UK car parc ages as vehicle prices rise
New research has found the UK car parc is getting older with more than half of drivers saying they are now driving an older car than in 2020.
The average age of a car in the UK has increased from eight years in 2020 to 9.5 years, while nearly half (43%) of UK cars are older than 10 years.
Nine per cent of motorists surveyed in June’s Startline Used Car Tracker also said they are now spending more money on vehicle maintenance and repairs in order to keep their car on the road.
The survey found that cost is the main factor behind motorists keeping cars for longer, with 24% saying they can’t afford a new car and 18% believing that used cars are also getting more expensive.
Economic factors
Paul Burgess, CEO at Startline Motor Finance, said: “The average age of a car on UK roads is now 9.5 years, up from 8.0 in 2020, and more than 43% are over 10 years old.
“This situation has largely been driven by economic factors. New car production shortages around the time of the pandemic mean that the stock supply in the used sector is lower than envisaged, pushing up prices. Also, household budgets have been under considerable pressure thanks to the period of high inflation seen up until last year.
“As a result, many people just can’t afford to change their car, and those that do often have less money to spend and are shopping in a market where prices are higher than was the norm pre-pandemic.”
Repair costs
Meanwhile, nine per cent of those surveyed said they are spending more money keeping their car on the road, with the same number saying their car breaks down more often. However, 21% say their car has stayed reliable and 12% that modern cars are more resilient.
Burgess said:
“Although around one in 10 people are experiencing more breakdowns and spending more on repairs, more than twice as many say that their car remains reliable. It is fortunate that at a time when people are driving older vehicles, build quality also seems to have improved.”
Startline Used Car Tracker polled 301 consumers and 66 dealers.
