Motorists prepared to downsize to cut costs

Motorists are seriously considering down-sizing their vehicle as a poll reveals the rising costs of fuel and insurance are just too expensive for car owners.

Research from the major insurer moneysupermarket.com, found that two thirds (65 per cent) of motorists said that this double blow of fuel and insurance will affect their decision on their next car.

Over half (55 per cent) said that they would choose a more fuel-efficient model on their next purchase, and more than a third (38 per cent) will look to purchase a vehicle that is cheaper to insure or has a lower road tax.

Of the 2,030 British adults surveyed, many are also considering more economic car models to beat fuel costs. Some have even claimed they would sell their car altogether to cut costs, said the Department of Transport on PR News Wire.

With cars being the necessity that they are today, long-term car hire could be an affordable option for those who are prepared to sell their car in order to cut costs.

Pete Harrison, car insurance expert at moneysupermarket.com, said that the results of the poll are "not surprising".

According to MoneyDebtAndCredit.com, he said: "Our analysis shows car insurance prices increased by 31 per cent in 2010, and we have seen similar rises in 2011.

"This, coupled with rising fuel costs, is creating extra pressure on household spending, and forcing many families to rethink their motoring needs. Looking for ways to cut costs is a priority and drivers can find ways to help ease the cost of running a vehicle."

Harrison suggested that driving more efficiently and avoiding using the car for short journeys are just several ways that can help mitigate some of the costs of driving.