With the costs of running a car rising steeply, millions of motorists could find that it is costing them more to have their car on the road than the car is actually worth. The main contributor to the increase in driving costs is the price of petrol; however car insurance and road tax costs are also rising steadily.

This situation could become even worse if, as some experts have predicted petrol prices reach over two pounds a litre in 2009. There doesn’t seem much motorists can do to curb these costs and with public transport in many areas still inadequate to meet most people’s needs, using the car less may not be an option.

Data analysis carried out by online comparison website uSwitch.com has found that by 2009 many motorists may find that their car is worth little more than the annual amount they pay out to run it. In the UK nearly 15 million cars are more than five years old, which makes the average value of a car in this country just over four thousand pounds. With the average cost of petrol, insurance and tax is expected to cost an average of around £3,387.29 pounds a year, most drivers will be paying just under the actual value of the car. For some drivers i