Vehicle running costs driving drivers into debt
High vehicle running costs have forced nearly a third of motorists in the UK to go into debt, according to new research undertaken by Carmoola.
It found that 29% of drivers have had to borrow money in order to pay for fuel and repairs.
Younger drivers are more vulnerable, with 50% of those aged 25 to 34 using credit cards, overdrafts and payday loans to keep their cars on the road. Meanwhile, 41% of drivers aged 35 to 44 have gone into the red.
With the cost of living continuing to put pressure on motorists, 18% of those surveyed said they expect to borrow money this year to cover car costs.
Motor insurance was the greatest strain for 34% of drivers, followed by repair costs (25%), MOTs (23%), fuel (22%) and car tax (17%).
Financial strain
Aidan Rushby, founder and CEO of Carmoola, said: “Cars are essential for millions of people, and provide a liberating and flexible alternative to unreliable and expensive public transport, but running costs are clearly stretching people’s finances. From fuel to insurance and surprise repairs, the expenses can quickly add up.
“Many of these costs are variable, and can therefore be controlled to some degree, for instance by shopping around for car maintenance and repairs, insurance, and fuel.
“Planning ahead is also key – cars will have maintenance schedules, and insurance renewal dates, for example – so diarising these dates can help to avoid expensive surprises and help you get car costs under control.”
