Say yes to cheaper van, home and car insurance

Motorists in the UK lose £500 per month when they buy a new car, it has been reported.

Research from uSwitch.com has found that the ten best-selling vehicles of 2007 have dropped in value by 43 per cent over the first 12 months of ownership.

This means that drivers lost £5 billion in total last year after spending £11.6 billion on new cars, the company added.

Indeed, this extra cost could be considered too much by those already paying expensive car insurance and road tax bills.

And it may be further exacerbated by the current rising cost of petrol at outlets across the UK.

Insurance director for the price comparison firm Ashton Berkhauser commented that motorists sometimes bite off more than they can chew when they pick up a new vehicle.

"Buying a brand new car is an exciting moment, but in reality it's not as simple as just driving off the forecourt and onto the open road," he said.