Car ownership levels could drop as 2.5 million Britons think of giving up their vehicles

Car ownership levels could drop as 2.5 million Britons think of giving up their vehicles

Howard Cox comments on falling fuel prices

Felix Reeves

By Felix Reeves

Published: 05/01/2024

- 15:57

One-fifth of people said they will be looking to swap to something more affordable than a car

Millions of drivers could give up their vehicles in response to rapidly rising motoring costs as experts urge motorists to make minor changes to save money.

The cost of living crisis has been hitting Britons massively in recent years, with the price of motoring also increasing dramatically.

Car insurance has risen to almost £1,000 a year for an average premium, fuel costs are constantly changing and the upfront cost of electric vehicles remains high.

New data has found that 2.5 million drivers are considering taking their vehicles off the road in a bid to cut their own costs.

Busy motorway

Millions of drivers are concerned about the cost of motoring


More than one-third of drivers are worried about price increases while 19 per cent are finding it more difficult to cover their car’s running costs.

The research also found that over six million car owners were finding it tricky managing their vehicle costs, with many questioning whether they can afford to keep their car on the road.

One-fifth of people said they will be looking to swap to something more affordable, including public transport, active travel options or even urban mobility solutions like e-scooters.

Tim Rodie, motoring expert at Motorpoint, urged drivers to use technology to help cut down on their spending at the fuel pumps.

He said: “There are loads of small changes motorists can make to improve fuel efficiency, but I think it’s worth mentioning some of the free tools that can really help.

“Apps like Waze are useful for spotting unexpected delays that could affect your journey as you can burn through a lot of fuel when stuck in traffic or heading down an unexpected detour.

“Similarly, when it is time to fill up, sites such as PetrolPrices will show you where to get the cheapest fuel near you to avoid overpaying.”

According to RAC Fuel Watch, the average price of petrol is 140.29p per litre, while diesel costs remain higher at just over £1.48.

While fuel prices are expected to fall, this is the first time prices have been this low since February 2022, showing how much drivers have been affected by the costs.

Car insurance is also battering drivers with the latest data from Consumer Intelligence showing how premiums have surged by 67 per cent in one year.

While estimates vary, has the price of car insurance at its highest level on record with drivers paying an average of £924 for their insurance.

This is having an even bigger impact on younger drivers and those who have recently passed their test, with policy quotes rising to an average of £3,000.

Tim Rodie urged drivers to shop around when they look for a new insurance policy as they can compare different insurers and see who offers the cheapest rate for their needs.

He also stressed the importance of switching while they still have time to switch as it could even help them save money.


Fuel prices have only recently fallen below levels seen in February 2022


The expert added: “Shoppers who get a head start on the process will save more than those who need their insurance to start straight away.

“Normally, you can take out a new policy up to 29 days before your current insurance ends and locking in a quote at this stage can result in big savings.

“The easiest way to shop around when it's time to renew is to use a price comparison website to find out how much other insurers are charging for the same level of coverage.

“You can then either switch or use this information to negotiate with your current provider.”

You may like