Car ownership rates could drop as millions of drivers look to sell and share vehicles instead
More than one in 10 drivers admitted to paying more than £250 a month on motoring
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Millions of drivers are considering ditching their vehicles and joining a car sharing scheme, new research has found.
Almost one in five motorists have said they would be interested in selling their car if they could borrow a vehicle instead.
Car sharing has seen a boom in demand in recent years with drivers looking to avoid expensive charges from emissions-based charging zones and for cheaper commutes.
Around 16 per cent of people said they would be open to lending their car to someone else if they had their own insurance and they could charge a fee.
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With more than 32 million cars registered in England, Scotland and Wales, the research suggests that millions of people could attempt using such a scheme.
Car clubs and short-term rental services have been promoted across major cities with many making use of these schemes if they have a hybrid working schedule.
If someone only needs access to a vehicle once or twice a week, they can arrange a low-cost measure to suit their needs, with Transport for London advocating for car sharing.
With car sharing schemes, motorists can avoid many expensive features of driving including car insurance, car tax, repairs and needing an MOT test.
Darryl Bowman of Cuvva said: “As Britain battles a cost of living crisis, one way drivers can look to reduce their spending is through car sharing.
“Short-term car insurance is a great way to get insured in minutes on any car you want to borrow for a few hours. You can save hundreds or even thousands.
“We have seen a massive uptake in car sharing during recent years, as more and more people are borrowing other people's cars.
“Not only are people borrowing and lending cars with their immediate family, they’re also turning to extended family, friends and neighbours in their network too.”
The average driver spends £145.27 per month on their car on things like car insurance, repairs, fuel and parking fees.
More than one in 10 admitted to spending more than £250 per month, which equates to a staggering £3,000 every year.
The insurance company reported also seeing an increase in the number of customers over the age of 40.
It is believed that more people are looking to share the same family car or borrow their children’s cars to save money with insurance prices rising.
Motorists have been dealing with expensive car insurance prices for the past year, with some drivers seeing their renewal prices rocket.
Even without any changes to their policy, like licence points or accidents, some drivers have been quoted as much as £5,000.
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Drivers are looking to sell their cars in response to rising motoring costs
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Car insurance companies have blamed the price hikes on the cost of claims as well as the rising level of inflation.