Pure ignorance could lead thousands of motorists down the road of increased debt, says a new report.

RAC Loans says in a new report that people fail to take into account running costs, in addition to the initial cost of buying a car, when making a purchase - especially when they are borrowing larger sums of money.

"Loans are a popular choice to raise money in order to buy a vehicle, with the bargaining power of cash as the car dealer will still be paid in full up front, rather than taking on a finance package with a dealership," the study says.

The average cost of fuel, maintenance, insurance and tax alone sets motorists back by around £1,977 per year. Depreciation is the largest cost factor, with the average car reducing in value by £2,357, or £45.33 per week, over the first 12 months of ownership.

"Those thinking of buying or selling need to be mindful of depreciation, as increased depreciation and higher motor finance costs are pushing up the total cost of motoring," the report concludes.

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