The cost of most things is rising, there’s plenty of evidence to support it. Inflation has been driving price increases for millions across the country, meaning we pay more for things like groceries, utilities, rent, mortgages and everyday purchases.

Car ownership and the cost of motoring have also been impacted. An increase in the cost of insurance, fuel and car prices coupled with more disposable income being siphoned off elsewhere means that more and more people are finding driving unaffordable.

But is the current economic climate impacting people’s perceptions of car ownership?

Car ownership statistics in the UK

The number of cars in the UK hit record levels in 2022, up to well over 35 million as reported by SMMT in Auto Express. This signals the first year of growth in ownership since the pandemic, which saw people using their cars less because of changing working patterns and travel restrictions.

However, there are nearly 100,000 Google searches for “sell my car” every month, according to temporary car insurance specialists, Dayinsure. This would suggest a lot of interest in selling up, possibly because of the high cost of ownership and the surrounding economic pressures that people are facing.

What are the main costs associated with car ownership?

The research from Dayinsure revealed that 1 in 5 said they can’t afford their own car. This could be the result of inflated leasing rates, used and new car prices and other associated costs or the pressures of increasing expenses elsewhere.

Drivers have already faced steep renewal quotes on car insurance and a tumultuous fuel market continues to be a thorn in drivers’ sides. Demand for used vehicles has meant that the secondhand car market is at a near all-time high, meaning the cost of entry is even greater too.

Besides all these, there are still the necessary costs of MOTs, services and repairs that contribute to the sum of outgoings for motorists up and down the country.

The growing popularity of car-sharing

While driving becomes more expensive, people often find ways to get from A to B in the most cost-effective manner. About 3.5 million drivers have borrowed a car for financial reasons in the last two years, signalling a rising trend of car sharing among friends and families. It’s also a win for convenience, with 31% saying it was easier than owning a car themselves.

With the simplicity of temporary and one-day car insurance services these days, we could see car sharing between people become a much more common approach to saving on motoring. 13% of respondents said they found car sharing cheaper than public transport and presumably a whole lot more comfortable.

Do you really need a car?

Considering whether you actually need a car or not is an important question to ask yourself. If your financial situation is touch-and-go, selling your car and choosing alternative transport methods may be the way to go.  

Some people obviously need a car for commuting, family life or leisure pursuits, but there are other means of transport out there if you know where to look. Could you go without a car?