- 03
- Oct
With fuel prices rising considerably over the course of the year, it seems a growing number of Britons are being forced to re-evaluate their driving habits.
According to figures from esure, many consumers are even toying with the idea of selling additional vehicles they own in an effort to limit the costs of motoring. Indeed, research carried out by the car insurance provider has shown that nearly half (48 per cent) of all motorists in the UK may currently be mulling over whether to become a one-car household in order to escape high fuel costs, increased car insurance premiums and ramped up road tax. As a result of ditching second vehicles, consumers may in turn find that they are able to manage other areas of financial commitment such as mortgages, personal loans and bill repayments more easily.
While a number of people are considering ditching second cars altogether, esure highlighted that Britons are also increasingly looking to keep hold of their current vehicle for longer in the worsened economic environment. The group reported that 71 per cent of people have fought off the desire to get behind the wheel of a brand new motor as inflation has hit food, fuel and energy costs. For those who have found themselves struggling to keep up with such costs, taking out a debt consolidation loan may prove an effective way to get finances back on track.
And as well as being constricted by inhibitive financial commitments, many respondents to the esure study also said that the plummeting value of used cars had put them off going in search of a new vehicle. Some 58 per cent of motorists said that they had decided against buying a new car for fear that the money they would be offered for their existing model would be too low to make the upgrade viable.
Commenting on the findings of the study, Mike Pickard, head of insurance and underwriting at esures car insurance division, said: “With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own. The fact that theyre also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down.”
For those who are in search of an effective way to fund the purchase of a new motor, taking out a car loan may provide the answer. In opting for a cheap loan of this type, people may find they are left with affordable rates of repayment each month, while any cash left over could be put towards meeting the costs of fuel and car insurance.
However, it seems that affording car cover might be slightly less of a burden for women than it is for men. According to recent research published by the AA, it was revealed that the gender gap between average car insurance premiums has widened further, with young men now expected to pay twice as much than females of the same age.
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