Rising living costs could jeopardise the safety of grey fleet vehicles as one in five drivers say they will cut back on car maintenance if bills soar.
More than three quarters (77%) of motorists surveyed by Startline Motor Finance said the October price cap increase for electricity and gas would affect whether they can afford their car, while 18% said they would put off replacing tyres and 22% will delay servicing.
Paul Burgess, CEO at Startline Motor Finance, said: “The research shows the huge pressure that the fuel cap increase would bring to bear on personal finances, and how it is likely to affect whether people can afford to simply keep their cars safe.
“Routine maintenance and replacing worn tyres are basics when it comes to making sure your car is fit to use on a day-to-day basis – for you and other road users.”
Other measures that those questioned would adopt to cut motoring costs include shopping around for cheaper fuel (47%), using their car less (42%), swapping their car for one that is more economical to run (34%) and finding a cheaper place to have their car serviced (12%).
The cost of charging an electric car at home could double in October, if the Government doesn’t take action to halt rising bills.
Ofgem confirmed the latest energy price cap rates, last week, which rise from 28p/kWh to 52p/kWh.
It means the cost of driving 100 miles in a typical EV (averaging 4.0mi/kWh) will increase from £7 to £13, if the vehicle is charged at home.
Burgess added: “Petrol and diesel prices are starting to fall, so there is an opportunity to make savings there but it is really interesting that more than a third of people are looking to change their car for one with lower costs. That suggests we could see increased activity in the used car sector in the final quarter of the year. Also, if people plan to move into more economical cars, higher demand will inevitably drive up the price for these vehicles.”
