Motorists predict car cost increases in 2024

Motorists expect the cost of running their car to continue to rise across all major areas of spending in 2024, new research shows.

October’s new Startline Used Car Tracker shows that 70% think congestion zone charges will rise and the same percentage expect service and maintenance to increase. Other costs expected to go up include motor insurance (67%), tyres (65%) and petrol (55%).

Paul Burgess, CEO at Startline Motor Finance, said: “As part of the general cost of living crisis, people have seen the cost of motoring rise substantially since the pandemic and our research shows that they very much expect this trend to increase in every area.

“Perhaps the only small point of optimism is that only just over half think that petrol costs will rise, suggesting there is an expectation that the shock in prices caused by the war in Ukraine is now largely over.”

When it comes to buying a car, 65% think that the cost of motor finance will rise and 54% that the cost of the used cars themselves will rise.

Paul said: “This shows that it is not just the cost of running a car but of buying and financing one that is expected to increase. Certainly, it feels that consumers have a mindset where they just expect prices in general to continue rising.”

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, 336 consumers and 60 dealers were questioned.

Latest Stories