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Car finances getting tighter

According to the RAC, the average yearly cost of owning a car has hiked by 6.3%. That equates to an average £346 per year and represents a rate that is two times higher than the rate of inflation.

According to the RAC, the average yearly cost of owning a car has hiked by 6.3%. That equates to an average £346 per year and represents a rate that is two times higher than the rate of inflation. The RAC says that everything from fuel, insurance, depreciation, car finance and breakdown cover is taken into account.

The report shows that this rise has been steadily increasing since 2007, and that since then, the cost of owning a car has risen by a fairly incredible average of £736 per year.

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