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Dealers lose after-sales business because motorists reduce car servicing and maintenance.
A third of UK drivers have admitted to missing an essential service in their car due to the cost of living crisis.
The pressure is greatest on younger drivers, with nearly half (43%) of 18-34 year olds likely to avoid vehicle maintenance to save money, according to a survey from Volkswagen Financial Services.
Surveys reveal that less than half (40%) of drivers would feel fully prepared if they needed to pay for the work necessary to keep their vehicle safe.
Older drivers felt better prepared than their younger counterparts – those over 75 were the most confident with 63% saying they could afford to pay, vs just 30% of those aged 25-34.
More finance companies are now offering financing for services that spread the cost by installments for easy payment.
Nearly two-thirds (58%) of drivers are interested in sharing vehicle maintenance costs with more manageable installments, a rate much higher in the under-35 age group (79%).
Mike Todd, CEO at Volkswagen Financial Services UK, said: “The cost of living crisis has left many drivers considering the difficult decision to skip important vehicle maintenance and put safety, especially young drivers on the road, at risk.
“1 in 4 experience costs that could have been avoided with regular servicing. As an industry, we must support drivers throughout their vehicle ownership and user journeys. That means offering service options that meet a variety of needs and budgets so that all drivers on the road are using a safe vehicle.”
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