Cost-of-living crisis: Motorists are holding on to older cars for longer

The financial squeeze has resulted in a reprieve for cars over 10 years old, a new research suggests.

A survey of 2,000 UK drivers with older cars revealed more than half (57%) will keep their car for longer due to worries about the current economic situation.

However, running an ageing car has, in some cases, caused some motorists financial anguish, with 10% claiming some repair bills have run into the thousands.

Nearly one in 10 aren’t sure how much their older car has set them back, while 21% reckon they’ve spent more on repairs in any given year than they think their entire car is actually worth.

“It’s important when budgeting for a new car to consider maintenance costs, which will be required throughout its life,” said Mark Carpenter, CEO at nearly new vehicle retailer Motorpoint, which commissioned the study.

“In the current climate, many motorists will look to weigh up the pros of hanging on to an older car, which they may own outright, with financing a newer one that may meet their needs for additional space, lower emissions, improved economy, and safety equipment.”

The research also found that almost a third (31%) have had a bill of £400 or more in the past year for an unanticipated but essential maintenance item, while 10% have had a single bill of £1,000 or more.

For people who do foresee a change on their driveway, 57% will go for something pre-owned but newer than their current one.

Lower running costs (24%), improved reliability (13%) and just wanting a change (7%) were the top reasons people would consider switching their older car.