High repair costs driving motorists into new car market
A new study has found that the main reason motorists replace their cars is because repair costs become too high.
It found that 22% of drivers said they had decided to get a new car rather than pay for expensive repairs.
However, the survey also revealed that drivers are keeping their cars for longer because it is too expensive to get another vehicle.
According to Tempcover, 11% of drivers are now keeping their cars for more than 10 years and 21% are keeping them for between six and nine years. A further 30% switch their cars every three to five years.
Apart from high repair costs, other reasons for getting a new car included newer technology or features (20%), the car lost too much resale value (11%), an MOT failure or safety concerns (10%) and lifestyle changes (nine per cent).
Rising costs
Claire Wills-McKissick, temporary car insurance expert at Tempcover, said: “Many drivers are choosing to keep their cars for longer than planned, often as a way to manage rising costs.
“Holding onto a car can make financial sense, helping households manage expenses, but it comes with trade-offs.
“Drivers should also weigh the benefits of newer models, including updated safety features, improved fuel efficiency, and modern technology, which can offer added peace of mind, cost savings, and environmental advantages.”
