Britain’s cost of living crisis continues to bite as more than half of drivers are hanging on to their cars for longer
DRIVERS with older cars are holding on to them for longer due to the cost-of-living crisis.
Britons are reluctant to buy a new car because they are worried about the current financial situation.
Research by Motorpoint has shown that 57% of car owners with vehicles more than 10 years old are going to keep their cars for longer.
But, having an old car can also be pricey – 10% of the car drivers surveyed revealed that some repair bills have run into £1,000s.
Some 21% believe that their car is currently worth less than the money they have spent on repairs.
Nearly half of the drivers surveyed (44%) have had to spend money on repairing their car and the majority of them said it has caused them stress.
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According to the survey, 31% of the drivers have paid £400 or more in their last repair bill and 10% have had to spend £1,000.
Mark Carpenter, CEO at nearly new vehicle retailer Motorpoint, said: “
“In the current climate, many motorists will look to weigh up the pros of hanging on to an older car, which they may own outright, with financing a newer one that may meet their needs for additional space, lower emissions, improved economy, and safety equipment.
“For those with a vehicle that has become unpredictable, or changing needs such as a growing family, it is important to understand the options available such as a fixed monthly payment and a vehicle with warranty protection to manage repair bills, and to be sure this is affordable.”
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