According to a recent study by Compare The Market’s car insurance team, Tower Hamlets has been named as one of the most expensive boroughs in London to own a car. The study analysed customer data to calculate the average cost of owning a car, including petrol or diesel costs, car insurance, MOT fees, car tax fees, and yearly mileage.
The study found that Newham was the most expensive borough to own a car in London, with an average yearly cost of £2,556. Tower Hamlets followed closely behind, with an average yearly cost of £2,399. This can be attributed to high insurance premiums in the capital, with Tower Hamlets being the second most expensive borough to insure a car, with premiums averaging £1,209.
Despite having the lowest average yearly mileage in the top ten, at 5,986 miles, Tower Hamlets still had relatively high fuel costs, averaging £921 for diesel car drivers and £969 for petrol car drivers.
Barking and Dagenham ranked third, with average yearly costs of £2,394, while Hackney and Haringey took fourth and fifth place, with average yearly costs of £2,387 and £2,353 respectively.
The study also revealed the cheapest and most expensive cities to own a car in the UK, with Luton being named as the most expensive city, with an average yearly cost of £2,329, and the Isles of Scilly being named as the cheapest, with an average yearly cost of £1,209.
As rising fuel costs continue to put pressure on the cost of living, owning a car in Tower Hamlets remains a significant financial burden for many residents.