Cash-strapped Brits are selling their cars and sharing motors with family and friends due to soaring fuel and running costs. 75,000 people in Britain Googled 'sell my car' in the last month, up 25% from December 2021, with the cost of living crisis affecting people's ability to afford ongoing vehicle running costs.
In addition, more than a third (35%) of UK licence holders - the equivalent of 14.5 million drivers - have borrowed a car from a close friend or family member in the past two years. A quarter (25%) did so for purely financial reasons, either because they couldn't afford to run their own vehicle or because they couldn't afford public transport.
The figures feature in a study by temporary car insurance experts at Dayinsure, who surveyed 2,000 UK motorists to find out how rising prices may be impacting car ownership.They found that young drivers in particular are feeling the squeeze, with a third (33%) of licence holders aged 18-24 saying they'd like to have a car but aren't able to afford one.
