Bye bye beamer: drivers downsize their cars as cost of living crisis bites

Car financing experts said they expected drivers to continue to seek to reduce their running costs. Photograph: ZarkePix/Alamy

Drivers all over the UK are downsizing to cheaper, less prestigious and more fuel-efficient vehicles and banking the cash difference as the cost of living crisis continues.

BMWs and Audis are out – instead, dealerships report an increase in demand for used cars, particularly mid-range models such as Vauxhall Corsa, Volkswagen Golf and Ford Focus in the past two months. There has also been a drop in the number of people seeking to lease vehicles, with those who do so wanting cheaper deals.