Do you own a car in London? What is up keep cost for it, and is it worth it in the city?

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My costs:
Vehicle tax: £100/ year
Parking: £100/year
MOT and full service: £500/year
Insurance: £1200/year
Total: £1900/year

But:
Vehicle tax is dependent on the type of car with electric cars at 0 and SUVs >1000
Parking depends on where you live. A friend of mine pays £300/month
Insurance depends on type of car, your record and where you live, mine is on the low end because the value of my car is very low.

Not accounted for: my car was crashed into twice while parked in the last two years. Second time I didn’t claim it and just had it fixed, insurance is a lot of admin.
Occasional extra expenses like new tyres.

Is it worth it? Depends on why you want a car. My lifestyle is to get out of the city almost every weekend, so yes. It’s not worth it to drive anywhere in London, just get an Uber. That way you don’t have to worry about parking at destination. Would I get an expensive car? No way, I’m very happy not stressing about an expensive car being stolen.

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You also need to factor in depreciation as a cost.

F

I’ve been living in London for eight years now, always lived in zone 2 and never felt the need for a car. A bicycle is very convenient though, I got mine during lockdown and wish I got one sooner!

Only two of my friends have a car. One lives in the outskirts and the other is just very reckless with money 😂

It's totally dependent on how many miles you'd actually do. Driving in zone 1 and 2 is a pain. If you wouldn't be racking up many miles you'd be better off looking at something like Zipcar when you actually need to drive. I live in zone 4 and have free street parking and mainly use my car within the outskirts, getting back from the other side of London late, or getting out of London on the weekend.

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