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A quarter of motorists postponed their plans to buy a new car (26%) or decided not to buy an electric vehicle (23%) due to the cost of living crisis.
Those are the key findings of the latest research ‘The Road Ahead’ from Close Brothers Motor Finance.
It was also found that drivers wanted to exchange their vehicle for a more cost-effective option (17%), ditch their second or third car (13%) and sell their car instead of replacing it (10%).
Nearly half (48%) say they shop for cheaper fuel, while 45% reduce the amount they drive so that almost a third (31%) choose to use public transit to cope with rising fuel costs.
Recent research is based on work from Volkswagen Services showing that dealers are losing after sales jobs due to rising costs.
Lisa Watson, director of sales at Close Brothers Motor Finance, said: “Consumers across the country are looking for ways to weather the cost of living crisis.
“With interest rates rising for 12 months in a row, high inflation, and rising prices at gas stations, it’s not enough to reduce household bills.
“Many must now explore other steps to stretch their finances even further – including billing loved ones for gas.”
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