The annual cost of running a car could exceed the cars value altogether as a consequence of the price of insurance, fuel, and tax prices, according to fairinvestment.co.uk.

The slowdown of the UK economy has resulted in tax premiums, car insurance and fuel prices storming up so high that there could be a chance that the total cost of these payments could exceed the actual value of the car.

Over a half of the cars in UK have an average cost of £4227 and are more than five years old, according to a study by price comparison site Uswitch.com. The study also revealed that the cost of running a car could boost up to an estimation of £3800 by 2009.

Motorists have already experienced a great rise in fuel prices from 33 per cent since 2007 which could result in one of the major expenses of owning a vehicle.

Director of customer policy at Uswitch.com, Ann Robinson said that “motorists are going to be priced off the roads. “

She stated that due to the ongoing rise in prices, “motorists are going to be forced to think carefully about when, where or even if they use their cars.”

Many drivers could even abandon their cars altogether opting for a better, and possibly a cheaper option being public transport or even the motorcycle. Fairinvestment.co.uk stressed the importance of shopping around to compare car insurance to find the best quotes to battle high costs.