A survey of 2,000 adults has found that 4 in 10 car owners have reduced the number of vehicles they own within the last two years, saving up to £1,533 annually
Four in 10 motorists have cut back on the number of vehicles they own over the past two years – blaming affordability worries, lifestyle changes, environmental concerns and remote working.
A survey of 2,000 adults found those who downsized from multiple cars to one have saved up to £1,533.24 a year by clearing their driveway – with 57% saying they’re now financially better off.
Of those who felt better off, 41% said the extra cash has gone into savings or investments, while 34% have used it on everyday essentials such as groceries and energy bills.
And with just one car between them, families are finding ways to make it work. The most common approach is simply giving it to whoever needs it most that day (39%).
A quarter (25%) settle it through a chat, 18% prioritise work or education commitments, and just 4% use a structured daily rota – while 7% stick to a ‘first come, first served’ rule.
Although 23% admitted they’ve occasionally missed or cancelled plans or social events because of sharing one car, most said the trade-off is worth it.
The results come as official statistics from the National Travel Survey 2024 show single-car households outnumber multi-car households by 10 percentage points – with 44% of UK homes having one vehicle, compared with 34% with two or more.
Paul Gilshan, CEO of temporary car insurance provider Tempcover, which commissioned the research, said: “Our research shows that for households that have downsized, one car works well.
“People are better off financially, it fits how they’re working and living now, and they’re more intentional about when they use it – and it’s better for the environment.
“In many ways, these households are already practising a form of car sharing – coordinating access, prioritising who needs it most, making it work around everyone’s schedule.
“The car is more of a shared resource rather than a personal fixture, and that mindset is only going to grow.”
The study also found 22% of single-car households have disagreements about sharing transport.
When asked about sharing a car with family or friends to ease the pressure, 28% said worries about other people’s driving would put them off. A further 24% said they wouldn’t consider it because of the hassle or cost of changing their annual insurance policy.
More than half (56%) of those who own one or more cars said they’re keeping them longer than planned because replacement costs are so high.
Six in 10 blamed current car prices, while 50% pointed to the cost-of-living squeeze – with figures showing the typical household car is now seven years old.
Meanwhile, 39% said their driving habits have changed permanently since the pandemic and they now drive much less than before – a shift that has continued long after lockdown ended.
The OnePoll figures also found the average car owner spends £174.95 a month on running and maintenance.
Looking ahead, 23% said they would consider ditching car ownership altogether in favour of “usership” options such as car-sharing apps or temporary insurance for borrowing and lending vehicles.
More than a quarter (26%) said they may do this within the next few years, while 15% said they’re already considering it and could make the switch within six months.
Gilshan added: “The friction around insurance is one of the main issues stopping people from sharing more flexibly.
“The risk to a no claims bonus or the cost of changing an annual policy, but when that barrier comes down, the case for usership becomes compelling.
“For some, that could mean moving away from traditional ownership altogether but for others, it’s simply about having greater flexibility in the moments they need it, whether that’s borrowing a family member’s car or lending their own.”