Motorists predict car cost increases in 2024

Motorists anticipate the price of operating their automotive to proceed to rise throughout all main areas of spending in 2024, new analysis exhibits.

October’s new Startline Used Automotive Tracker exhibits that 70% assume congestion zone costs will rise and the identical proportion anticipate service and upkeep to extend. Different prices anticipated to go up embrace motor insurance coverage (67%), tyres (65%) and petrol (55%).

Paul Burgess, CEO at Startline Motor Finance, stated: “As a part of the overall value of residing disaster, individuals have seen the price of motoring rise considerably because the pandemic and our analysis exhibits that they very a lot anticipate this pattern to extend in each space.

“Maybe the one small level of optimism is that solely simply over half assume that petrol prices will rise, suggesting there’s an expectation that the shock in costs brought on by the struggle in Ukraine is now largely over.”

On the subject of shopping for a automotive, 65% assume that the price of motor finance will rise and 54% that the price of the used automobiles themselves will rise.

Paul stated: “This exhibits that it isn’t simply the price of operating a automotive however of shopping for and financing one that’s anticipated to extend. Actually, it feels that customers have a mindset the place they simply anticipate costs generally to proceed rising.”

The Startline Used Automotive Tracker is compiled month-to-month for Startline Motor Finance by APD World Analysis. This time, 336 shoppers and 60 sellers had been questioned.