One in two drivers (53%) say that rising fuel prices is the biggest challenge in the next 12 months, according to new research from Close Brothers Motor Finance – up from 51% last year. This comes as new figures show petrol has risen by 3p and diesel by 4p in just three weeks*.
Car insurance also ranked highly with more than half (52%) of drivers stating they’re concerned with price hikes – up significantly from 34% last year.
Other concerns include MOT / servicing costs (37%), the cost of purchasing a new car (30%) and road tax hikes (30%).
Biggest concerns in the next 12 months:
- Rising fuel prices - 53%
- Car insurance hikes - 52%
- MOT / servicing costs - 37%
- Cost of purchasing a new car - 30%
- Road tax hikes - 30%
- Not being able to afford the running costs - 26%
- Further crackdowns on petrol / diesel vehicles - 22%
- Parking charges increasing - 20%
- High second-hand car prices - 19%
- Introduction of ULEZ / similar schemes - 16%
- Lack of infrastructure development, such as charging points - 14%
- Not picking the right choice of vehicle for my needs - 11%
- Delays in car production - 5%
- Having to lend / share my vehicle with someone else i.e. my partner or children - 5%
The research of 2,000 drivers also found that almost one in ten (9%) are having to ask people to contribute towards the cost of petrol when giving them a lift. And 39% have had to cut back on how often they drive their car – up from 27% 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.
“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.”
Research
Research was carried out by Censuswide among 2,007 drivers between 17/01/2024-21/01/2024.
*RAC data showing petrol has risen 3pm and diesel 4p in three week - https://www.rac.co.uk/drive/news/fuel-news/rac-data-shows-petrol-up-3p-and-diesel-by-4p-in-just-three-weeks/
