New research shows that a significant majority of motorists are anxious about the rising costs of running a car in 2024, with 69% concerned about petrol and diesel prices. Other financial concerns include insurance premiums, vehicle purchase costs, and servicing expenses. Despite a recent decline in fuel costs, motorists anticipate ongoing financial pressures. CEO Paul Burgess emphasizes the burdens of these unavoidable expenses, suggesting some drivers may hold onto their cars longer or downsize to cope with rising costs. This reflects a broader trend in consumer behavior amid economic uncertainty.
Almost seven out of ten motorists (69%) are worried about petrol and diesel costs rising in 2024, reflecting deep concerns over the affordability of car ownership.
Paul Burgess noted that while costs for running a car have increased significantly, current signs indicate some stabilization in fuel and insurance prices.
Participants reported high concern regarding electric vehicle charging and new toll costs, with 32% mentioning charging costs and 24% citing tunnel tolls.
The rising costs have led some drivers to keep their cars longer, delay servicing, or opt for downsized vehicles to manage expenses.
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