It costs on average 19% more to keep a car on the road now than this time last year.
Much of the increase in the costs is down to two factors - the 17% rise in fuel prices and a 35% rise in depreciation.
According to the RAC’s annual Cost of Motoring Index the annual running costs for an average family car have increased to £2,435 - a year-on-year increase of £277.
This equates to £47 per week, or 20.3p per mile.
The index found that the cost of depreciation, which is causing major problems for rental companies and outright owned fleets, is now on average £826 more a year.
This means depreciation is now costing fleets on average £3,183 a year for each car they are running.
The cost of motoring also looks set to rise further with volatile fuel prices and the uncertain economic climate, warned the RAC.