In fact, buying and running a car is the single biggest expense for the average UK consumer – ahead even of food bills. By way of contrast, the average family spends £59 on food and non-alcoholic drinks weeky, £44 on mortgage payments, and £27 on energy bills.

However, high costs have not stifled UK consumer desire for car ownership and use – new car sales rose by 6.7 per cent last year, and over two million new cars were bought, according to figures released by the National Dealers Association.

However, is buying a new car always the smartest option? For instance, while up-front cash buyers are more likely to be offered discounts on their purchase by dealers, ever-more drivers prefer to take cars out on lease, rather than buying one outright. Drivers pay up-front to use the car for a fixed period, and then pay an extra fee upon return proportionate to miles travelled.

This option is increasingly favoured by motorists, as the value of many cars quickly depreciates after exiting a showroom; research released by Which? indicates that a Ford Mondeo loses 67 per cent of its value in three years, for instance. There is little way of knowing to what degree a new car model will retain its value after purchase – meaning leasing could be an economical alternative. However, leasing is not without its shortcomings – for instance, if you run up a high mileage, you could be in line for significant costs (some car leasers also impose mileage limits, with hefty penalties for drivers who exceed them). Likewise, damaging a leased car could mean you incur fines and extra fees.

Similarly, buying a second-hand car could be a solution to the issue of car value depreciation. However, buying a used car is not without risk, especially if the vehicle is purchased directly from a private vendor – the RAC estimate that 45 per cent of motorists who buy a used car felt deceived by the seller in some way. Nevertheless, the RAC also estimate that private car sales account for less than half of the used cars sold in the UK annually (2.7m of 6.7m overall).

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Used cars bought from dealerships carry less risk, as the buyer is afforded legal protections under the 2008 Unfair Trading Regulations Act, which prohibits dealers from offering false information and selling vehicles that are damaged, or have not been subject to a thorough examination. Although, used cars sold through a dealer tend to be more expensive than their private counterparts.

Some consumers prefer cars that run on diesel, as they are frequently perceived to be more economical than cars run on petrol. However, diesel cars often come with additional costs. For instance, many UK councils have imposed increased parking fees on diesel cars due to “health risks associated with diesel emissions.” Diesel cars also tend to be more expensive. Further to this, despite diesel cars’ reputation, petrol cars may in fact be the more economical choice for the average motorist – a study conducted by Which? indicates that for drivers that cover less than 11,000 miles annually, a petrol car will be cheaper.