While many assume that cars are now cheaper than ever, the reality is quite the opposite. The initial purchase price might be lower, but maintenance, insurance, and fuel costs have increased sharply. Experts estimate that the average annual cost of owning a car now exceeds £5,000, even before considering depreciation. People who drive fewer miles each year still face high fixed expenses. For many households, owning a car is slowly becoming a luxury rather than a necessity.
While many assume that cars are now cheaper than ever, the reality is quite the opposite. The initial purchase price might be lower, but maintenance, insurance, and fuel costs have increased sharply. Experts estimate that the average annual cost of owning a car now exceeds £5,000, even before considering depreciation. People who drive fewer miles each year still face high fixed expenses. For many households, owning a car is slowly becoming a luxury rather than a necessity.