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One in three motorists put off car purchase due to economy, according to GfK Automotive

One in three motorists are looking to keep their car longer before purchasing a replacement, according to new research from automotive market consultancy GfK Automotive.

The research among more than 4,000 British motorists shows a shift in approach to car ownership over the past 12 months.

The study finds that as consumers struggle in the face of surging inflation and rising petrol prices, they are looking for more ways to shave money from motoring bills.

A quarter have changed insurance provider to reduce premiums and one in 20 are taking the risk of cancelling or not renewing breakdown recovery services in order to trim costs.

A sixth (17%) of respondents said they were now servicing their cars at local independent garages instead of franchise dealers.

Half of motorists have reduced their car use in the last 12 months with one in 10 increasing car sharing as a means of spreading car costs.

Francisco Lopez, GfK Automotive managing director, said: “The long economic recovery is changing the way people approach all aspects of car ownership and this is having serious consequences on the sector.

“It is no longer the case that people will simply purchase a second-hand car instead of a new one – many consumers are putting off all major car purchases altogether. Additionally, they are looking to reduce their car budgets in associated areas such as insurance premiums. All of these things take money out of the sector, further weakening it and threatening jobs.”

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