 Times they are a-changing, especially when it comes to buying and selling cars it seems. From Covid to the cost-of-living crisis, these shifts have given us the opportunity to re-assess what's important… and what we spend our time and money on. At least, that's what an exclusive survey for Cazoo is suggesting. It has found a massive eight out of ten of us (79 per cent) are now considering keeping our car for longer than we used to. And around half of us (51 per cent) are thinking about downsizing to something cheaper to run. So, what's driven the change? As you might expect, the cost of living is playing a big part. As prices of everything from food to fuel have risen over the past year or two, it's made us more cautious. When asked whether their attitude to buying or selling their car had changed, 72% said it had. Exactly half said it was due to the cost-of-living crisis. But there are other forces at work too. Feeling the pinch at the pump: The cost-of-living crisis is the main reason we're holding on to our cars (Picture: Getty Images) Supply issues have made new cars harder to get hold of which, in turn, has caused used cars to soar in value. It's something 23 per cent of people said it has changed their outlook. Also high up on the reasons people's attitude has changed is covid (18 per cent), the rise of electric cars (17 per cent) and more working from home (16 per cent). Of those holding who say they're holding on to their current cars for longer, 61 per cent said the cost-of-living crisis was the reason why. This comes before the high price of second-hand cars (38 per cent) and the availability of new cars (38 per cent). The five-year car average As more of us hold on to our cars for longer, you may be wondering what's a typical amount of time to do so. Well, the average is 5.2 years according to the survey – ju){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Times they are a-changing, especially when it comes to buying and selling cars it seems. From Covid to the cost-of-living crisis, these shifts have given us the opportunity to re-assess what’s important… and what we spend our time and money on.
At least, that’s what an exclusive survey for Cazoo is suggesting. It has found a massive eight out of ten of us (79 per cent) are now considering keeping our car for longer than we used to.
And around half of us (51 per cent) are thinking about downsizing to something cheaper to run.
So, what’s driven the change?