another ΂£447 on the car at the same time. Yet we'll do it again this month and every other one! This means the average annual cost of running a vehicle now stands at ΂£5,368, the highest figure for more than a year.

Spiralling finance charges are also to blame for the increase. August's Bank of England base rate rise of 0.25 per cent has hit those who took out car loans. When the July to September quarterly figures are multiplied, it means they'd spend ΂£880 on annual interest - ΂£40 more than they would have in the previous period. Drivers also lose through heavy depreciation, as the average motor devalues by ΂£1,933 a year.

An RAC spokesman said: "People are well aware of how expensive Christmas is. But what many don't realise is the gifts under the tree actually cost them less than the car on the drive."

He added that the cost of motoring would have been even higher if it wasn't for a recent petrol price war, sparked by the supermarkets, and some seasonal sales offers launched by dealers.

Considering the horrendous bills that drivers face, it is little wonder 72 per cent would be willing to fit a speed regulator to their vehicle in return for a cheaper insurance deal. Of the 1,000 drivers polled by Internet cover seller www.confused.com, one in three stated that their premium would have to drop by around a quarter for them to consider using such a device.

But more than half would want a greater reduction in their bill. Meanwhile, an amazing 14 per cent actually said they would be willing to fit a speed restrictor regardless of whether any discounts were offered at all.

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