Almost half of all UK drivers (48%) are downsizing to one car per household to combat rising car running costs.
The new research conducted by Esure car insurance reveals that British drivers are not only reducing the number of cars they own, they are also opting to keep their current cars for longer.
Out of the 1,006 drivers that were surveyed 71% admitted they are now resisting the urge to buy a new vehicle in order to save money, while 58% of those surveyed cited the slump in value of used cars as a reason for keeping their current vehicle for longer.
Drivers in the north east are tightening their belts more than any other region, with 59% of those polled contemplating cutting the number of motors they own, compared to just 41% of motorists in the north west.
The poll also revealed that men are much more likely to splash out on a new car than women.
Almost three quarters (74%) of females surveyed claim they would keep hold of their current motor for longer to save money, compared to just 67% of their male counterparts.
Mike Pickard, head of risk and underwriting at Esure car insurance, said: “With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists’ pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own.
“The fact that they’re also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down.”