Electric cars: Global supply shortages discussed by expert
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The latest data from the Driver Vehicle Standards Agency (DVSA) shows a huge amount of cars in the UK have travelled more than 100,000 miles as cars get more reliable and owners hold on to them for longer. The figures came after a Freedom of Information request from Co-op insurance.
The numbers showed that nine million of the 40.3 million registered in the UK have more than 100,000 miles travelled, which works out to more than one in five.
Data from the insurer also showed that the average age of cars it now insures has increased over the past four years.
In 2018, 10 percent of all policies were for cars up to two years old but today that figure has reduced to just four percent in the first three months of this year.
At the other end of the scale, in 2018 cars aged between six and 10 years old accounted for seven out of ten policies, a figure which has risen to eight out of 10 for January to March in 2022.
The insurer believes that the current cost of living crisis has contributed to the data, with motorists keen to spend money on a brand-new car and more inclined to keep their existing vehicle on the road for longer.
The second-hand market for used cars has benefited from this showing a large growth in business from the start of 2020.
The average cost of a used car increased by 30 percent in just a year between 2021 and 2022, although there are signs it may be cooling.
Supply of new cars is also thin with manufacturers struggling to meet demand due to parts shortages.
The war in Ukraine has not helped, with some areas affected being producers of wire harnesses vital for new cars.
Many carmakers are now reporting year-long delays for orders of new vehicles.
RAC spokesperson Rod Dennis said the motoring group had also witnessed a “big downward shift” in the number of drivers expecting to change their vehicles in the short term.
In its latest RAC Report on Motoring, fewer than half (47 percent) of drivers polled said they are planning on changing their vehicles over the next three years, down from 57 per cent when motorists were surveyed in 2019.
The Society of Motor Manufacturers and Traders said the average age of a UK car is now 8.4 years – the highest figure since records began, with almost 10million vehicles from 2008 and earlier still on the road.
Paul Evans, head of motor at Co-op Insurance, said: ‘’It looks like Brits are taking a ‘mend and make-do’ approach to car ownership as the cost of living, and running a car, continues to rocket.
“Whilst we know that parts, availability issues and the pandemic, amongst other factors, have hit the new car market badly, many people just aren’t in a position to splash unnecessary cash on a brand-new vehicle.
“Instead it makes more financial sense to keep their existing car going for as long as possible, or to buy a used car.”
He added: “Whilst high mileage doesn’t always mean the car is particularly old, 100,000 miles does make for a lot of wear and tear and it’s essential that your vehicle receives regular servicing and maintenance to prevent it developing problems that become very expensive to fix.
“With the right care there’s no reason as to why such cars can’t be relied upon for many more miles.
“And with the value of second-hand vehicles shooting up, there’s a real incentive for owners to look after them, as when the time does come to sell them, motorists could end up with more pounds in their pocket.”
The total number of vehicles on UK roads also fell for the first time since 2009 to 40,350,714 units in 2020.
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