Overcast

Overcast

max temp: 7°C

min temp: 5°C

Search

New online car costs calculator lets used buyers choose wisely

08:17 17 July 2014

Money Advice Service (MAS) has found more than half of people who purchased a used car underestimated the running costs.

Money Advice Service (MAS) has found more than half of people who purchased a used car underestimated the running costs.

Archant

New research published by the government-backed Money Advice Service (MAS) has found more than half of people who bought a used car underestimated running costs.

Some 56% of motorists said that total cost, including maintenance, repairs, insurance and fuel had turned out to be higher than anticipated, while one in five (20%) have resorted to going into debt just to keep their vehicle on the road.

One in four (26%) of the 3,000 people surveyed, who have bought a second-hand car since 2012, now has regrets about their purchase, with many of them saying they had not worked out whether it was really affordable or that the buying price was too much in the first place.

And of those who found their car running costs to be higher than they had expected, nearly one third (31%) have had to cut back on family treats to make up the shortfall, one in six (16%) have been forced to delay repairs that needed doing in their house and one in eight (12%) have struggled to meet key household bills in order to keep their car going.

To help struggling motorists, the MAS has launched an online car costs calculator to help motorists calculate a budget to suit their preferred choice of car.

The calculator enables buyers to compare the overall annual expense of running different models before they make their final purchase. Up to three cars can be compared at the same time.

The tool allows people to type in the registration of the car they are considering and it will then indicate how expensive the car will be to tax, fuel and insure, as well as how its value is likely to depreciate.

Nick Hill, a money expert at the MAS, said: “I’d urge anyone planning on buying a car not only to set a budget for the initial cost, but to also look at total affordability and do their research in terms of what it’s going to cost them to run, repair and maintain over the long term.”

The Money Advice Service’s online car costs calculator can be found at moneyadviceservice.org.uk/car-costs-calculator

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Ipswich Star visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Ipswich Star staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Ipswich Star account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

The train lines from London to Ipswich have now reopened after a man was hit and killed by a train between Colchester and Manningtree earlier today.

An Ipswich Burger King franchisee must pay out nearly £180,000 for health and safety breaches before and after a worker was scalded with hot oil.

Two fire engines have been called to Upper Brook Street this afternoon after reports people could smell petrol in the area.

A motorcyclist is reported to have suffered a leg injury after a collision in Ipswich at 2.35pm today.

Through our iwitness24 site, readers are able to share their photos of Suffolk’s top beauty spots, of landmarks and of some of our amazing wildlife in action.

Our judging panel put Christmas food from the supermarkets to the test.

The death of a “kind, caring” mother signals the end of an era in Suffolk, her eldest son has said.

From children’s books and Lego, to slippers and jigsaws, let’s help give every patient at Ipswich Hospital a present this Christmas.

Photographers have turned their focus on texture this week for our iwitness challenge.

A cyclist who was killed in a crash in Hitcham this week has been formally named by police as 72-year-old Colin Taylor.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24