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Understanding The Cost of Car Ownership in the UK

Owning a car in the UK, is a wonderful thing. With your own car, you can have an increased amount of freedom and gain the ability to go where you want, when you want.

But having your own automobile in the UK also comes with lots of responsibilities and costs that you need to consider. And depending on where you live in the Kingdom, you cost might be much higher than other places. For example,

According to the Most Expensive Cities to Own a Car Guide, by Kwik Fit, Birmingham tops the list as the most expensive city in the United Kingdom. The reasons for this, which include that it is a busy city and petrol prices are on the high end here, illustrate your need to understand exactly what your expenses will be.

Here are some of the most important costs to think about, when you are looking to purchase an automobile.

Car Payment

The most obvious cost related to owning a car are your monthly car payments. Depending on the car you drive these can vary substantially. When you look to purchase a car, keep in mind that the payment should be no more than 10% of your monthly salary. And with the rest of your bills, you should be able to save money monthly, in case you lose your job, or your income goes down substantially. Many people want a high end luxury automobile, but the payments need to be considered, because luxury automobiles come with luxury prices.


Insurance for your car will vary depending on where you live and the cost of the automobile you purchase. If you live in the city, your cost will certainly be higher for automobile insurance. Many people will either buy the cheapest automobile insurance coverage or go without automobile insurance, both of which are ill advised. You should purchase full coverage for your automobile, or at a minimum purchase coverage that will guarantee that you’re insured during any type of accident. This prevents you from having to pay for any unexpected damages to your car.


You also have to consider the cost of petrol when you are purchasing an automobile. Larger cars, cars with larger engines or that focus on speed, will burn more petrol and cost you more money at the gas pump. The difference between what you might pay for one of these types of automobiles, versus one that gets great fuel economy can be quite substantial. New electric cars will usually require less than half of the petrol needed for a similar-sized gasoline automobile.


Maintenance and repairs can be expensive for any automobile. If you are purchasing a new car, your insurer would expect your car to be well maintained. This means that you’ll have to bring your car in for scheduled maintenance. Maintenance will require certain filters, hoses, and liquids are changed in your automobile. These will all have a cost, although some may be covered in your warranty. You should also know that more expensive cars require more expensive maintenance.

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