UK homes holding on to second cars
New research by Volkswagen Financial Services UK (VWFS) has found that only one in 10 families have given up their second car since March 2020, despite additional finance pressures during lockdown and a sharp decline in miles travelled.
The study shows that Brits are too attached to part with their extra cars, despite a huge reduction in commute pressures and daily miles travelled across the UK. Data shows that despite many families no longer requiring an additional vehicle, only nine per cent of people gave up their second car.
In fact, according to the Department for Transport, 280.5 billion vehicle miles were driven on Britain’s roads in 2020 – which, despite the large number, is a decrease of 21.3% compared to the previous year. With cars in particular, this number was greater, with a drop of nearly 25%.
However, the research shows that while people aren’t driving as much, more than eight in 10 motorists (83%) admitted they have always had a love for driving and more than half of respondents said they use time in their car as an opportunity to escape from everyday life, while a quarter enjoy the quiet time it gives them.
Mike Todd, CEO at Volkswagen Financial Services UK, said: “The UK loves driving, and this study shows that even when we don’t use them or rely on them as much as we have in the past, we just can’t bear to part with our beloved cars. However, as the UK continues to transition to greener travel, I think we’re likely to see consumer habits develop and younger generations accessing cars via a subscription rather than owning one outright. As we all become more environmentally conscious, people will start thinking more broadly about how they travel and should ask themselves: do I need to own a car or simply have use of one?”
