MoT and servicing charges among biggest concerns

By 2 Min Read

Servicing charges and the high cost of new and used cars are among the biggest concerns for motorists over the coming 12 months.

Research carried out by Close Brothers Motor Finance found that the biggest concern was rising fuel prices cited by 53% of motorist.

Car insurance also ranked highly with more than half (52%) of drivers stating they’re concerned with price hikes – up significantly from 34% last year.

MoT and servicing costs were cited by 37% of motorist, the cost of purchasing a new car by 30% and road tax hikes 30%.

The research of 2,000 drivers also found that almost one in ten (9%) are having to ask people to contribute towards the cost of petrol when giving them a lift. And 39% have had to cut back on how often they drive their car – up from 27% last year.

Lisa Watson, director of sales at Close Brothers Motor Finance, said: “The ongoing hike at the pumps will add further pressure to drivers who already feel they’re faced with increased costs from all lanes, making car ownership difficult to afford.

“Consumers all over the country are looking at ways to tackle rising costs. With day to day living costs soaring, high interest rates, and the increasing prices at petrol pumps – many are now having to explore other measures to stretch their finances further – including charging loved ones for fuel when giving them a lift.”

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