Thousands of households across the UK could save more than £1,500 a year by getting rid of their second car, according to new research from Tempcover. The study found that four in 10 motorists (36 per cent) have reduced the number of vehicles they own in the past two years. Drivers who downsized estimate they are saving an average of £1,533 each year on costs including insurance, fuel, road tax, servicing and maintenance.
Financial and Environmental Benefits
Paul Gilshan, Chief Executive of Tempcover, said: 'Our research shows that for households that have downsized, one car works well. People are better off financially, it fits how they're working and living now, and they're more intentional about when they use it - and it's better for the environment.' He added that these households are already practising a form of car sharing, coordinating access and prioritising who needs it most.
Changing Attitudes Towards Car Ownership
Mr Gilshan noted: 'The car is more of a shared resource rather than a personal fixture, and that mindset is only going to grow. For some, that could mean moving away from traditional ownership altogether. For others, it's simply about having greater flexibility in the moments they need it, whether that's borrowing a family member's car or lending their own.'
Key Findings from the Research
- 57 per cent said they are now financially better off as a result of ditching their second car.
- One in three said they no longer use their car enough to justify owning more than one vehicle.
- Two in five motorists (39 per cent) said their driving habits have permanently changed since Covid.
- Over half (56 per cent) said they are holding on to their current vehicle longer than planned because they cannot afford a replacement.
