Evidence is emerging that as the cost of living increases and used car prices continue to rise, motorists are falling into two camps: those cutting back on vehicle maintenance to save money and others who, unable to replace their cars and fearful of future high repair bills, are having them serviced or repaired without question.
According to a survey of 2000 drivers by Volkswagen Financial Services (VWFS), one-third of owners have missed an essential service on their car due to rising living costs and almost half of those under 35 years old have made a journey knowing their car needed essential maintenance.
“The cost of living crisis has left many drivers, and particularly younger ones, contemplating the difficult decision to skip essential vehicle maintenance and compromise safety,” said Mike Todd, CEO of VWFS.
Volkswagen’s survey follows others in recent months by firms including Halfords and Book My Garage, each reporting that cash-strapped motorists are cutting back on vehicle servicing.
Their claims appear to be borne out by car dealers’ experience. According to a recent report, 41% of dealers say the vehicles they are retailing are getting older and 54% that their general condition is worsening.
“The stock supply situation just isn’t really getting any better for dealers and, in some key respects, is getting worse, with retailers having to sell cars that are continuing to age and in worsening condition,” said Paul Burgess, CEO of Startline Motor Finance, which produces the Used Car Tracker report.
Speaking in a discussion about the used car market on an Autocar Business webcast, Nigel Hurley, CEO of Car Shop, said older used cars retailing for around £10,000 are an aftersales risk in terms of faults and goodwill claims.
The average UK car is now 8.4 years old, the highest figure recorded, but around 5.3 million are 15 years and older, up from 1.7 million in 2001.