Costs of running a car becoming more of a concern for motorists

A recent survey has shown that motorists feel that their car is one of their largest financial concerns.

The survey showed that over 60 percent of motorists said that running a car is one of their biggest financial worries, ahead of things such as paying a mortgage, rent, or even job security. This research has been conducted by Auto Trader.

The survey that was conducted separately has just shown that the average price that second-hand vehicles are selling at fell 5 percent between April and June this year, with the average value of a second-hand car being around £8600.

Interestingly, despite the falling cost of a second-hand vehicle, the price of buying a new car has increased by three percent. Another poll of motorists showed that 55 percent of them had a lower amount of disposable income between April and June than they did in the same period last year.

It also highlighted how many people are looking for a cheaper car to run with 50 percent of those surveyed saying that they were looking for a lower cost car. Over 80 percent of respondents said that one of their primary concerns was the cost of petrol, which they were looking to cut back on. Insurance costs were the second biggest worry, concerning 70 percent of respondents. Many people are looking to switch to more fuel-efficient vehicles given the expensive price of petrol.