Norman says that while fuel costing more than depreciation might make a good headline, the reality is that the running costs argument is as much about low depreciation levels, so if it’s a problem it isn’t a bad one to have.

“If you take a car like the new Focus 1.6 Zetec, for example, we currently forecast total depreciation of £11,780 and total fuel costs over 36-months/60,000-miles at £7,410,” he explained.

“In the case of the Focus 1.6 TDCi 115 Zetec, we forecast £12,465 and £5,514 respectively so there is still some way to go for a mainstream fleet car to cost more to run than it does to own.

“If depreciation levels were to remain static but the actual cost of petrol rose to £10 per gallon and diesel to £14 then fuel costs would indeed outstrip depreciation for the above example over the same period, but such large increases are highly unlikely.

"And if they were to become a reality you can bet there wouldn’t be many people doing 20,000 miles a year.”

“Obviously these calculations are based on list prices. If they were based on actual transaction prices the depreciation levels would be lower.

“Likewise, if fuel use was based on real world driving rather than the official figures then it would be higher so the tipping point would be closer, but in my opinion there’s still some way to go.”