UK set to become a nation of one car households

New figures published today reveal that almost half (48 percent) of UK motorists are being forced to consider downscaling to just one vehicle per household, in an effort to combat the rising costs of running a car.

Research conducted by esure car insurance reveals that Brits are not only reducing the number of cars they own, they are also opting to keep their current cars for longer.

A massive 71 percent of drivers questioned admitted they are now resisting the urge to buy a new vehicle in order to save money, whilst 58 percent of those surveyed cited the slump in value of used cars as a reason for keeping their current vehicle for longer.

Regional Differences

Drivers in the North East are tightening their belts more than any other region, with 59 percent of those polled contemplating cutting the number of motors they own, compared to just 41 percent of motorists in the North West.

Gender Divide

The poll also revealed that men are much more likely to splash out on a new car than women. Almost three quarters (74 percent) of females surveyed claim they would keep hold of their current motor for longer to save their pennies, compared to just 67 percent of their male counterparts.

Mike Pickard, Head of Risk and Underwriting at esure car insurance, says: "With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists' pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own. The fact that they're also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down."

06 October 2008 © Moneyextra.com

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