Research from Close Brothers Motor Finance revealed that rising fuel prices were the biggest concern for UK drivers over the next 12 months.
More than a third (36%) of motorists are worried about fuel costs, even as Government-backed measures, designed to improve transparency at the pump, come into force.
Rules introduced by the Competition and Markets Authority (CMA) are now in effect, requiring petrol stations to report their prices to a centralised Fuel Finder map, allowing drivers to locate the cheapest forecourts near them.
However, concerns remain high as motorists look ahead to further cost pressures, with the long-running ‘temporary’ freeze on Fuel Duty due to start being unwound from September.
Fuel prices were closely followed by worries around car insurance hikes (32%), while almost a quarter (23%) of drivers were concerned about potholes damaging their vehicle.
Ongoing maintenance costs also remained front of mind, with 21% worried about MOT and servicing costs and 20% concerned about rising road tax.
Despite the growing list of financial pressures, 12% of drivers said they have no concerns about owning or driving a vehicle in the year ahead.
John Cassidy, managing director at Close Brothers Motor Finance, said: “With half-term approaching, many drivers will be making extra journeys and spending more time at the fuel pump, so it’s no surprise that fuel prices have become the biggest worry for motorists.
“But rising insurance, maintenance and repair costs mean consumers are being squeezed from all sides.
“For many motorists, it can feel like they’re being financially hit from every angle.
“To cut costs, drivers are increasingly having to explore ways to stretch their budgets further, whether that’s shopping around for cheaper fuel, car sharing, or cutting back elsewhere.
“As drivers look to make these cutbacks, it could have a knock-on effect on their next car purchase and the type of vehicle they choose.
“For motor dealers, it’s essential they understand these shifting priorities and ensure they are stocking the right vehicles to meet changing customer demand.”
