The cost of living crisis is causing one in five car buyers to delay their next vehicle purchase.
This is according to new research conducted by eBay Motors Group reported in Car Dealer magazine*. Its Consumer Insight Panel interviewed over 3,000 in-market buyers during the second week of April, after Ofgem’s cap on energy costs increased.
The global cost of living crisis, combined with the slow production of new cars, means that motorists are being forced to keep their vehicles for longer. Due to this, UK car owners could face large repair bills in the years to come.
Keep your current vehicle with confidence
There is no way of predicting when the cost of living crisis might end, and some experts believe it could soon get worse. Motorists can, however, futureproof themselves against large repair bills with an extended warranty.
On the importance of protecting yourself with a vehicle warranty, Lawrence Whittaker, CEO of Warrantywise UK commented:
“Unprecedented times have brought the situation to light that as used car demand gathers pace, the same can’t be said for owners checking cover or taking up extended warranties to protect their vehicles.
Our research shows that the average new car warranty lasts for just five years **, meaning that there is a significant percentage of the UK population driving used cars that are not protected by warranty cover and therefore presenting a significant financial liability to their owners.
We would encourage all owners of cars over three years of age to check warranty cover, this way they can avoid any costly repair bills by purchasing a quality used car warranty.”
The future is uncertain, but a vehicle warranty offers peace of mind
By having a car warranty, you can relax knowing that if something goes wrong tomorrow, money won’t necessarily be a problem. It is impossible to prevent vehicle failure from happening, but if it does, it can make life much easier.
Warranties provide the UK’s most comprehensive extended vehicle warranties for all makes and models of vehicles, which protect no matter how expensive the vehicle. The company has sold over 500,000 warranties since it was established over 20 years ago, reporting 95 per cent feedback from its growing customer base.
A Warrantywise plan includes the following as standard:
- Day 1 Cover
- Parts & Labour Costs
- Roadside Assistance & Recovery
- Car Hire & Onward Travel
- A Quick & Easy Service
- We Handle Everything From Start To Finish
- A 30-day Guarantee
“I am prepared to say in writing that it is the UK’s best car warranty you can buy” – Quentin Willson (Car journalist, TV presenter, author, campaigns for cleaner transport).
Secure yourself the UK’s most comprehensive car warranty cover and relax knowing you have complete peace of mind and request a car warranty quote
Take a look at some of our easy ways to keep motoring costs down:
Sources of data
*One in Five Car Purchases to be Delayed by Cost Of Living Crisis
**Finnacord 2019 report
7.9 million used cars sold in 2019, and just under 1.2 million extended warranties sold
1.2m / 7.9m x 100 = 15.2 per cent
15.2 – 100 = 84.8 per cent without a valid warranty, rounded up to 85 per cent as a round number