Tuesday 30th January 2018: The latest research from comparethemarket.com reveals that nearly one in five (19%) motorists – that’s over seven and a half million - could be more likely than ever to sell their cars due to rocketing costs.
With the price of car insurance at a record high, the ongoing costs of keeping a car is reaching breaking point for millions of UK motorists. According to comparethemarket.com’s latest Premium Drivers Index, the average costs of a car insurance premium has continued to climb steadily and is now at £758 – up £43 year-on-year.
When asked why they may need to say goodbye to their wheels, over half (52%) of motorists put it down to the rising car insurance premiums, however numerous other factors are to blame. Over half (55%) also cited “rising petrol prices” and the same amount admitted to overpaying for mechanical repairs. In fact, the average car-owner has forked out £342 on garage bills over the last 12 months, with more than one in ten paying up to £1,000.
A major factor contributing to this growing selling trend is that many don’t fully understand how to keep costs low. The research found that more than two in five (43%) drivers are fully aware they are not running their car as cost-efficiently as possible. And a further two in five (38%) put this down to their own knowledge gap relating to cars.
This lack of car know-how is also a problem whenever drivers need to make a pit-stop at the car mechanics – with three in five (60%) admitting they never understand what the repairs were for and, almost half (46%) admitting that they probably over-paid because they completely trusted mechanics to just get on with it.