The UK is facing a new challenge in the form of rising fuel prices. This has been caused by a combination of factors such as the cost of oil, Brexit, the weakening pound and also due to geopolitical tensions.
The price of fuel has been steadily increasing for many years now and this is not something that will change anytime soon. In fact, experts predict that prices will continue to rise as Britain imports its gas from Russia, Norway and Qatar and due to the ongoing shortage in supplies and the demand continuing to be high, the price of fuel is likely to continue rising to keep up with the demand.
How Fuel Prices Are Affecting Your Driving Habits
The UK’s series of fuel price hikes in the past few months has led to an increase in the cost of living for British citizens, and a decrease in the economy.
As a result of the rise in fuel prices it is becoming more difficult for people to afford their cars. This is a problem because as fuel prices continue to rise, people will be forced to make tough decisions about how they use their vehicles and whether they continue to use their vehicles.
Some people are already starting to feel the effects of these rising fuel prices, and many more will soon follow suit. Some people are opting for public transportation or car-sharing while others are choosing to live closer to work or find a new job altogether in order to save on fuel.
A recent live radio poll showed that people are using alternative modes of transport to get around as it is working out cheaper than paying for fuel. People are also avoiding unnecessary journeys and days out. This is likely to have a knock on effect on other areas, like tourism and the entertainment industry as people are not going to prioritise travelling to go out and visit places.
Is Electric the Way Forward…..
One big financial consideration people are making is whether to invest in an electric vehicle as an overall cost saving measure. The option of switching to an electrical vehicle is quickly becoming a very popular option in the current fuel crisis.
Although purchasing a new vehicle is a big financial commitment, people are finding that the cost of a new vehicle when compared to the ongoing cost of high fuel prices is a more cost effective option.
It is advisable to do a lot of groundwork when considering a big financial commitment like a purchase of a new vehicle, especially an electric vehicle, as they are pretty pricey. It’s good to have visuals of exactly what your overall or monthly financial commitment is likely to look like. One resource that is really helpful with doing this is the following calculator https://carpaymentcalculator.net/
This calculator has many features, one feature which is quite handy is that it has the ability to calculate car prices that fit a monthly payment or loan payment amount, so it allows you to search for results in line with your budget. Furthermore, it will allow you to visualise what the financial commitment of purchasing a new (electric) vehicle will look like and compare the costs to your current fuel consumption costs.