Parking And Other Costs Over A Lifetime

Parking and other costs over a lifetime

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People who are flying abroad this summer could be hit with parking fines of up to £377 if they choose to leave their car at airports, a new study has revealed.

The shocking cost of airport parking has been investigated by Which? and shows in 2013 the average airport cost for a week has risen significantly in just 24 months.

The most expensive airport parking in the UK is at Heathrow where it costs a minimum of £42 per night for a pre-booked parking space in the peak holiday season from June. This means a week in the space will cost £377, up from £345 for the same space in 2011.

At that price holidaymakers could pay for a four-star resort in Spain for seven nights including flights, according to some tour operators.

Some airports offer lower parking charges, however. Luton Airport charges just £23 for advanced bookings while Liverpool and Glasgow charge less than £30 for a pre-booked parking space per night.

However, the latest parking revelations throw the cost of parking in the UK's major cities into context.

A study by insurance expert MoneySupermarket has revealed the average driver can expect to pay over £10,000 in parking over their lifetime - the fourth largest cost of motoring over the course of a driver's lifetime.

Based on drivers passing their test at 18 and continuing to drive until they reach the UK's average life expectancy the average male driver will pay £11,296 in parking fees over the course of a lifetime. Female drivers will pay £11,970 over the course of a lifetime because women have a longer average life expectancy than men.

Drivers do not just have to worry about rising parking fines according to the MoneySupermarket research. It revealed the average driver would pay upwards of £200,000 on car costs.

Despite the furore over parking costs it is not the most significant cost a new driver will face over his or her lifetime. That honour falls to fuel costs, which will be as much as £116,000 for female drivers and £106,000 for male drivers on average.

Meanwhile, car insurance will cost a massive £30,000 over the course of a lifetime although this is a cost that will decrease per year as the driver gains more experience assuming the driver has a no claims bonus.

Other costs facing drivers include up to £11,000 in road tax, £12,000 on replacement parts and more than £20,000 on servicing costs.

Breakdown cover costs and average of £3,000 and replacement tyres will set drivers back an average of £6,000 over the course of a driving lifetime.

In total the average cost of driving, excluding the cost of buying a new or used car, is £202,008 for men and £217,715 for women - enough to buy a top-of-the-range supercar.