British motorists are spending an average of £466 per month on car financing and remain reluctant to give up their vehicles despite escalating costs, according to a new survey by CarSupermarket.com. The poll of 1,000 drivers reveals that 72% believe owning a private car has become a luxury, a sentiment especially strong among younger generations, with nine in 10 motorists aged 18 to 24 sharing this view.
Younger Drivers Face Highest Costs
The survey found that 15- to 34-year-olds spend the most on car financing at £789 per month, while those aged 50 to 64 spend the least at £293. Overall, 62% of all drivers said their car is the biggest part of their budget. More than nine in 10 motorists believe getting around is becoming increasingly expensive, with 93% agreeing that travel costs are rising.
As a result of these financial pressures, 30% of drivers have postponed non-urgent maintenance and repairs, while 64% have reduced non-essential journeys. However, 85% of respondents said they would not be able to get around as they would like without a car, highlighting a strong dependence on personal vehicles.
Support for Fuel Price Cap
To combat rising fuel costs, 92% of drivers would be in favour of a fuel price cap. Meanwhile, 57% are exploring more sustainable travel options, with 44% using public transport more frequently. This rises to 66% among those aged 18 to 24. The study also found that 26% have switched to more environmentally friendly engines, such as electric vehicles (EVs).
Expert Comments on Rising Costs
Matt Barrick, CEO of CarSupermarket.com, which commissioned the research, said: “The cost of simply getting from A to B is becoming too much for many, and the uncertainty in the Middle East is only adding to motorists’ worries. Cars play an important role in helping people get around, particularly those in more rural areas where public transport links aren’t as efficient. While money may be tighter, it is important that you don’t skip urgent repairs, as travelling in an unsafe vehicle isn’t just dangerous for you, but also for those around you.”
Lack of Awareness About Reconditioned Cars
A separate piece of research of 1,000 adults found that just 12% know exactly what a ‘reconditioned’ car means. Among those who do know about reconditioned cars, 40% would consider buying one. The main reasons for considering a reconditioned used car include the balance of cost and quality (58%) and increased thorough inspections and warranty (42%).
Matt Barrick added: “We are seeing more people switch from traditional fuels to more sustainable options like EVs. Many drivers come in asking about reconditioned electric vehicles because the cost of running a petrol or diesel car has become too high. With our reconditioned promise, customers can get cars they can trust, having been checked and with all necessary work carried out to make them roadworthy. And if they do face any issues, they have a minimum 12-month warranty which allows them to bring it back if they spot something that isn’t right.”
