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Our take on The Money Statistics (Dec 2022)

Find out how these numbers may impact car subscriptions in the UK.
Our take on The Money Statistics (Dec 2022)
Summary

According to recent data by The Money Charity, UK households spent an average of £114.6 million a day on water, electricity, and gas in Q2 2022. This represents a seasonally adjusted 14% decrease from the revised figure for Q2 2021.

This decrease could be due to various factors, such as changes in consumption patterns, especially in light of the ongoing cost of living crisis.

In terms of fuel prices, the average price of unleaded petrol remained unchanged at 164.7ppl in November 2022, costing £82.35 to fill a 50-litre tank.

This price stability may be welcomed by drivers, who can budget for their fuel costs without unexpected changes. However, it is worth noting that petrol prices can still fluctuate significantly over time, and this stability may not continue.

On the other hand, the average price of diesel decreased by 2.0ppl to 189.1ppl, resulting in a cost of £94.55 to fill a 50-litre tank, a £1.00 increase from the previous month. As a result, the price difference between unleaded petrol and diesel grew to 24.4ppl, a difference of £12.20 per 50-litre tank.

This price change could impact drivers' decisions between the two fuel types. The impact of these numbers on car subscriptions in the UK is likely to be significant as households consider the costs of fuel and electricity for their vehicles.

With petrol and diesel prices remaining relatively stable and the cost of home-charging an electric car being much cheaper, some households may opt for traditional ownership or leasing arrangements if they want a diesel or petrol car rather than subscribing to a car.

However, the long-term trend towards electric, cheaper home charging and alternative fuel vehicles could still drive demand for subscriptions as a more flexible and convenient option for transportation. We have also noticed the introduction of cheaper monthly EV subscription where the longer you commit to a car, the cheaper the monthly cost becomes.

You may lose some of the month-to-month flexibility, but you can still enjoy the all-inclusive costs benefits of a subscription.

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