As you know, prices have been rising in all areas as UK inflation over the past year topped 10% and recent surveys show more than three quarters of companies have had to increase prices to cover increases in costs.

We are also having to review our prices, although we are pleased to be able to keep the hourly rate for our smallest City cars pegged at £5 an hour and the day rate will remain at 8 times the hourly rate.

The price changes are:

• Hourly rate for our larger cars and vans will increase by 20p an hour
• Petrol mileage will increase by 2p a mile
• EV mileage will increase by 7p a mile (5p for vans)

So from November 1^st our hourly rates and mileage rates will be:

                           Hourly     Daily       Mileage      EV

City                    £5            £40          22p              12p

Everyday          £5.95      £47.60     22p              12p

Family               £6.70      £53.60     22p              12p

Van                     £7.70      £61.60      24p             12p

We know any price rise is never welcome, but we have been hit by bigger price increases in the past 12 months than at almost any time since Co Wheels was formed more than 12 years ago – especially in the costs of both cars, electricity, and fuel.

This includes

• Electric – Commercial prices are not capped like your domestic bills, the price we pay has gone from under 20p kWh a year ago to 50p and even more than £1 from some suppliers. Mileage charges no longer cover even half the cost of electricity.
• Petrol – The price we pay for petrol has been very volatile and steadily increased through the year due to global issues and a weak pound.
• Vehicles – Global supply problems and chip shortages meant new cars were in short supply and prices rose - the average car cost 40% more in November 2021 than before the pandemic. Plus the Government scrapped its EV grant discount, increasing our costs for new electrics.

Co Wheels Head of Locations and Commercial Development Richard Falconer said: “Sadly we have to increase some prices to keep the club sustainable. But we are one of the few in the industry still able to offer cars from as little as £5 an hour and mileage rates which are still low.

“Car owners face the same rising prices to buy and run a car, which is why car sharing is still the smarter alternative and a great way to save money especially if you don’t drive a high mileage. We thank all our members for their continued support and understanding during these difficult times.”