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Car Loans - Cost of motoring soars in recent months!

The news just keeps getting worse and worse for Britain’s motorists, first the recession hits and millions of us put buying a new car or securing a car loan on hold. Then, the government car scrappage scheme comes to an end, and now it has been revealed that the annual cost of running a car has risen in just five months.

The news just keeps getting worse and worse for Britain’s motorists, first the recession hits and millions of us put buying a new car or securing a car loan on hold. Then, the government car scrappage scheme comes to an end, and now it has been revealed that the annual cost of running a car has risen in just five months.

The cost has ballooned by almost 9%, according to Sainsbury’s Finance. Increases in insurance premiums and the price of fuel are to blame, as the average cost of motoring soars from £2,338 in October 2009 to around £2,539 today.

If you compare this to September 2007, the rise is even higher, with the average motorist spending £438 more per annum to run a car. Furthermore, car owners are spending on average around £1,400 on fuel.

Ben Tyte, who is a spokesman for Sainsbury's car insurance, states: "The cost of motoring has soared in recent months as all costs, but particularly fuel prices and insurance premiums continue to rise. The cost of driving can be kept in check by shopping around, particularly for car insurance and servicing."

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