James Martin discusses his passion for cars
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According to new research, the cost of some of the UK’s most popular cars are increasing up to three times faster than earnings. Cars like the Volkswagen Golf, the Ford Fiesta and Vauxhall Corsa have all increased in price by more than 40 percent since 2011.
The study, from the comparison and switching service Uswitch.com, analysed the average cost of car insurance, fuel and road tax and purchase price to see how they have changed over the last decade.
The largest increase in price was for the Volkswagen Golf, which saw a massive 72 percent price increase since 2011.
In 2021, a brand-new VW Golf would set drivers back around £23,360.
In comparison, the same car in 2011 cost just £13,615.
Despite the price increases, the average annual salary in the UK has only risen by 22 percent in the same period.
In 2011, average wages stood at £21,100, compared to £25,780 in 2021, a much slower rate than some of the UK’s most popular cars.
Joel Kempson, car insurance expert at Uswitch.com, spoke of the changes and how they affect drivers nowadays.
He said: “It’s good news for drivers that car insurance and fuel prices have decreased over the last decade.
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“However, our research also reveals that despite the savings that could be had on fuel and insurance, tax and purchase prices have both risen considerably.
“With the purchase price of popular cars having risen at a faster rate than our average wages, it could mean that more people will struggle to afford a vehicle, especially first-time drivers.”
The UK’s most popular car, the Ford Fiesta, had the second largest percentage increase in price.
A new 2021 Ford Fiesta will set drivers back £16,645, an increase of 67 percent compared to 2011.
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