Tuesday, October 28, 2008
Category:
Secured Loans
According to esure, rising motoring costs are forcing over 16 million drivers to think about downscaling to just one car per household in an attempt to combat the increasing costs of running a car.
In addition, research conducted by esure car insurance has shown that a large proportion of Brits are also refraining from purchasing new vehicles in an effort to save money. Of the drivers questioned, 71 percent admitted to retaining their current motors for longer, and 58 percent cited the reduction in the value of used cars as the reason for this.
The poll also showed a gender divide, with a higher percentage of women than men tending to keep their current vehicles for longer. In fact, 74 percent of the females surveyed stated that they would do this, compared to just 67 percent of males.
Regional differences have also been noted, with drivers in the North East tightening their belts more so than in any other region. 59 percent of those polled in the North East stated that they were contemplating cutting the number of vehicles they own, compared to 41 percent of motorists in the North West.
Mike Pickard, Head of Risk and Underwriting at esure car insurance, says: “With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists’ pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own. The fact that they are also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down.”
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Homeowners that may be feeling the effects of increasing motoring costs may wish to consider taking out a
secured loan. A secured loan, one of several options available to finance a car purchase, could turn dreams of new cars into a reality for those that no longer want to keep hold of their current vehicles. Secured loans could also provide newly-found ‘one car households’, with a means of re-purchasing those much missed additional vehicles.
