Sainsbury's Bank is offering motorists the opportunity to assess their car finance costs by providing a new free guide. The bank states that the annual cost of running a car, including petrol, car insurance and road tax, has increased by around 7.2 per cent.
Offering drivers an insight into ways they could reduce car finance costs, the guide shows that a number of savings could be made. Taking into account running costs, as well as interest paid on personal loans taken out for vehicle purchases, the average annual cost of motoring is £2,202, the banks indicates.
Richard Clark, car insurance manager at Sainsbury's Bank, says: "The cost of motoring has been rising steadily but you can keep this in check." "For example, shopping around for car insurance and your fuel could make a real difference to your motoring bill at the end of the year." "However, it is not only the costs associated with running a car that motorists need to tackle but also the price they pay for them," he adds.
Mr Clark also indicates that the UK could save a collective £512 million by haggling over the cost of a car in the first place. Alliance & Leicester revealed yesterday that nearly half of all people who borrow money to buy a car could be getting a better deal.
