02 Jan 2024
Almost three out of four motorists (73%) are worried about car insurance costs rising in 2024, new research shows.
The January Startline Used Car Tracker also shows that 67% are concerned about rising petrol and diesel prices and 34% about the cost of servicing.
Additionally, there is apprehension about not just the cost of running an existing car but buying a new one, with 46% mentioning this in the survey.
Paul Burgess, CEO at Startline Motor Finance, said: “Last year, motoring costs increased substantially across the board and car owners are clearly concerned about similar rises happening in 2024.
“Insurance and fuel costs are very much the main concerns. Many motorists saw their premiums rise well into double-digit percentages in 2023, which was something of an unexpected price shock.
“Also, while petrol and diesel have fallen to a two-year low, it appears the kind of volatility that car owners have experienced in recent times means that the price of fuel at the pumps remains an ongoing worry.”
Concerns about rising fuel costs are not just confined to drivers of petrol and diesel cars – 27% of those surveyed said they were worried about the cost of charging electric cars.
Paul added: “It is predicted that within a couple of months, there will be a million electric cars on UK roads and it is interesting that the cost of charging is starting to show up spontaneously in our research. It is highly unlikely that all of this 27% are electric car owners but it appears there is growing awareness of the cost of charging among all motorists.”
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research, well-known in the motor industry for their business intelligence reporting and customer experience programs. This time, 313 consumers and 60 dealers were questioned.