The Society of Motor Manufacturers and Traders said the average age of a UK car is now 8.4 years – the highest figure since records began, with almost 10million vehicles from 2008 and earlier still on the road.
Paul Evans, head of motor at Co-op Insurance, said: ‘’It looks like Brits are taking a ‘mend and make-do’ approach to car ownership as the cost of living, and running a car, continues to rocket.
“Whilst we know that parts, availability issues and the pandemic, amongst other factors, have hit the new car market badly, many people just aren’t in a position to splash unnecessary cash on a brand-new vehicle.
“Instead it makes more financial sense to keep their existing car going for as long as possible, or to buy a used car.”
Published at Fri, 13 May 2022 13:54:38 +0000