Co-wheels has not had a price rise since September 2017 – more than 4 years ago. But in that time a lot of our major costs such as car leasing and insurance have increased well above the rate of inflation.

We know any price rise is never welcome news but to keep the club sustainable we need to cover increases in our running costs. Hourly booking rates will increase by 25p an hour and 2p per mile for all vehicles as from February 1. See the full table below for details.

This increase is below inflation in the same period – the Bank of England’s official figures show inflation has averaged 2.5 per cent a year since 2017. If we had increased prices in line with that then our small car rate would be £5.11 an hour and our medium car £5.92.

But we have pegged our prices below inflation, quite an achievement as the main costs we face have risen well above that. Our insurance costs have gone up 30% since our last price increase, and petrol prices are now 22% more than we were paying in 2017.

Car owners face similar increases, so using a car club is still a smarter and more cost effective option than car ownership, and we still have the most competitive rates of any national car club.

We have also simplified and renamed categories for cars – as electric cars are now a third of our fleet and we are set to become all electric within the next few years we have got rid of electric price categories for cars and vans.

EVs will now be priced according to size the same as petrol cars – so all cars will slot in the new categories of:

• City – such as a Toyota Aygo
• Everyday – such as a Toyota Yaris, Renault Zoe, BMW i3, Mini One or MG3
• Family – such as an MG ZS, Toyota Corolla or MG5 estate
• 7 Seater – such as a Toyota Prius Plus or Nissan eNV 200 Combo
• Van – such as a Toyota Proace or Renault Trafic.
• Hydrogen – such as a Toyota Mirai

Petrol is not the only fuel to increase, electricity prices have risen sharply so we are introducing a mileage rate of 5p for electric cars and 7p a mile for electric vans and seven seaters.

The little used overnight rate will no longer be offered.

Co-wheels Head of Locations and Commercial Development Richard Falconer said: “It has been more than four years since we last reviewed our prices and we delayed this increase for as long as we could. But we have to cover price increases in many of the club’s costs to keep it sustainable.

“We are one of the few in the industry still able to offer cars from as little as £5 an hour, with low mileage rates and one simple hire charge across the UK for all members. We like to keep it transparent and not confuse customers by varying hire charges by location or age like most clubs or boost them at the weekend and in summer.”