In a recent survey of InYourArea users, we discovered that car owners might be overlooking a significant opportunity when it comes to cutting living costs. Participants indicated a preference for considering various other areas, such as Spending/Shopping, Socialising/Holidays, and Monthly Bills, before contemplating adjustments to their car/travel expenses.
In a recent survey of InYourArea users, we discovered that car owners might be overlooking a significant opportunity when it comes to cutting living costs. Participants indicated a preference for considering various other areas, such as Spending/Shopping, Socializing/Holidays, and Monthly Bills, before contemplating adjustments to their car/travel expenses.
Surprisingly, only 6.3% of respondents identified Car/Travel as a priority for potential cost-cutting measures, despite it being the second-largest monthly expenditure after rent or mortgage. Considering factors like fuel, insurance, tax, repairs, and parking, determining the true financial impact of car ownership can be challenging. Taking a closer look at these expenses is a practical step toward potential savings.
It’s worth noting that, aside from routine costs, the actual car itself often represents a substantial portion of overall car expenses. Whether financed through a personal loan, dealership agreement, or a loan from a family member, recent surveys indicate that 2.2 million drivers in the UK had cars on finance last year.
InYourArea and CarCloud have teamed up with the shared goal of making life easier and more enjoyable for our members. At InYourArea, we’re all about supporting our members and giving them access to information in a way that suits them best. CarCloud fits right into this by offering a user-friendly solution to manage your car hassle-free. Like this article? Read more cost-saving tips here.