Cost-of-living crisis forcing motorists to exchange vehicles or switch to finance
Four in ten say that the higher costs change how they stay on the road.
The ongoing cost-of-living crisis is forcing drivers to change their motoring habits in order to stay on the move, a new survey has revealed.
New research has found that increased costs are causing motorists to consider exchanging their current car or switching to a pay monthly deal. Others are cutting day-to-day spending just to keep their car running.
Carwow spoke to 1,434 people about the impact that the cost of living crisis was having on their plans around buying or selling a car and found that over a third are more likely to consider paying monthly for their next car rather than buying outright.
In addition, 27 per cent would think about selling or exchanging their current car in order to save money, while one in four admit that they can now only afford to buy a used vehicle, having normally considered purchasing a new model.
Two in three respondents stated that owning and running a car is a ‘necessary cost’ while 13 per cent are cutting back on their routine day-to-day spending so that they can afford to run their vehicle.
Hugo Griffiths, carwow consumer editor said: “The cost of living remains stubbornly high for millions, and how we buy and run our cars is not immune from the impact of the current crisis. The jump in petrol prices may be just one factor weighing on motorists, but the scale of the increase in a litre of petrol or diesel gives a good indication of what drivers are dealing with at the moment.”
Though the price of petrol and diesel has fallen from their respective highs of 191.55p per litre and 199.22p per litre in July, today’s figures of 148.79p per litre for petrol and 171.64p for diesel represent increases of 29 per cent and 43 per cent respectively since January 2021.