Motoring costs sees UK employees spending a fifth of their salary on driving to work
The average worker spends nearly a fifth of their wages on
essential motoring costs, including car finance, fuel and insurance to enable
them to drive to and from work, research by YourParkingSpace.co.uk has
The findings by the organisation which claims to be the UK’s
fastest growing online parking marketplace reveal that UK workers who travel to
work by car now spend approximately 19.5% of their salary on the journey, with
some £362 of the average monthly take home pay being swallowed up by car-related
The biggest outlay was on car finance, followed by fuel and
maintenance costs including MoTs. It also emerged that workers who had to
factor in daily parking expenses on top of essential motoring costs could find
their commute costing as much as £465 a month.
Harrison Woods, managing director of YourParkingSpace.co.uk,
said: “We know that people are travelling further and spending more than ever
to get to work, but considering that we primarily go to work to earn money,
it’s staggering to realise that the average worker is spending so much of their
wages on just getting there each year.”
YourParkingSpace.co.uk allows drivers to compare and book
over 250,000 private and commercial parking spaces nationwide. According to the
parking platform car commuters could save as much as £500 a year on the cost of
their parking alone, by shopping around.
Mr Woods added: “I would urge anyone who is trying to cut
the cost of their journey to shop around for the best deals on all of their
motoring expenses. For workers who have to pay for parking, using a site like
ours will mean they can benefit from the most convenient and cost effective
deals and could save themselves hundreds each year”.
The study looked at typical costs for the driver of a 1.6
litre version of the UK’s best-selling car, the Ford Fiesta, to make the
average commuter journey, calculating that it would cost £4,345.35 over the
course of a working year. Driving a more powerful car, such as a three-litre
BMW X5 could bring the cost up to £6,858.41 a year - more than a quarter of the
average yearly take home pay.