Drivers are adopting a raft of measures to cut rapidly rising motoring costs.
More motorists are looking to change vehicles to save on costs, with another fifth having already downgraded to a cheaper vehicle, while 29% are considering doing so in the future, accfording to research from Close Brothers.
The research also brings road safety concerns to the fore, as a fifth (18%) have cancelled or reduced their breakdown cover, and another fifth (18%) have delayed or skipped a car service. A similar number (17%) have delayed fixing MOT advisories.
The research also finds that almost a third (30%) admit they overstretched themself financially to get a car that made them look ‘cooler’ or ‘more successful.’
The most common measure for saving money is paying insurance and road tax annually to save on instalment fees, which a majority of drivers (61%) are doing.
With rising congestion charges across the country, almost half (49%) are avoiding toll roads or congestion charge zones. The same number (49%) are driving less often to save money on fuel – using public transport or walking and cycling more.
Saving money on fuel is a recurring theme, with over a quarter (28%) only putting enough fuel in the tank for a specific journey. A fifth of drivers (20%) are charging family and friends for lifts, with this number set to rise with 13% saying they’re considering doing this in future.
Among electric car drivers, 16% are saving on charging costs by only charging their vehicle at work, with another 19% considering doing this in the future.
John Cassidy, Managing Director at Close Brothers Motor Finance, commented: “With an unpleasant cocktail of fluctuating fuel prices, high insurance premiums, widespread congestion charges in towns and cities, as well as contentious road taxes, motorists will be looking to save on the costs of running a vehicle wherever they can.”
