New research conducted by esure car insurance has found that 48 per cent of UK motorists are being forced to consider downscaling to just one vehicle per household in an effort to combat the impact of the credit crunch.
Over seven out of ten (71 per cent) of drivers questioned admitted they are now resisting the urge to buy a new vehicle in order to save money, meaning that consumers might need to devote more care and attention when choosing a used car to purchase.
While falling used car values have led to many attractive offers, 58 per cent of those surveyed cited the slump in value of used cars as a reason for keeping their current vehicle for longer.
Mike Pickard, head of risk and underwriting at esure car insurance, said: "With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists’ pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own.
"The fact that they’re also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down."
Written by Gordon Benetton