Cost of living crisis causing third of drivers to keep cars for longer – survey
Many drivers have been pushed to the used market having originally planned to buy new.
The ongoing cost of living crisis is causing a third of drivers to hold on to their cars for longer, a new survey has found.
Research by WhatCar? found that 34.5 per cent of drivers have held on to their current car for longer than intended as a result of rising costs, while of those that have remained with their present vehicle, 65.8 per cent said that they’ve kept it for more than six months longer than originally intended. Some 21.4 per cent said that they’d kept it between three and six months longer.
Some 14.2 per cent of the 1,017 in-market buyers also said that they had initially been in the market for a new car, but had looked at the used market instead specifically due to the cost of living crisis.
Steve Huntingford, editor, What Car?, said: “The UK’s new car market is still below pre-pandemic levels. Buyers holding on to their current vehicles for longer or switching to the used market is slowing down the much-needed recovery.
“The cost of living crisis is also threatening to slow down electric vehicle uptake in the country. Electric vehicles continue to command a premium over equivalent petrol or diesel models, and with tightening purse strings, buyers will be less hesitant to make the switch.
The research also revealed that 12.8 per cent of owners are considering doing some form of vehicle maintenance themselves in order to save money.
