Rising car insurance and hikes in the cost of fuel have topped a list of motorist concerns, a new study has found.
A total of 2,000 drivers were included in a survey conducted by Close Brothers Motor Finance which found that 53 per cent think rising fuel prices are the most challenging issue, while 52 per cent cited insurance hikes instead – an increase of 34 per cent compared to last year.
The research also found that one in ten drivers are having to ask people to contribute towards petrol when giving them a lift and 39 per cent have had to cut back on how often they drive their car – which is a 27 per cent increase compared to last year.
Lisa Watson, Director of Sales at Close Brothers Motor Finance said: “The ongoing hike at the pumps will add further pressure to drivers who already feel they’re faced with increased costs from all lanes, making car ownership difficult to afford.
She then added: “Consumers all over the country are looking at ways to tackle rising costs. With day to day living costs soaring, high interest rates, and the increasing prices at petrol pumps – many are now having to explore other measures to stretch their finances further – including charging loved ones for fuel when giving them a lift.”
Other cost issues found that 37 per cent of drivers were concerned about the price increase in servicing and MOTs, 30 per cent at the cost of purchasing a new car and another 30 per cent at the inflation in road tax.
