Let’s delve into the details right here.
Fuel prices
Drivers are expressing increasing concerns about the escalating fuel prices. The ongoing surge at the pumps adds further pressure to drivers who already grapple with increased costs from various angles.
Some drivers have even resorted to asking passengers to contribute towards petrol when giving them a lift. Additionally, 39% of respondents have cut back on how often they drive their cars due to the rising fuel expenses.
The relentless increase in fuel costs has become a major headache for many car owners, that’s for sure.
Car Insurance Hikes
Although the increase in fuel prices is a major cause for concern, according to Car Dealer Magazine, 53% of drivers cited car insurance premium hikes as their most challenging issue too. This represents a 34% increase compared to the previous year!
The rising cost of insurance makes car ownership less affordable for many consumers.
Lisa Watson, Director of Sales at Close Brothers Motor Finance, highlighted the strain faced by drivers due to high fuel prices and other rising costs. Some individuals are even charging loved ones for fuel when giving them a ride!
Other Concerns
There are also other concerns for motorists on top of the above, with 37% of drivers expressed worry about the price increase in servicing and MOTs (Ministry of Transport tests).
Furthermore, 30% were concerned about the cost of purchasing a new car, while the same percentage highlighted inflation in road tax, says Car Dealer Magazine.
A comprehensive list of issues raised by drivers includes concerns about parking charges, second-hand car prices, infrastructure development, and more.
All in all, the combination of fuel price hikes and rising insurance premiums is putting significant financial strain on motorists, without a doubt. As they seek out ways to manage costs, it’s always a good idea to explore measures that allow you to stretch your finances further.
