The Cost of Driving in London
The Cost of Driving in London
The cost of driving in London has gone up tremendously over the past decade with motorists having to factor in not only costs of running, maintaining, taxing and insuring their car in the capital but they now also have to factor in costs such as congestion charges and some of the most expensive parking fees in the world.
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Car Insurance in London
Average cost of Car insurance has gone up by over 50% over the last ten years and is now at an average of £485 a year for a seasoned driver. However premiums are set to rise again in 2018 and there is a predictiction that this could reach as much as £1,000. Whatsmore car insurance prices are nearly double that in the capital when compared with the rest of the UK.
And the cost of car insurance for a 17 year old first time driver in London now soaring to an average of £4,000 plus. With the financial constraints of Brexit and the lack of increases in real time wages for many employees driving your own car in the capital may be out of reach for some younger drivers in London.
You can calculate the cost of your London car insurance here. Confused.com
Car Road Tax
Unless you have a new car that emits less than 100g/km of CO2 emissions the cost of road tax can be as little as £130 pound but as much as £2,000. There are no additional road tax costs for driving in London apart from the congestion charge in the centre of the Capital. You can calculate the cost of your car’s road tax here.
London Congestion Charge
Congestion charge has now gone up to £11.50 per day in central London. However you can choose to pay via auto pay and reduce this cost to £10.50 and eliminate the chance of a Penalty Charge Notice. Additionally high polluting vehicles such as diesels (pre Euro 4 cars) must now pay an increased daily charge of upto £21.50 per day. There are also plans to include these additional fees to all diesel cars by 2020.
MOT and Service Costs in London
Your MOT for a car will cost £54.85. https://www.gov.uk/getting-an-mot/mot-test-fees. However this fee does not include a service or any parts and labour needed to help your car pass it’s MOT. The avergae price of a full car service is £150.00.
London Fuel Prices
Fuel prices in London vary massively but petrol can be purchased for around £1.20 per litre and £1,24 per litre for diesel. Londoners typically pay more in fuel than the rest of the country due to the stop and start nature of London’s busy roads. This essentially meaning more fuel is consumed over shorter journeys. However it s worth noting that this is 3 times the price of fuel in the US.
Parking Charges in London
London has been quoted as one of the most expensive cities in the world to park in with average costs said to be £42.00 per day according to an article in “This is Money“. This has seen some home owners and local residents renting out their homes driveways and parking spaces.
London Car Costs Broken Down
Car Insurance – £485.00
Road Tax – £140.00
MOT and Full Service – £204.85
Average annual fuel consumption – 20 tanks of fuel based on 55litre = £1,320.00
10 trips into the congestion charge – £115.00
Parking in London – 20 hrs at £6 p/h – £160
The total cost below is the absolute minimum cost of potentially owning a car in London. Also noting this does not include purchasing the car, any accidents, damage or running repairs or any additional cost accrued from parking charge notices or other fines or fixed penalty notices. Which when driving on busy London streets are almost impossible not to get.
Total Cost – £2,424.85′
or see this car cost calculator
New Ways to Drive Around the Capital
However don’t despair there are lots of new car clubs, ways to hire cars and vehicles cheaply including new apps to help you find, hire and drive a car easily around the capital. Meaning you really don’t need to own your own car these days! And you can still have all the benefits of free and easy access to a car when and where ever you want. And what is even more amazing this can be much, much cheaper and easier than you think.