New research by Sainsbury’s Car Insurance has found that more than a million drivers have given up their cars because of the rising costs of keeping them on the road. Can you prevent motoring costs from becoming overwhelming?
Services, tyres, MOTs, insurance, fuel – these days the costs of keeping your car on the road quickly rack up, becoming so high that a growing number of people are giving up their cars altogether.
That’s the conclusion of new research by Sainsbury’s Car Insurance, which found that the average car owner is now spending approximately £1,720.69 every year to keep their vehicle going – 22.9% more than last year.
So what’s pushing costs up? The average price of petrol is now 136.07p per litre, but that isn’t all. Higher insurance premiums and excesses have also recently made motoring a more expensive prospect.
And the pressure on drivers is taking its toll. 16.5 million people – or 45% of motorists – are now driving less. 7% have started to car-share and 26% of those surveyed said they had stopped filling up their tanks at the pump and have instead started buying smaller amounts of fuel.
10% have even taken the extreme step of downgrading their car for one that is cheaper to run and less expensive to insure.
1.3 people have given up their cars altogether, suggesting people are being priced off the road completely.
The research Sainsbury’s Car Insurance research comes at a time when consumers are being squeezed all around. The rising cost of living and stagnant wages means cars that were once essential are increasingly becoming luxury items.
Moneyhighstreet comments: “If you’re a motorist struggling to keep up with the costs of running your car, there are still ways you can save.
“Make sure you compare car insurance online to get the best deal. Even if you have recently bought insurance, the conditions and offer may have changed when it comes time to renew it, so it’s important to keep looking.
“Petrol costs can now also be compared online. Finding the cheapest fuel in your area can quickly turn pennies into pounds over time. Regular services can also save you money by preventing more expensive problems from occurring.
“Finally, choosing a more fuel-efficient car with lower emissions will save you money on both petrol and tax, and learning a few eco-driving techniques can help keep your fuel costs to a minimum.”