New research reveals more than half of motorists are driving an older car than they were in 2020.
Almost one in four say it’s because they can’t afford a newer vehicle. And 18 per cent add they feel used cars have become more expensive.
Official figures back this up, with the average age of a car on British roads now standing at 9.5 years – up from 8.0 years just five years ago. Nearly 45 percent of UK-registered cars are more than 10 years old.
Lower income, higher prices
The figures were revealed in the latest Startline Used Car Tracker. Paul Burgess, CEO of Startline Motor Finance, said economic factors have driven the situation.
“New car shortages around the time of the pandemic mean the stock supply in the used sector is lower than envisaged, pushing up prices. Also, household budgets have been under considerable pressure thanks to the period of high inflation.
“As a result, many people just can’t afford to change their car – and those that do often have less money to spend and are shopping in a market where prices are higher than was the norm pre-pandemic.”
Older cars are more reliable
Instead of buying a replacement car, one in 10 motorists say they are spending more money keeping their existing car on the road, while a further nine percent say it breaks down more often.
However, 21 per cent reveal their car has actually stayed reliable – and 12 per cent reckon that modern cars are more resilient.
“It is fortunate that at a time when people are driving older vehicles,” said Burgess, “build quality also seems to have improved.”
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