Fuel price still major motoring cost concern
Despite several leading supermarkets dropping fuel prices at the pumps, new research from leading vehicle remarketing company BCA, highlights that fuel costs remain a major concern for motorists. When BCA polled over 720 used car buyers in March it found that three quarters claimed the price of fuel is their biggest worry when it comes to motoring costs and over a third are frustrated by the lack of action by the Government to tackle fuel prices. Three quarters of motorists use their car every day and one in five drivers are particularly concerned about the rising costs of motoring because they rely on their car for their work.
The Top Five Concerns about Motoring Costs
1. The price of fuel
2. The cost of Road Tax
3. Insurance costs
4. Vehicle maintenance & servicing
With pressure on finances, the research also revealed that motorists are taking their own steps to try to reduce costs. 29 per cent say they now only make essential car journeys – school runs, food shopping, going to work, etc and over half use their car less for non-essential travel. 0 per cent said they use public transport more and 23 per cent walk more.
Prudence has also taken over when it comes to filling up at the pumps. Over a quarter said that they now only purchase the amount of fuel needed, rather than filling up the tank on each visit to the petrol station. And one in four also search online for the cheapest petrol station before heading out to fill up.
Changing to a more fuel efficient model also appears to be a growing trend, according to the BCA research, with 15 per cent saying they have already taken this step. Nearly one in five have changed to a diesel car to cut motoring costs.
“It’s clear from our survey that motorists are continuing to feel the financial pinch, as the costs of running a car continue to rise.” says Tim Naylor, Editor of the BCA Used Car Market Report. “Whilst the price of fuel still tops the list of concerns regarding motoring costs, 31 per cent said that maintenance and servicing costs were a key issue. A quarter have delayed repairs to their car to save money and 23 per cent have avoided recommended service intervals.”
Naylor added “However, motorists should remember that when they sell their car, buyers will place a significant value on a service history. BCA estimates that a full service history is worth up to £500 for the typical five-year old, 60,000 mile car valued around £7,000. Saving now may cost you more in the future.”