The ongoing cost of living crisis is causing a third of drivers to hold on to their cars for longer, a new survey has found. Research by WhatCar? found that 34.5 per cent of motorists have held on to their current vehicle for longer than intended as a result of rising costs while, of those that have remained with their present car, 65.8 per cent said that they’ve kept it for more than six months longer than they had initially planned.
Some 21.4 per cent said that they’d kept it between three and six months longer. While 14.2 per cent of the 1,017 in-market buyers also said that they had initially been in the market for a new car, but had looked at the used market instead specifically due to the cost of living crisis.
Steve Huntingford, editor of What Car?, said: "The UK’s new car market is still below pre-pandemic levels. Buyers holding on to their current vehicles for longer or switching to the used market is slowing down the much-needed recovery.
"The cost of living crisis is also threatening to slow down electric vehicle uptake in the country. Electric vehicles continue to command a premium over equivalent petrol or diesel models and, with tightening purse strings, buyers will be less hesitant to make the switch."
The research also revealed that 12.8 per cent of owners are considering doing some form of vehicle maintenance themselves in order to save money.
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