Soaring fuel, insurance and maintenance charges play a key part in the jump that will see families pay out a fifth more to run their car than they did in 2010.
And the £7,004 bill is a wallet-busting £1,871 — 36 per cent more than it was five years ago.
It means drivers are paying 58.4p a mile to keep a car on the road.
Fuel is one of the main culprits — prices have been driven ever upwards by a combination of rising oil prices and SEVEN increases in fuel duty by the Government since 2008 as well as two VAT increases.
Over the past two years petrol prices are up 16.9 per cent, diesel is up 20.3 per cent.
But the cost also takes account of the fall in car values, and the costs of finance, breakdown cover and tax.
The only thing to decline in cost is finance — as interest rates have tumbled. The greatest single cost for motorists in 2012 is fuel, with the annual bill now £1,472 compared to £1,129 in 2007.
It is the price of car maintenance which has risen the most over the last five years, jumping 52 per cent to £488 per year.
On top of this, motorists also spend 50 per cent more on insurance than in 2007, meaning they face an annual bill of £671.
Research for Mr Money by the RAC clearly tell us that UK motorists are feeling the pinch.
David Bizley, RAC technical director, said: “Over the last five years not only have we seen the cost of fuel soar to unprecedented levels, but also staggering rises in the cost of insurance and car maintenance.
“These rises are forcing many motorists to make tough choices about what trips they take and how they can afford to take them.
“Things are only likely to get tougher with another 3p a litre increase set to land on motorists’ laps from August as the Government hikes fuel duty yet again.
“Endless rises in duty aren’t the answer and this one in particular needs to be scrapped.”
The Sun revealed on Friday how petrol prices have risen more in the UK since 2007 than anywhere else in Europe.
Mr Money also asked the RAC to look at what makes of cars are the dearest and cheapest to run.
A three-litre Land Rover Discovery is £12,436 a year while a Toyota Yaris 1.0l is £4,715.
Why the difference between the cost of running different cars?
Bigger cars are generally more expensive for five key reasons:
- Their FUEL CONSUMPTION is generally higher, which means drivers can’t do as many miles to the gallon as they would in smaller cars. This increases the annual fuel bill markedly, especially in the biggest, heaviest cars with very large engines.
- ROAD TAX costs increase substantially for bigger, more polluting cars. Under the current system, road tax is based on CO2 emissions of cars — meaning larger cars that emit more face a much higher bill.
- DEPRECIATION also rises rapidly for big cars. This is mainly because their original cost is much higher than that of smaller vehicles, meaning their second-hand price has further to fall.
- INSURANCE costs are higher, as the value of these cars is higher than for smaller cars. And car insurance costs have risen markedly. One of the chief causes of this has been additional costs following a claim — third party claims for whiplash have exploded, in part because of the rise of the no-win, no-fee claims lawyer culture.
- MAINTENANCE costs are also higher for bigger cars — they tend to be more complex which means a bigger bill at annual service time.
Here are my tips on how to save fuel – and money – while driving:
1. Drive smoothly and plan ahead – avoid sharp braking and accelerating. This can save up to 15 per cent on fuel costs.
2. Take your time and stick to the posted speed limits – slowing down by 10mph will save you 40p on fuel for every ten miles you drive – and that soon adds up to big money
3. Think of revs as Pound signs: the higher the revs, the higher the fuel bill.
4. Check tyre pressures regularly – under-inflated tyres can increase fuel consumption by two per cent.
5. Shop around for fuel – use price comparison websites such as petrolprices.com to find the cheapest fuel near to where you live.
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