With half-term just around the corner and many families preparing for road trips and days out, new research from Close Brothers Motor Finance reveals that rising fuel prices are the biggest concern for UK drivers over the next 12 months.
The research found that more than a third (36%) of motorists are worried about fuel costs, even as new government-backed measures designed to improve transparency at the pump come into force. With drivers likely to be filling up more frequently over the school break, fuel costs could add further pressure to already stretched household budgets.
New rules introduced by the Competition and Markets Authority are now in effect requiring petrol stations to report their prices to a centralised Fuel Finder map, allowing drivers to locate the cheapest forecourts near them. However, concerns remain high as motorists look ahead to further cost pressures, with the long-running “temporary” freeze on fuel duty due to start being unwound from September.
Fuel prices were closely followed by worries around car insurance hikes (32%), while almost a quarter (23%) of drivers are concerned about potholes damaging their vehicle. Ongoing maintenance costs also remain front of mind, with 21% worried about MOT and servicing costs and 20% concerned about rising road tax.
Top driver concerns for the next 12 months:
- Rising fuel prices – 36%
- Car insurance hikes – 32%
- Potholes damaging the vehicle – 23%
- MOT and servicing costs – 21%
- Road tax hikes – 20%
- Cost of purchasing a new car – 20%
- Further crackdowns on petrol and diesel vehicles – 14%
- Not being able to afford running costs – 14%
- Parking charges increasing – 14%
- Lack of infrastructure development, such as charging points – 10%
- High second-hand car prices – 9%
- Not picking the right vehicle for their needs – 9%
- ULEZ or similar schemes – 8%
Despite the growing list of financial pressures, only 12% of drivers said they have no concerns about owning or driving a vehicle in the year ahead. As the cost of motoring continues to rise across multiple fronts, the findings highlight the need for greater education and transparency around the true cost of vehicle ownership.
John Cassidy, Managing Director at Close Brothers Motor Finance, commented: “With half-term approaching, many drivers will be making extra journeys and spending more time at the fuel pump, so it’s no surprise that fuel prices have become the biggest worry for motorists. But rising insurance, maintenance and repair costs mean consumers are being squeezed from all sides.
“For many motorists, it can feel like they’re being financially hit from every angle. To cut costs, drivers are increasingly having to explore ways to stretch their budgets further, whether that’s shopping around for cheaper fuel, car sharing, or cutting back elsewhere.
“As drivers look to make these cutbacks, it could have a knock-on effect on their next car purchase and the type of vehicle they choose. For motor dealers, it’s essential they understand these shifting priorities and ensure they are stocking the right vehicles to meet changing customer demand.”
