According to recently released research findings, more than one million motorists have given up on their cars due to crippling increases in car insurance rates and other related motoring costs, such as petrol.
According to research conducted by discount car insurance provider Sainsbury’s, it costs more than £1,700 every year to keep a car on the road, which is nearly 23 per cent higher than it was last year. As the average cost of petrol in the UK is now 136.07p for every litre, many motorists have indicated they have adapted to the new, more expensive environment by refusing to fill their tanks completely.
26 per cent of respondents to the survey admitted to only buying a specific type of fuel when they pull in to the garage now. The research also indicated that approximately 45 per cent of drivers in the UK (more than 16.5 million) are now getting behind the wheel less, while 7 per cent reported beginning to car share.
At 10 per cent, an additional 3.53 million motorists remarked that they had actually traded their old car in for a model that is more economical and costs less to run, which highlight the difficulties people are currently experiencing financially, said one AA motor car insurance spokesman.
The spokesperson also said that it is a clear indication that UK consumers are struggling terribly when Government figures for last quarter indicate that petrol prices actually went down for 3.7 per cent.
The new research comes on the heels of highly challenging conditions for consumers in the UK as mutated wages growth and the rocketing cost of living works to stile any spending power anyone might have.