Cost of living crisis compromises safety of Great Britain’s roads as one third of drivers admit to skipping vehicle service

• Only 40% of drivers feel they’d be financially prepared to pay for essential work needed on their vehicle, and one in four have considered giving up driving completely because of upkeep costs
•  Almost half of drivers under 35 years old have made a journey knowing their car needed essential maintenance work
• Growing squeeze on finances brings increased appetite for payment plan options to make service costs more affordable 

One third of drivers in Great Britain have admitted to skipping an essential service on their car due to the cost of living crisis. The squeeze is hitting younger drivers hardest, with almost half (43%) of 18-34 year olds likely to bypass vehicle maintenance in order to save money. 

 New data from Volkswagen Financial Services UK reveals that less than half (40%) of drivers would feel fully prepared if they needed to pay for work needed to keep their vehicle safe. Older drivers feel more prepared than their younger counterparts – the over 75s are the most confident with 63% stating they’d be able to pay, vs only 30% in those aged 25-34 years.

Ability to afford vehicle maintenance is compromising the safety of drivers and other road users. One in four drivers have got behind the wheel knowing their vehicle needed essential maintenance. The limited financial preparedness in the under 35 age group sees that number soar to almost half (46%), compared to a more cautious 10% in drivers over 55.

The tightening of budgets brings increased appetite for options which enable costs to be spread out rather than paid in one lump sum. Almost two thirds (58%) of drivers would be interested in spreading the cost of vehicle maintenance in more manageable instalments, a figure which is significantly higher in the under 35s (79%).

For some drivers, the cost of maintaining and running a car is deterring them from ownership. One quarter of drivers have considered giving up driving as a result of vehicle upkeep costs.

A huge 80% of drivers in Great Britain believe the cost of living crisis may deter other motorists from maintaining the upkeep of their vehicle, and 1 in 3 are concerned about the safety of other vehicles on the roads.

Mike Todd, CEO at Volkswagen Financial Services UK, said: “The cost of living crisis has left many drivers contemplating the difficult decision to skip essential vehicle maintenance and compromise safety, particularly the younger drivers on the road.

“1 in 4 have experienced a cost which could have been avoided with regular servicing. As an industry we should be supporting drivers in their entire vehicle ownership and usership journey. That means offering service options which cater to various needs and budgets so all drivers on the roads are in safe vehicles.” 

Note to editors:

All data, unless otherwise stated, is from Walnut Unlimited, the human understanding agency, part of the Unlimited Group.

Sources: Walnut Omnibus, a nationally representative omnibus survey of 2000 adults across GB between 22nd – 24th March 2023.  The figures have been weighted and are representative of all GB adults (aged 18+).

Contact:

McCann PR

Helen Line, helen.line@mccann.com

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,558 employees worldwide, Volkswagen Financial Services report total assets of around EUR 225.6 billion, an operating result of EUR 2.8 billion and a portfolio of around 21.9 million current contracts (as at: 31.12.2020).