An app that helps you work out how much a new car will cost you in the long run has been released by consumer magazine What Car.
MyCarCost is designed to help you predict how much money will be spent on your latest ride including the total cost of fuel, insurance, Vehicle Excise Duty and servicing. It can even estimate depreciation (the value of a vehicle as it ages).
What Car says you only need to enter in a registration plate, annual mileage and the period of time you want to know the ownership costs for and the app will do the rest. Alternatively you can browse by make, model and edition for a car up to five years old.
“We are always striving to help drivers buy the right car and save on the cost of motoring – MyCarCost can help every car buyer see how much a car will cost quickly, easily and more accurately than ever,” What Car publisher Chris Lowe explained.
“We expect it to be an invaluable research tool for car buyers, whether browsing for their next car and trying to get an accurate estimate of what it will cost them, or actually stood on a forecourt trying to make a quick buying decision,” he added.
Particularly savvy Microsoft Excel users can already knock up an accurate cost of car ownership, including an exact pence per mile figure (not for the faint-hearted), but What Car’s app seems to make life easier. How accurate it is remains to be seen.
The free MyCarCost app is currently only available on iOS devices. You can download it from here. Just try not to weep when you realise how expensive car ownership has become in the UK.