Millions of motorists have been compelled to part ways with their vehicles as fuel and insurance costs skyrocket, reaching levels that are simply unaffordable.
A survey conducted by Carmoola disclosed that 17 per cent of UK drivers had either sold their car or were contemplating doing so due to the escalating cost of living crisis.
The research also highlighted that nearly a third (29%) had opted to cut down on their driving. The brunt of this financial strain is being borne by Gen Z and older millennials, with almost a third (30%) of individuals aged between 17 and 24 and a quarter (25%) of those aged 35 to 44 feeling the monetary squeeze to sell their cars.
READ MORE: England fans’ biggest ‘fanxieties’ ahead of Euro 2024 tournament in Germany
Aidan Rushby, founder and CEO of Carmoola, said: “It’s clear from our latest survey that the cost of living crisis is having a real impact on UK drivers.
“It’s shocking to see that one in five Brits have thought about selling their car because running costs are just too high, and younger drivers, who are typically burdened with higher insurance rates already, seem to be struggling more than most with this tough decision as nearly a third of 17-24-year-olds consider selling their car.”
He explained: “It’s a challenging time, and while there are certain costs that are outside of motorists’ control, there are some steps that everyone can take to make car ownership more affordable. Shopping around for things like insurance and breakdown cover, carpooling or chipping in for fuel costs, and refinancing a car loan to a better rate can all shave significant sums off the annual cost of motoring.”
The study also found that nearly one in three drivers (29%) have reduced their car usage to save money. Other reasons included a shift towards public transport (14%), reports Birmingham Live.