One in five choose smaller car
One in five UK motorists have downsized to a smaller car since the start of the credit crunch, new research has revealed.
Car insurance provider LV= discovered that 19% of drivers have sold their car in favour of a smaller model, with each downsizing motorist saving an estimated £309 on running costs.
Nearly one in three who have downsized said they made the decision to reduce car insurance costs, whilst others said lower fuel and road tax costs were the main motivations.
Fifteen percent of downsizers changed cars on ethical rather than financial grounds, deciding on a smaller model to reduce environmental impact.
John O’Roarke, managing director of LV= car insurance, said: “Buying a car is often the second biggest purchase people make after their house.
“So it’s only natural that in the current economic downturn, when people are being more careful with their money, they also look to save on their motoring costs.
“This is undoubtedly a smart move, as the credit crunch looks set to bite deeper.”
LV= advises downsizing motorists to choose a car that is a common make with a smaller engine. This cuts the cost of insurance, and means it will be cheaper to repair.
Category: Car Insurance News, Insurance News
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