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Motability takes £565 million blow as costs soar

Autocar

The company, which is owned by four major banks including Barclays and HSBC, blamed rises in the cost of servicing, insurance and new cars, including EVs. It says insurance, for instance, has risen by 46% since 2022, resulting in an additional 700 cost per vehicle over a typical three-year lease. billion in 2023 to 6.9bn last year.