Important update

Driving into 2024: Half of motorists concerned by rising fuel prices

Feb 7, 2024 Insights Read time 2m
Customer talking to dealer


One-in-two drivers (51%) say that rising fuel prices are the biggest challenge in the next 12 months, according to research from Close Brothers Motor Finance.


Also ranking highly: car insurance hikes (34%), the cost of purchasing a new car (22%), and road tax hikes (19%).


Biggest concerns in the next 12 months:
1.    Rising fuel prices - 51%
2.    Car insurance hikes - 34%
3.    Cost of purchasing a new car - 22%
4.    Road tax hikes - 19%
5.    Further crackdowns on petrol/diesel vehicles -18%
6.    High second-hand car prices - 15%
7.    Parking charges increasing - 14%
8.    Introduction of ULEZ/similar schemes - 13%
9.    Lack of infrastructure development, such as charging points - 13%
10.    N/A There is nothing that's my biggest concern when thinking about the next 12 months - 11%
11.    Delays in car production - 6%


The research of 2,000 drivers also found that one in ten (11%) are having to ask people to contribute towards the cost of petrol when giving them a lift. And more than a quarter (27%) have had to cut back on how often they drive their car.


Lisa Watson, Director of Sales at Close Brothers Motor Finance, said: “As we move into the New Year drivers are going to be looking at ways they can make cutbacks, whether that’s shopping around for the best vehicle purchase price, cutting back at the pump or reducing how often they drive. The ongoing hikes at the pumps continue to add further pressure to drivers who already feel they’re faced with increased costs from all lanes.



“Consumers all over the country are looking at ways to tackle the ongoing cost-of-living crisis. With high interest rates, inflation, and the increased cost of running a car – many are now having to explore other measures to stretch their finances further – including charging friends and family for fuel when giving them a lift.”