Costs spiral for owners of older cars
More than half of motorists with older cars are holding on to them for longer because of the cost-of-living crisis.
A Motorpoint survey of 2,000 UK drivers with cars that are more than 10 years old revealed that 57% said they will keep their cars for longer to ease financial pressures.
However, the cost of maintaining an older vehicle is rising, with 21% saying they’ve spent more on repairs in any given year than they think their entire car is actually worth, while 64% said unexpected car repair bills cause them stress and 44% had experienced two or more surprise bills over the last 12 months.
Further, almost a third (31%) have had a bill of £400 or more in the past year for an unanticipated but essential maintenance item, while 10% have had a single bill of £1,000 or more.
Mark Carpenter, CEO at Motorpoint, said: “It’s important when budgeting for a new car to consider maintenance costs, which will be required throughout its life. In the current climate, many motorists will look to weigh up the pros of hanging on to an older car, which they may own outright, with financing a newer one that may meet their needs for additional space, lower emissions, improved economy, and safety equipment.
“For those with a vehicle that has become unpredictable, or changing needs such as a growing family, it is important to understand the options available such as a fixed monthly payment and a vehicle with warranty protection to manage repair bills, and to be sure this is affordable.”
