Third of drivers would sell car due to £500 cost of living surge

6 December 2022  

A £500 increase in the cost of living for 34% of drivers would force them to sell their car, a recent survey has found, with a further 29% saying just a £250 rise would be enough to see them let their vehicle go.

December’s Startline Used Car Tracker also showed that 14% would sell their car if costs went up by £100, 11% by £750 and 12% by £1,000.

Paul Burgess, CEO at Startline Motor Finance, said: “With the way prices are going up for all kinds of everyday goods – from food to heating – this shows that a lot of people could be seriously considering whether they can afford to run their car any more. A lot of families will already have seen costs rise by £500. For many, we think, this will mean becoming a one-car rather than a two-car family but some people and some families are simply not going to be able to afford to drive at all, which will have an impact on everything from commuting and school runs to their social lives.”

When asked what would influence buying decisions if they were purchasing a car today, 66% said running costs, 51% said cost of living (37% said inflation 24% said driving fewer miles and 23% replied job security.

Paul added: “While the used car sector remains in good health, there are signs that the priorities of customers are changing with many wanting to be sure that the vehicle they buy is not just affordable but cheap to run and will prove reliable.”

The Startline Used Car Tracker was launched in April 2022, with the research conducted for Startline by APD Global Research. This month, 307 consumers and 79 dealers were questioned.