UK Cost of Living
To appreciate why cars were designed in any era, we need to appreciate how the environment appeared to the designers. We also need to recognize the limitations of the technology available, as well as include the average annual salary, which reflects how much the average citizen could consider spending on a luxury such as a car.
Four Star Petrol
In 1974, the cost of four-star petrol in the UK was approximately **50 pence per gallon**, which is roughly 11 pence per litre. 11 pence in 1974 equates to approximately £1.47 in purchasing power in 2025 UK terms.
Average Annual Salary
In 1974, the average annual salary in the UK was approximately **£2,168**.
£2,168 in 1974 is equivalent to approximately **£22,000** today.
Loaf of Bread
In 1974, the average price of a loaf of bread in the UK was approximately14.5 pence. 14.5 pence (£0.145) in 1974 is equivalent to approximately £1.93 in purchasing power in the UK as of 2025.
Railyway Journey per mile
In 1974, the average cost per mile of a railway journey in the UK was approximately **1.5 pence**.
1.5 pence per mile in 1974 is equivalent to approximately **13 pence per mile** today.
Road Tax
Road Tax: In 1974, the road tax for an Aston Martin Lagonda in the UK was approximately £40 per year. £40 in 1974 is equivalent to approximately £532.75 in purchasing power in 2025 UK terms.
Property
In 1974, the average cost of a house in the UK was approximately **£10,000**.
£10,000 in 1974 is equivalent to approximately **£110,000** today.
Bus Journey per mile
In 1974, the average price of a bus journey by the mile in the UK was approximately **2.5 pence**.
2.5 pence per mile in 1974 is equivalent to approximately **21 pence per mile** today.
Insurance
The average cost of insuring a Triumph GT6 in the UK in 1974 was approximately £25–£40 annually for Third Party Only coverage, £35–£50 for Third Party Fire and Theft, and £50–£80 for Comprehensive policies depending on driver profile and location.
£80 in 1974 equates to approximately £1,065.50 in purchasing power in the UK by the year 2025.
New Car Prices
In 1974, the average price of a new car in the UK varied depending on the model and brand. Here are some examples:
- **Ford Cortina**: £1,519
- **Austin Allegro**: £1,287
- **Jaguar XJ12**: £3,500
- **Rolls-Royce Silver Shadow**: £8,000
These prices give you an idea of the range of costs for new cars in 1974.
Taxi Journey per mile
In 1974, the average price of a taxi fare per mile in the UK ranged from approximately **17 pence to 22.5 pence**.
17 pence to 22.5 pence per mile in 1974 is equivalent to approximately **£1.50 to £2.00 per mile** today.