Monday, 13 February 2012

1 in 5 drivers will give up their car if petrol reaches £2 per litre

A shocking survey from insurers Hastings Direct has revealed the extent to which drivers are changing their habits due to the rising cost of motoring.

Hard to believe I know, but at the turn of the century petrol prices were about 77p per litre. In just 11 years, this price has nearly doubled and there's no sign of them falling anytime soon.

However, if petrol prices should reach £2 a litre, which there's every chance that they might, this might be too much for some drivers.

According to their research, one in five drivers would give up their car completely, whilst more than one in ten (12%) would buy either a hybrid or electric car.

Social use makes up 67% of drivers and they're also feeling the pinch. Over one in three drivers (35%) plan to stop using their car when the petrol price reaches £1.50 - another 20% (or one in five) are not planning to use theirs car socially at £1.60 a litre and a further 18% when the price reaches £1.70.

Commenting on the survey, Tobias van der Meer, managing director of Hastings Direct said: "Our survey clearly shows the pressure motorists are feeling on their finances.

Taking the right actions - reducing mileage and driving safely - can help motorists cut the cost of their insurance and their fuel bills, but ultimately motorists cannot and will not keep be able to keep on paying higher and higher petrol prices."

The increasing cost of motoring has also impacted on how frequently they use their cars. With over three-quarters admitting they don't use their cars as frequently and one percent have given up car ownership altogether.

Other changes include cutting down on the use of their car, with nearly half of those surveyed (49%) cutting back by 25 miles per week.

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