Almost one in five motorist, around 18%, are no longer “brimming” their tank when they fill up with fuel due to rising mortgage and rent costs.
The impact of high housing expenditure on personal finances also means 12% have stopped using their car altogether while 10% want to swap their current model for one that costs less to run – and 5% may have to sell their car.
August’s Startline Used Car Tracker shows that in total, half of motorists say that they are using their car less because of the situation surrounding mortgage and rent costs.
Paul Burgess, CEO at Startline Motor Finance, said, “With the base rate rising again this month, housing costs for those that own or rent their home remain historically high.
“Our research shows this is having a direct impact on the way they use their cars and even whether they can afford to use them at all. To us, the one in five who say they are no longer filling up completely at the pumps is the most telling and emotive indicator of how people are being affected. They are having to eke out their money on a week-by-week, day-by-day basis just in order to live and drive to work, school and make other essential journeys.”
The Startline Used Car Tracker also indicated that around one in five people are using public transport more because of high housing costs.