A survey finds that almost half of drivers (45%) are holding onto their cars for longer than usual because they are unsure whether to buy a petrol, diesel or electric car, rising to 56% of under 34s, compared to 36% of over 65s.
The survey of 2,000 drivers carried out by Opinium on behalf of InsuretheGap.com also finds that just over two fifths of drivers (42%) say that if they were buying a new or second-hand car, they don’t know whether to choose petrol, diesel, or electric, with under 34s (61%) twice as likely to feel this as over 65s (27%).
Half of drivers (53%) are also holding onto their current car because of the shortage of new cars as well as the high price of second-hand cars, particularly those aged under 34s (63%).
Ross Callander, from InsuretheGap.com said, “On-going supply constraints for new cars and drivers’ wariness around taking the leap to electric is creating a hiatus in the motor industry.
“From this survey, it looks like many drivers are biding their time until they feel clearer about the future situation. It’s an uncertain time for drivers and nobody wants to make a potentially expensive mistake buying the wrong vehicle.”
He added, “With the high price of cars at the moment, it’s important that drivers should be aware that if the car is written off or stolen the insurance will only pay out what the car is worth at the time, not the amount paid for it.
“Drivers don’t want to be left with a large gap in their finances when they’re shopping around to replace a car that’s been written off, so should consider a GAP insurance policy from a specialist provider like InsuretheGap.com, which can protect them from this.”