LONDON, August 22, 2012 /PRNewswire/ --
- 40% of motorists have cut back on their car usage
- Motorists are cutting back on essentials like groceries (20%) to keep their car on the road
- Rising petrol prices (54%) and insurance premiums (28%) are the biggest concerns for motorists
The financial burden of escalating fuel and insurance costs on motorists has led to one in five cutting back on their summer holiday and days out with the family, while almost a third are now making less journeys to see family and friends. Cash-strapped motorists are also cutting back on essentials like groceries (20%).
Many British motorists have no choice but to leave their car at home in a bid to save money, according to a new study commissioned by the UK's largest online car finance specialists, http://www.carloan4u.co.uk
The study reveals that almost 40% of motorists have cut back on their car usage and over 50% believe the Government is not doing enough to help motorists reduce their costs. A further 20% cent of UK motorists are struggling to pay for essential repairs and maintenance and one in ten motorists admits to struggling to keep their car on the road.
Escalating petrol prices are the biggest concern for motorists (54%) followed by rising insurance premiums (28%).
Some motorists are turning to public transport to save on fuel and parking costs (12%). On a regional level, London tops the polls for leaving the car at home for a bus or train (18%), followed by the North East and North West (14%). Motorists in the East of England are feeling the burden of motoring costs more intensely than anywhere else in the UK, with one in four struggling to pay for essential repairs and maintenance, followed by the South West, North East, North West and Scotland (20%). The motorists who are feeling the pressure of the recession most on keeping their cars on the road are the Welsh (35%), followed by the Scots (32%).
Car Loan 4U Co-Director Ryan Dignan comments: "Clearly, the pressure of escalating running costs is forcing many motorists to try and make savings where they can. Some families are spending more money on petrol than the weekly food shop. With fuel prices rocketing to record levels, more drivers are being forced to scrimp on other household necessities so they can afford to get where they need to be.
"It is no wonder that UK drivers love small cars as they often come with low running costs and are very affordable and fuel efficient. For many motorists, changing their vehicle for a smaller car can bring them big savings in the short and long term. Some have very impressive mpg and fall into insurance group 11 or lower."
For further information please visit http://www.carloan4u.com
SOURCE Car Loan 4U