Motoring costs have climbed higher than the rate of inflation by 34 per cent in the last ten years, new research has shown.

USwitch.com revealed that motorists pay £2,395 per year on vehicle expenses such as the costs of car insurance, fuel, servicing, and road tax.  Had all motoring costs risen equally alongside the rate of inflation, motorists would have been paying only £1,787 per year. As motoring costs soar considerably, new car sales have fallen by 18.6 per cent, according to The Society of Motor Manufacturers and Traders (SMMT).

Chief executive of SMMT, Paul Everitt said, "Industry is encouraged by the growing interest in lower-carbon cars, but is concerned by the reluctance of consumers to commit to major purchases."

Motoring costs have also mounted within the last year with fuel prices being the highest with a boost of 94 per cent and car tax (VED) seeing the smallest increase since 1997, the site had revealed.

It is predicted that motorists could be spending as much as £3,659 per year by 2017 as motoring costs continues to rise.