Re: Car prices rising twice as fast as the average wage
Hello Larry, How are you? I just wanted to drop you a quick follow up on the research I sent which revealed car prices are going up 1.94 times quicker than the average UK salary, with a car now costing almost 39% more on average than it did in 2012. The study, carried out by Moneybarn <https://www.moneybarn.com/carflation/>, looked at how car prices and wages have changed over the past 10 years and which vehicles have changed in value the most in the last twelve months. You can view the full research here: https://www.moneybarn.com/carflation/ - The results revealed that whilst the average UK salary is £25,971, the average price of a new car is £40,590. - The Renault Zoe is the motor that has increased the most in cost, by almost 124%! - In 2012 there was just a 6p difference between a litre of unleaded and diesel, at £1.42 and £1.48. Now, unleaded has risen by 36% to £1.93, while diesel is now £1.48, with an increase of 34%. - The Vauxhall Astra had a whopping 26.74% one-year price increase, the highest in the overall study. - The Tesla Model S had the second biggest EV cost increase at 32.48%, with the Renault Zoe (EV) taking the top spot, increasing by 39.12%. You can view the full study here: https://www.moneybarn.com/carflation/ I have also dropped a full press release below. Please let me know if you require any more information! Best wishes, Fay *Fay McFarlane * Digital PR Executive E: fay@digitaloft.co.uk T: 01539 766244 CAR PRICES HAVE INCREASED UP TO 124% IN THE LAST TEN YEARS With the cost of living crisis currently crippling the UK, the experts at Moneybarn <https://www.moneybarn.com/carflation/> have looked at how car costs have increased in the last ten years, as well as which models have increased the most… The cars with the biggest ten-year price increases Rank Model 2012 price 2022 price 2012 price as % of median salary 2022 price as % of median salary Price Difference 1 Renault Zoe £13,650 £30,495 63.5% 117.4% 123.41% 2 Volvo S60 £22,785 £44,580 106.0% 171.7% 95.66% 3 Hyundai i20 £9,995 £19,035 46.5% 73.3% 90.45% 4 Volkswagen Polo £9,920 £18,855 46.1% 72.6% 90.07% 5 Vauxhall Astra £12,995 £24,315 60.4% 93.6% 87.11% 6 Ford Fiesta £9,795 £17,905 45.6% 68.9% 82.80% 7 Volkswagen Touran £18,170 £32,735 84.5% 126.0% 80.16% 8 Volvo XC90 £35,175 £61,990 163.6% 238.7% 76.23% 9 Honda Jazz £11,605 £20,440 54.0% 78.7% 76.13% 10 Nissan NV200 Combi £17,293 £30,255 80.4% 116.5% 74.96% The Renault Zoe has increased the most in cost, by almost 124%. One of the few electric vehicles available back in 2012 priced at just £13,650, today, that price has more than doubled to £30,495. After the government reduced the Plug-in Car Grant to £1,500 alongside wider inflation in prices, the cost to the consumer for this vehicle has skyrocketed. The Volvo S60 ranked in second place, with a 95.66% increase. Seeing its value increase by just less than double, the Volvo S60, has increased from just over £22,750 to over £44,500 today. The S60 is a compact executive car and has been a mainstay of the Volvo range for over two decades. The Hyundai i20 had the third biggest increase at 90.45%. While it remains a relatively affordable option at £19,035 (73.3% of average earnings), the Hyundai i20 has still seen its price increase significantly over the last decade, going up from £9,995 in 2012. FURTHER FINDINGS - The Vauxhall Astra had a 26.74% one-year price increase, the biggest overall. Priced at £19,182 in 2021, the Astra has increased by a whopping £5,133, currently priced at £24,315 today. This can largely be put down to the fact that a new edition of the Astra was launched later last year, its eighth version in total. - The Tesla Model S had the second biggest EV cost increase at 32.48%, followed behind the Renault Zoe. The on-the-road price of a Tesla Model S has increased from £71,700 to £94,990 in the last three years. - Another Tesla completes the top three EVs, with the Tesla Model X having the third biggest EV cost increase at 25.14%. Like many other EVs, its range has grown gradually over time, with the cost increasing from £81,500 to £101,990 in the last three years. - In 2012 there was just a 6p difference between a litre of unleaded and diesel, at £1.42 and £1.48. Now, unleaded has risen by 36% to £1.93, while diesel is now £1.48, with an increase of 34%. You can view the full breakdown of the study here <https://www.moneybarn.com/carflation/>.
 |