Car Ownership Cost Increases Cause Motorists To Reduce Spending


Over the past six months, the cost of owning a vehicle has dramatically increased. Both diesel and petrol prices have steadily risen, forcing the majority of UK motorists to cut back on their driving, reports Admiral Car Insurance and YouGov.

The two entities recently conducted a survey to learn the impact of increasing car ownership and operation expenses on UK drivers.

Nearly all respondents said they felt “ripped off” by fuel costs. These are not the only rising expenses being incurred by motorists. In January, the VAT rose to 20 percent, resulting in more expensive vehicle parts and servicing.

To save money, 15 percent of respondents reduced the amount of service done on their cars. The cost of repair led 17 percent of individuals surveyed to ignore a necessary fix, which can be a risky move.

Especially concerning is the fact that nearly one in ten of those surveyed admitted to ignoring tire issues due to the cost of replacement. Admiral Managing Director Sue Longthorn cautions against doing this, saying it could result in serious issues over the long-term and might even contribute to an auto accident.

Vehicle owners, especially those who have car loans, are also finding other ways to reduce costs. They are taking time to look for the best quotes for routine maintenance and vehicle repairs. They are also making effort to comparison shop for car insurance.

Some are finding reputable suppliers that sell used tires in good condition.

To reduce auto ownership costs from the start, some motorists are opting to purchase a used car. This might be wise, particularly if the vehicle is nearly new. However, a consumer should inquire about the history of the vehicle and whether any outstanding car finance exists.

Online used car buying guides often include a list of questions to ask dealers.