More than half of drivers hang on to older cars in cost-of-living crisis

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Over half of motorists with older automobiles are holding on to them for longer due to the cost-of-living disaster.

New analysis from Motorpoint has revealed that for 57% of these with automobiles over 10 years previous, worries over the present monetary state of affairs imply they’ll hold their automotive for longer.

Nevertheless, working an older automotive has in some circumstances precipitated some motorists monetary anguish, mentioned Motorpoint, because the analysis additionally highlighted some restore payments have run into the 1000’s (10%).

Practically one in 10 admit they aren’t even completely certain how a lot their ageing automotive has set them again.

And greater than a fifth (21%) suppose they’ve spent extra on repairs in any given 12 months than they suppose their whole automotive is definitely value.

Practically two thirds (64%) mentioned sudden automotive restore payments trigger them stress, whereas 44% had skilled two or extra shock payments over the past 12 months.

Greater than 4 in 10 (43%), admit they think it could be extra economical to purchase and run a more recent automotive, than hold sustaining their older one.

Mark Carpenter, CEO at Motorpoint mentioned: “It’s vital when budgeting for a brand new automotive to contemplate upkeep prices, which will probably be required all through its life.

“Within the present local weather, many motorists will look to weigh up the professionals of hanging on to an older automotive, which they could personal outright, with financing a more recent one that will meet their wants for extra house, decrease emissions, improved financial system, and security tools.

“For these with a automobile that has turn into unpredictable, or altering wants akin to a rising household, it is very important perceive the choices out there akin to a set month-to-month fee and a automobile with guarantee safety to handle restore payments, and to make sure that is reasonably priced.”

A couple of in three (36%) mentioned a lack of information of automotive finance choices has seen them hold onto an previous automotive.

Nearly half of motorists polled (46%) plan to interchange their automotive inside the subsequent three years, and 25% say they’ll use finance to buy it.

However, 26% should not certain whether or not they’ll pay money or use finance to unfold the price.

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