Brits To Flog Second Car To Escape Motoring Costs

With fuel prices rising considerably over the course of the year, it seems a growing number of Britons are being forced to re-evaluate their driving habits.

According to the Esure research, many Brits were even thinking of selling any additional vehicles to try and reduce the costs of motoring. Indeed, research carried out by the car insurance provider has shown that nearly half (48 per cent) of all motorists in the UK may currently be mulling over whether to become a one-car household in order to escape high fuel costs, increased car insurance premiums and ramped up road tax. By ditching any extra vehicles, more people may find that they can better manage other areas of their personal finances, like their mortgages, personal loans and any other regular bills.

While more people are thinking of getting rid of their second cars, esure also insists that Brits are also keeping hold of their existing cars for longer because of the effects of the credit crunch. The group reported that 71 per cent of people have fought off the desire to get behind the wheel of a brand new motor as inflation has hit food, fuel and energy costs. For those who have found themselves struggling to keep up with such costs, taking out a debt consolidation loan may prove an effective way to get finances back on track.

Apart from being squeezed by the effects of the credit crunch, quite a few questioned also suggested that because the value of second hand cars had plummeted they were put off buying a new car. Some 58 per cent of motorists said that they had decided against buying a new car for fear that the money they would be offered for their existing model would be too low to make the upgrade viable.

Commenting on the findings of the study, Mike Pickard, head of insurance and underwriting at esures car insurance division, said: "With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own. Also because they are holding on to their cars for longer, it shows that Brits are doing what they can to reduce driving costs."

For those who are in search of an effective way to fund the purchase of a new motor, taking out a car loan may provide the answer. In opting for a cheap loan of this type, people may find they are left with affordable rates of repayment each month, while any cash left over could be put towards meeting the costs of fuel and car insurance.

However, it seems that affording car cover might be slightly less of a burden for women than it is for men. The latest research from the AA reveals that the premium price gap between the sexes has widened further, with young men being charged double that of females the same age.