Motorists could be spending twice as much on their daily commute than they think they are, a recent survey has revealed.
In a recent survey by Be Wiser Insurance, when asked how much they think their daily commute costs them, taking all costs of motoring into consideration, 44% of commuters guessed between £2-4 per day.
However, figures show that the true cost of commuting is more than double that amount. Only 15% of motorists correctly guessed that their commute costs £8-11 per day, showing that many people have no idea of the extent that their daily commute can drain their finances.
How The Costs Are Worked Out
A previous study by Be Wiser Insurance found that the average commute for motorists is around fifteen minutes long. This means people travel on average around 10 miles to work, or 20 miles per day. This equates to around 6,600 miles per year.
A car that costs between £13,000 and £18,000 when new and racks up 10,000 miles per year will cost 51.26p per mile. If we multiply this by 20 miles of commuting, we get £10.25 – meaning your commute costs you far more than £2-4, and in fact costs over £5 each way.
These calculations take into consideration petrol, tyres, service labour costs, replacement parts, parking and tolls, car tax, insurance, cost of capital, depreciation and breakdown cover.
Many of these costs are expenses we forget about – motorists tend to be concerned about the cost of petrol when filling up every week, but the lump sum expenses of purchasing the car and paying for breakdown, insurance and repairs all mount up and mean that our daily driving costs are a lot higher than we think.
Mark Bower-Dyke, Chairman of Be Wiser Insurance, comments:
“It is difficult to guess how much a single journey will cost, and it is unsurprising that many people underestimate the expense of their daily commute. However, maintaining our cars, getting faults fixed promptly and shopping around for the best deals on insurance and breakdown cover can all have a positive impact on our motoring costs.”