• Twitter
  • LinkdIn

Motoring costs sees UK employees spending a fifth of their salary on driving to work

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 revealed.  

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 expenses.  

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.