Drivers born in these years warned they will have to 'sell their car'

Millions of drivers have been forced to sell their cars as fuel and insurance prices reach unaffordable levels. The survey by Carmoola revealed that 17 percent of UK road users had sold their car or were thinking of selling their car because of the cost of living crisis.

The study also warned nearly a third – 29 per cent – had decided to reduce how much they drove. Gen Z and older millennial drivers have been hardest hit, with almost a third (30 per cent) of people aged between 17 and 24 and a quarter (25 per cent) of 35 to 44-year-olds feeling financial pressure to sell their cars.

Speaking about the shocking results, founder and CEO of Carmoola Aidan Rushby said: “It's clear from our latest survey that the cost of living crisis is having a real impact on UK drivers. It’s shocking to see that one in five Brits have thought about selling their car because running costs are just too high, and younger drivers, who are typically burdened with higher insurance rates already, seem to be struggling more than most with this tough decision as nearly a third of 17-24-year-olds consider selling their car.”

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He explained: “It's a challenging time, and while there are certain costs that are outside of motorists’ control, there are some steps that everyone can take to make car ownership more affordable. Shopping around for things like insurance and breakdown cover, carpooling or chipping in for fuel costs, and refinancing a car loan to a better rate can all shave significant sums off the annual cost of motoring.”

Nearly a third (29 per cent) of drivers have cut down on how many times they use their vehicle to save on costs, the study also found. Other reasons included no longer needing a car due to increased use of public transport (14 per cent).