Motorists 'keeping their cars for longer'Economic downturn forces drivers to reconsider

03 October 2008

Drivers are holding onto their cars for longer, Esure says

Motorists are sticking with their cars for longer in an attempt to beat the credit crunch, a new survey suggests.

More than half of those questioned by Esure car insurance said they are holding onto their current car because of the economic crisis.

And the survey found 71% of drivers are resisting the urge to buy a new vehicle so they can save cash.

New cars

Of the 1,006 motorists questioned, men were more likely to splash out on a new car than women. Almost three-quarters of women were happy to hold on their current car for longer, compared with 67% of men.

Esure said the credit crunch is also making it tempting for motorists to reduce the number of vehicles in their household.

And, the survey shows, 48% of drivers are thinking of downscaling to just one car for their whole family.

High fuel prices

Mike Pickard, head of risk at Esure, 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 they're also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down.'

Regional differences

Drivers in the North East are most likely to cut the number of cars they own, while those in the North West are the most reluctant.

Esure said official figures for new car sales in September – which are due out next week – are expected to show a big drop when compared with the same month last year.

This August, when just 63,225 new cars were registered, was the worst for new car sales since 1966.

* We’ve got plenty of advice to help you cut your motoring costs and our special review reveals the best car insurance. Also take a look at our expert car maintenance guide.

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