Motoring costs have soared by more than 20 per cent since 2007, according to new figures.
The news could encourage some people to use an equity release calculator to see if they could meet the rising costs with cash taken from the value of their home.
A recently-published report by Sainsbury’s Finance revealed that motoring costs have increased by 8.6 per cent in the last five months.
According to the organisation, the annual cost of motoring now stands at £2,539.
Ben Tyte, Sainsbury’s car insurance manager, said: "The cost of motoring has soared in recent months as [have] all costs, but particularly fuel prices and insurance premiums, continue to rise.
"With the new higher level of tax coming in as of 1st April for newly registered cars it’s also worth those looking to buy brand new cars haggling down the price to offset this higher cost."
Another way for people to meet the growing demand of motoring costs is to take out an equity release scheme, which can provide a homeowner with a lump cash sum or a regular income with cash taken from the value of their home.
