Motorists concerned by vehicle costs

Running a car is the biggest financial worry for the majority of motorists, according to a new survey.

The poll by Auto Trader found as many as 63% of drivers put motoring costs as their number one concern ahead of other worries such as paying rent, a mortgage or job security.

In addition, a separate survey by the company revealed that the cost of buying a second-hand vehicle dropped by 5% between April and June 2012 compared to the same period last year, costing an average of £8,620.

However, the price of newer used vehicles has risen, with those under a year old jumping by 3%.

Of the 2,215 motorists polled, 55% had less disposable income available to them in the period from April to June 2012 than the same period last year.

Consequently, 53% said they are looking to buy a vehicle that is cheaper to run than their existing one, listing petrol prices (82%) and the cost of car insurance (67%) as primary concerns.

As many as 32% of people choosing to buy a new car cited better fuel-efficiency and lower insurance prices as the main factors for doing so, while 24% of those buying a used car gave these reasons.

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