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.
SME fleet managers need to prepare for Black Friday last mile delivery challenges, such as poor weather or vehicle breakdowns says Yvonne Palmer from Nexus
Nick Williams replaces Richard Jones as the new Managing Director of Lex Autolease and Black Horse finance, part of the newly named Transport division