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Edinburgh Live
Edinburgh Live
World
Katie Williams

One in four drivers struggle to afford their car amid cost of living crisis

As the cost of living rises, many motorists are feeling the pinch.

One-in-four drivers admitted they were struggling to afford the cost of driving in the past month, according to the latest research from comparethemarket.com.

The research, based on a national poll of 2,000, found one in three drivers worry they won't be able to cover the cost of driving in the coming weeks.

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It comes as the rate of inflation is expected to rise by 9.1 per cent with experts warning it could reach double figures in the coming months.

Energy and fuel are the main drivers of the inflation hike.

Driving has become increasingly unaffordable, as 84 per cent of motorists have spent more on fuel in the past six months, and 29 per cent have spent more on car insurance.

As a result, almost one in three drivers has struggled to pay for fuel, and one in ten has found it difficult to cover the cost of car insurance.

It comes as research from the consumer experts found hat the average annual cost of driving a petrol-fuelled car has risen by £313 year-on-year in the first three months of 2022 to £1,843.

The sharp rise in running costs has mainly been driven by increases in the price of petrol, as well as car insurance premiums.

The average annual petrol cost is now £943 – a £221 increase compared to the previous year. Meanwhile, the typical car insurance premium for a petrol-fuelled car has risen by £82 year-on-year, due to a rise in the value of second-hand cars and replacement part inflation.

Following the increase in the cost of running a car, 60 per cent of motorists believe driving has become too expensive for most people to afford, and more than 84 per cent are now concerned about higher petrol and diesel prices.

40 per cent of drivers say they don't earn enough to cover the higher costs, and this figure increases to 55 per cent for those aged between 25 and 34.

In addition, nearly one-in-three motorists (31 per cent) expect they will need to take on additional debt to afford to keep driving, and 18 per cent have been forced to ask family or friends for financial support to run their car.

The increasing cost of driving is not only harming people’s finances but also their careers, with nearly one in four admitting their job has suffered due to the high running costs.

And as driving can help boost social connectivity, many have revealed that their social life has been impacted, with 38 per cent saying saying it has deteriorated. This figure rises to over half (52 per cent) for those aged between 25 and 34.

Meanwhile, four-in-ten motorists have also visited their family less, due to the cost of driving.

To help mitigate rising driving costs, nearly half (49 per cent) of motorists are making fewer journeys, and 31 per cent are using less fuel.

While costs are going up, 29 per cent have chosen to walk or cycle more, and 25 per cent are cutting back elsewhere to afford fuel.

Drivers could also save an average of £118 by shopping around for a cheaper deal on their car insurance when their policy ends.

Alex Hasty, director at comparethemarket.com, said: "As the cost of driving increases, it is becoming difficult for many drivers to stay on the road.

"Lots of people who do not live in a major city rely on their cars to get around. However, the high fuel costs are now forcing drivers to make fewer journeys, and some are needing to cut back on seeing friends and family.

"It is concerning that a number of people expect to go into debt to keep driving.

"There are a few ways motorists could save money to help offset the higher costs. Driving smoothly and removing heavy items from your car can help your vehicle use less fuel.

"Making sure your tyres are at the correct pressure not only improves the safety of your car, but it can also cut petrol costs, as well as help your tyres last longer. Motorists could also save more than £100 by switching to a cheaper insurance policy ahead of their renewal.

"With Compare the Market, customers can set up automated car insurance renewal quotes and be notified automatically, which could help find them great deals and save them money.”

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