The average cost of motoring has increased by just over 30% in five years‚ due partly to increases in the petrol price.
“Despite prevailing interest rates remaining at low levels and favourable vehicle price inflation‚ the rising cost of petrol and an increase in VAT from 14% to 15% have resulted in higher overall costs when looking at the total monthly cost of motoring‚” according to the latest data from WesBank.
Vehicle instalments and fuel spend remain the biggest components‚ accounting for 80% of monthly mobility spend‚ the company said in a statement on Tuesday.
“The average costs of motoring have increased by approximately R940‚ or 14% in the last year‚ and 31% since 2013.”
These costs are reflected by the WesBank Mobility Calculator‚ a tool the bank uses to track and calculate historic motoring costs.