12:43 pm, April 22, 2024
A new study by Close Brothers has found that rising cost of car insurance and fuel are among the biggest headaches for motorists.
The automotive finance giant surveyed a whopping 2,000 drivers on what is currently causing the most concern with 53% citing rising fuel prices.
Meanwhile, 52% mentioned hikes in car insurance as the most challenging issue – an increase of 34% compared to last year.
The research also found that one in ten drivers are having to ask people to contribute towards petrol when giving them a lift and 39% have had to cut back on how often they drive their car – a 27% rise on the same study last year.
Reacting to the findings, Lisa Watson, director of sales at Close Brothers Motor Finance said: ‘The ongoing hike at the pumps will add further pressure to drivers who already feel they’re faced with increased costs from all lanes, making car ownership difficult to afford.
‘Consumers all over the country are looking at ways to tackle rising costs.
‘With day to day living costs soaring, high interest rates, and the increasing prices at petrol pumps – many are now having to explore other measures to stretch their finances further – including charging loved ones for fuel when giving them a lift.’
Elsewhere in the study, 37% of drivers said they were concerned about the price increase in servicing and MOTs.
Just under a third (30%) pointed to the cost of purchasing a new car as their biggest worry with the same amount highlighting the inflation in road tax.
A full list of the issues raised by drivers can be found below:
- Rising fuel prices – 53%
- Car insurance hikes – 52%
- MOT / servicing costs – 37%
- Cost of purchasing a new car – 30%
- Road tax hikes – 30%
- Not being able to afford the running costs – 26%
- Further crackdowns on petrol / diesel vehicles – 22%
- Parking charges increasing – 20%
- High second-hand car prices – 19%
- Introduction of ULEZ / similar schemes – 16%
- Lack of infrastructure development, such as charging points – 14%
- Not picking the right choice of vehicle for my needs – 11%
- Delays in car production – 5%
- Having to lend / share my vehicle with someone else i.e. my partner or children – 5%
