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Motorists are increasingly concerned about the affordability of running a car.
The cost-of-living crisis and cost of vehicles have influenced car purchase decisions, car fuel purchases and in some cases have even encouraged car sharing, according to new research from Close Brothers Motor Finance.
Lisa Watson, director of sales at Close Brothers Motor Finance, said: “As a motorist it can often feel like you’re being financially hit from all angles. And with soaring costs, drivers all over the country are looking at ways to make cutbacks.
“Although inflation is slowing, costs are still rising whether that’s insurance hikes, the price at the pumps of the cost of purchasing a vehicle.
“This, combined with new schemes such as ULEZ – simply driving your vehicle from A to B feels like an added luxury rather than an essential part of life.”
Addition costs such as road tax, insurance hikes and road charging schemes such as ULEZ have sparked concerns from 70% of drivers.
Over 51% of drivers search for cheaper fuel and a further 20% anticipate the need to do this in the future. Research suggests 39% of drivers have reduced use of their car and 24% expect that they will do the same in the future.
Car sharing has increased in popularity, with 21% of drivers carsharing with family, friends of colleagues. The survey suggests that a further 15% of drivers will do this at some point in the future.
The petrol and diesel ban was delayed to 2035 in order to allow for more time to switch to electric. However, according to the survey, 22% of motorists will not buy electric vehicles while only 12% will purchase one in the coming year.