Third of car owners skipping essential servicing due to cost of living crisis
Fri, 19 May 2023
A significant number of car owners are neglecting essential car maintenance due to the cost of living crisis, according to new data from Volkswagen Financial Services.
A third of drivers admitting to skipping necessary servicing and the financial strain is particularly affecting younger drivers, as nearly half (43%) of 18-34 year olds are willing to forgo vehicle maintenance to save money.
The survey also sheds light on the preparedness of drivers to cover the costs of necessary repairs. Surprisingly, less than half (40%) of drivers feel fully prepared to pay for work required to ensure their vehicles' safety.
Older drivers appear to be more financially prepared compared to their younger counterparts, with 63% of drivers over 75 stating they could afford the expenses, while only 30% of those aged 25-34 expressed the same confidence.
A concerning statistic reveals that one in four drivers have driven their vehicles despite knowing they required essential maintenance. This problem is amplified among the under 35 age group, with nearly half (46%) admitting to driving cars in need of urgent repairs, in contrast to a more cautious 10% among drivers over 55.
For some drivers, the rising costs associated with maintaining and operating a car have led them to consider giving up driving altogether. A quarter of drivers have contemplated relinquishing their vehicles due to the financial burden of upkeep.
The impact of the cost of living crisis extends beyond individual drivers, as 80% of drivers in the UK believe that it may discourage other motorists from properly maintaining their vehicles. Furthermore, one in three drivers express concerns about the safety of other vehicles on the roads as a result.
Mike Todd, CEO of Volkswagen Financial Services UK, acknowledged the challenging decisions faced by drivers in light of the cost of living crisis.
"As an industry we should be supporting drivers in their entire vehicle ownership and usership journey. That means offering service options which cater to various needs and budgets so all drivers on the roads are in safe vehicles," he said.
