Home Finance Cost of living crisis could force 8 million Britons to sell essential...

Cost of living crisis could force 8 million Britons to sell essential item

A brand new survey has warned that thousands of Britons could be forced to sell their car because of the cost of maintaining them.

The survey by Carmoola revealed that 17 percent of Britons had sold their car or were thinking of selling their car because of the cost of living crisis and that nearly a third – 29 percent – had decided to reduce how much they drove.

As a result of what has been referred to as the cost of driving crisis, the survey predicts that as many as eight million cars could be put up for sale in the future.

In recent years the cost of car insurance, petrol, and diesel has risen dramatically, putting more pressure on drivers at a time of high inflation and economic struggles for the UK.

On who had been hit hardest by the increasing cost of motoring, the survey found that older Millennials and Gen Z were receiving the hardest blows. 20 percent of respondents said the cost of running their car was having a major impact.

As a result, some drivers are being priced off the roads as they sell their cars to free up to some capital.

Speaking about the shocking results, founder and CEO of Carmoola Aidan Rushby said: “It’s clear from our latest survey that the cost of living crisis is having a real impact on UK drivers.

“It’s shocking to see that one in five Brits have thought about selling their car because running costs are just too high, and younger drivers, who are typically burdened with higher insurance rates already, seem to be struggling more than most with this tough decision as nearly a third of 17-24-year-olds consider selling their car.”

Mr Rushby said that whilst times were tough, that there were some things drivers could do to help. He explained: “It’s a challenging time, and while there are certain costs that are outside of motorists’ control, there are some steps that everyone can take to make car ownership more affordable.

“Shopping around for things like insurance and breakdown cover, carpooling or chipping in for fuel costs, and refinancing a car loan to a better rate can all shave significant sums off the annual cost of motoring.”

The survey’s concerns over the cost of driving have been echoed by recent figures from Compare the Market which recently announced that the average cost of car insurance had risen by 46 percent in just one year.

Motor insurance expert at Compare the Market Julie Daniels explained: “The rising cost of car insurance is understandably causing concern for many motorists. Our research shows motor premiums have jumped by more than £250 year-on-year.”


Please enter your comment!
Please enter your name here