DRIVERS are becoming less likely to release the handbrake and drive as cost considerations are increasingly coming to the fore.
New research from Lloyds Bank, parent company of Lex Autolease, the UK’s number one leasing company, says more drivers are thinking about electric or hybrid to mitigate increasing fuel costs.
What’s more, it’s also impacting their decision on whether to drive or or leave the car parked up outside the house.
The research reveals that almost half (48%) of motorists are avoiding unnecessary journeys due to rising fuel costs, while almost a quarter (23%) have reduced their mileage in order to cut maintenance costs.
The data found that three in 10 (30%) drivers have considered delaying the lease or purchase of a new or used vehicle by an average of two years. Used cars however remain a popular option, with almost half (45%) of drivers surveyed opting for a secondhand car to make savings wherever possible.
EVs remain attractive to motorists, with half (50%) considering a move to electric or hybrid vehicles for their next car.
More than three quarters of these (76%) agreed that switching to electric is the better choice due to environmental benefits.
Drivers who already have an electric vehicle (EV) are continuing to make savings on running costs. According to Zap-Map, an average daily commute of 10 miles at current fuel prices costs £617 a year for petrol users, compared with £325 a year for electric variants of the same car model.
Households across the UK are continuing to feel the cost-of-living bite, especially when it comes to their method of transport. Rising fuel and electricity prices have put yet another strain on people’s finances as we head into the winter months.
Despite this, it’s encouraging that the appetite for electric vehicles remains and those who can make the transition are making an important contribution towards the UK’s overall net zero ambitions.
However, challenges still lie ahead. All eyes will be on the Chancellor’s Budget this month for further incentives to safeguard the goodwill and momentum behind the increased adoption of electric vehicles that we’ve seen throughout the year.
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