Over one in ten (11%) Brits have sold their car due to financial necessity, according to Carwow, the online car-changing marketplace.
Of these, 58% were female, and 42% were men, suggesting that women are more likely to give up their car due to financial pressures.
Selling a car because of financial pressures is more common among those aged between 40 and 59, with 13% having done so, closely followed by 12% of those aged 25 to 39.
However, the biggest motivator for selling a car is simply wanting a newer model. Over two-thirds (71%) of survey respondents stated this as a reason, showing that most Brits bid their vehicle farewell for a shiny upgrade. This is especially true for men, as 57% of those who admitted to selling their car to get a newer model were male.
Carwow’s research also found that over a quarter of Brits (27%) sold their car due to needing a bigger or smaller vehicle. Out of these, 53% were women, while only 47% were men.
Another reason Brits sold their cars was for environmental reasons, with 4% of respondents making the switch to EVs. A tenth of respondents claimed they sold their car for ‘other’ reasons, including the car being beyond repair, getting a company car, moving abroad, or no longer needing a car.
Iain Reid, Head of Editorial at Carwow, said, “There are plenty of reasons why someone would want to sell their car, and it’s to be expected that the most common are wanting a newer model or switching to something that better meets driver needs. However, even though getting a new car is exciting, achieving the best possible price for your old car is vital for helping fund the upgrade.
“For those selling their car due to financial reasons, it’s all the more important to get a reasonable price and all the more essential to do it through a reliable process. With the cost of living crisis, it’s unfortunately not a surprise that one in every ten Brits resort to this.”
