Drivers are keeping cars for longer with records showing there’s a rising variety of motors on British roads with greater than 100,000 miles on the clock, a latest report shows.
Greater than 9million vehicles – almost 1 / 4 of the 40.3million registered today – have clocked over a century of miles, Driver and Vehicle Standards Agency figures reveal.
Insurer Co-op adds that the common of cars it now insures has increased lately, which is in-line with reports of a rising age of vehicles in use up and down the country.
What’s causing this phenomenon? Is it simply that motorists wish to hold onto their cars for longer? Has the semiconductor shortage and fall in production of recent vehicles been instrumental? Has the pandemic and value of living crisis had an impact? Or is it testament to improvements in built quality?
Why are Britons keeping their cars for longer? A latest report says there’s a growing variety of vehicles on our road with over a century of miles on the clock – what’s causing this to occur?
Following a Freedom of Information request from Co-op Insurance, the DVSA confirmed that 9,076,909 vehicles have surpassed 100,000 miles – enough to circumnavigate the world 4 times.
That is despite average annual automobile mileage declining over the past decade – especially for the reason that pandemic.
In 2010, MOT data suggests the common mileage a automobile in Britain was driven was in a 12 months was 7,559. This step by step declined to 7,090 annually by 2019.
And records for 2020 show the pandemic knocked yearly mileage all the way down to just 6,533 miles – some 1,000 lower than a decade earlier as more people worked from home and lockdowns limited trips.
Co-op says the upper variety of vehicles with a century of miles reflects its own data showing that drivers are keeping cars for longer.
It says that seven in ten policies in 2018 were for cars aged six to 10 years old. Nonetheless, in the primary quarter of this 12 months, that has risen to 4 in five.
At the alternative end of the spectrum, 10 per cent of all its motor insurance policies in 2018 were for vehicles as much as two years old – a figure that has dropped to only 4 per cent within the opening three months of 2022.
This tallies with numbers shared by the automotive trade body last 12 months.
The Society of Motor Manufacturers and Traders said the average age of a UK automobile is now 8.4 years – the best figure since records began, with almost 10million vehicles from 2008 and earlier still on the road.
The overall variety of vehicles on UK roads also fell for the primary time since 2009 to 40,350,714 units in 2020.
Of those, 35,082,800 are cars – down 0.2 per cent – and 4,604,861 are vans – up 1.7 per cent to a record high which means vans now account for 11.4 per cent of all vehicles on the road.
The SMMT recently said the common age of a UK automobile is now 8.4 years – the best figure since records began, with almost 10 million vehicles from 2008 and earlier still on the road in 2020
Almost 10 million cars in use in Britain have been in service since 2008 or earlier, in keeping with data for 2020 revealed by the SMMT a 12 months ago
Co-op points to the associated fee of living crisis and record-high fuel prices as a significant influencing factor for why drivers are keeping their vehicles for longer and racking up higher mileage.
Paul Evans, head of motor at Co-op Insurance, said: ‘It looks like Brits are taking a ‘mend and make-do’ approach to automobile ownership as the associated fee of living, and running a automobile, continues to rocket.
‘Whilst we all know that parts, availability issues and the pandemic, amongst other aspects, have hit the brand new automobile market badly, many individuals just aren’t able to splash unnecessary money on a brand-new vehicle.
‘As a substitute it makes more financial sense to maintain their existing automobile going for so long as possible, or to purchase a used automobile.’
RAC spokesperson Rod Dennis said the motoring group had also witnessed a ‘big downward shift’ within the variety of drivers expecting to alter their vehicles within the short term.
In its latest RAC Report on Motoring, fewer than half (47 per cent) of drivers polled said they’re planning on changing their vehicles over the subsequent three years, down from 57 per cent when motorists were surveyed in 2019.
For many who do wish to keep a automobile for longer – for financial or emotional reasons – there’s an answer that helps motorists and businesses extend vehicles’ lives.
A British engine remanufacturer, which rebuilds old powerplants to place back into cars and business vehicles, told That is Money that it had enjoyed its best-ever 12 months for unit sales in its 76-year history on the back of record demand.
Cambridgeshire-based Ivor Searle says it has experience a boom in demand attributable to ‘macro-economic aspects’ brought on by the pandemic – one among these being the increased use of vans since Covid-19 struck.
It’s currently producing as much as 150 engines per week – around 7,800 a 12 months – which is its highest output it has ever recorded.
Why are drivers adding as many miles as possible to their cars before switching to a lesser travelled model? We try to elucidate all of the contributing aspects…
Why might Britons be keeping the cars for longer?
With the information pointing to average registered vehicle mileage increasing a the proportion of drivers generally having older cars today than they did half a decade ago may very well be all the way down to quite a lot of reasons…
Shortage of recent cars
It’s without query that the availability crunch in the brand new automobile sector has had a huge effect within the last two years, which has caused huge delivery delays and seen registrations plummet.
Around 1.6 million latest cars entered the road annually in each 2021 and 2020, which compares to 2.3 million in pre-pandemic 2019.
Looking back to 2016 – the record 12 months for brand new automobile sales – some 2.7million latest passenger cars entered the road, which is a transparent indication that the automobile parc’s average age can be on the rise.
Recent automobile registrations are being hammered by the worldwide shortage of semiconductor chips for the reason that start of the pandemic. Sales in 2020 and 2021 are a million units behind the sector’s height of 2016, official figures show
Mike Hawes, SMMT chief executive, told us that is definitely impacting how long persons are currently keeping their cars – and is something that would delay the UK from hitting its targets for reducing air pollution within the lead as much as net zero by 2050.
‘The UK latest automobile market is yet to get better from the pandemic and the long run effects it has had on the worldwide industry,’ he said.
‘With showrooms closed for long periods during lockdowns fewer cars were sold and the situation has not eased subsequently as the worldwide shortage of semiconductors has badly restricted supply.
‘Consequently, the common automobile on the UK roads is getting older and, whilst modern vehicles are more reliable than ever, we still need healthy latest and used automobile markets in order that older, less efficient vehicles are replaced with the most recent, low, ultra low and zero-emission models to enhance our air quality and tackle climate change.’
Higher used automobile prices
While there’s been a dramatic drop in sales and deliveries of recent cars lately there has also been a drop within the variety of used motor transactions over the identical period.
In 2016, 8.2 million second-hand cars modified hands in comparison with 7.5 million in 2021.
Nonetheless, last 12 months saw a 11.5 per cent increase on 2020 (up from 6.75million used transactions) and latest data released this week by the SMMT confirmed that year-on-year transactions in the primary three months of 2022 have accelerated by 5.1 per cent.
Auto Trader says the common price of a used automobile in Britain in April has risen to £17,418, which is 32.2% higher than it was in the identical month in 2021
A half-decade decline in each latest and used automobile sales does point to drivers keeping their vehicles for longer periods.
The shortage of recent cars has also sent used prices skyrocketing on the back of increased demand from customers unwilling to attend months – even years – for a latest model to reach attributable to the semiconductor supply chain problem.
Average used automobile prices, in keeping with Auto Trader, are currently around a 3rd dearer year-on-year – one more reason why drivers are keeping cars for longer.
In some cases, a year-old used automobile is selling for greater than a latest one, such is the size of demand while lead times on latest model deliveries are so long.
The associated fee of living crisis
Britons are facing more financial hardship now than they’ve done lately.
With the associated fee of living crisis taking grip, including each petrol and diesel holding at inflated prices for weeks, replacing a automobile is probably going becoming less of a priority for cash-strapped drivers.
While April provided a welcome break from three consecutive months of fuel price rises, the RAC said retailers held savings back from drivers and pocketed additional profit – a move that kept prices at a record-high level
The truth is, a recent report from the Motor Ombudsman says it’s growing increasingly concerned that motorists will hold back on spending on the cars more broadly through the crisis.
It found an increase within the variety of drivers who’re considering delaying or cancelling their vehicle’s service this 12 months in a bid to get monetary savings – which not only could devalue their motors but increases safety risks.
Almost one in three of drivers in a latest poll said they intend to spend less on motoring this 12 months attributable to squeezed budgets.
Almost 1 / 4 of drivers with out a pre-paid servicing plan for his or her automobile will delay their motor’s annual service this 12 months, while a 3rd said they may miss it entirely in a bid to scale back their outgoings, the survey of two,000 motorists revealed.
The RAC says drivers might also have modified their spending attitudes for the reason that pandemic.
1 / 4 of the two,652 UK drivers it polled recently said they expect to make use of their cars less because of this of the pandemic – probably because of this of increased home working.
‘But while the pandemic is more likely to be a significant factor behind drivers’ plans to carry on to their vehicles for longer, it isn’t the just one,’ spokesman Rod Dennis added.
Do drivers still think 100,000 miles is high-mileage for modern-era cars?
Paul Evans from Co-op insurance says that a vehicle with over 100,000 miles on the clock shouldn’t be all the time an indicator that it is especially old, it does suggest it has endured plenty of wear and tear and it’s pivotal that regular servicing maintenance has been carried out.
He adds: ‘With the fitting care there’s no reason as to why such cars can’t be relied upon for a lot of more miles.’
And there is loads of evidence that newer motors able to covering excess of a century of miles…
Three-quarter-of-a-million-mile motors: We reveal the highest 10 vehicles with probably the most examples showing in excess of 750,000 miles on the clock
Commonest vehicles with over 750k miles on the clock
1. LDV Maxus: 104
2. Vauxhall Astra: 35
3. Rover 75: 33
=4. Ford Fiesta: 25
=4. Ford Focus: 25
6. Vauxhall Zafira: 20
7. VW Golf: 19
=8. Audi TT: 16
=8. Land Rover Defender: 16
10. Vauxhall Corsa: 14
Source: DVSA data provided to LeaseLoco, October 2021
Commonest vehicles with over 250k miles on the clock
1. VW Transporter: 4,471
2. Toyota Prius: 3,817
3. Mercedes-Benz Vito: 2,949
4. VW Passat: 2,456
5. Ford Transit: 2,251
6. Skoda Octavia: 2,109
7. Mercedes-Benz E-Class: 1,805
8. Peugeot Expert: 1,688
9. Ford Mondeo: 1,402
10. Mercedes-Benz Sprinter: 1,393
Source: DVSA data provided to LeaseLoco, October 2021
A recent report revealed there are a whole lot of vehicles on Britain’s roads which can be still in use despite clocking up over 750,000 miles.
DVSA data shared last October also showed there have been 5,897 motors with greater than 400,000 miles showing and a pair of,676 vehicles beyond 500,000 miles.
Essentially the most-astronomical mileage models (throughout 750k) include 35 Vauxhall Astras, 33 Rover 75s, 25 Ford Fiestas and the identical amount of Focus hatchbacks.
Jack Cousens, head of roads policy for the AA, said all the above reasons are contributing to why drivers are adding as many miles as possible to their cars before switching to a lesser travelled model.
‘For those who need a automobile but can’t afford a substitute, most are simply keeping hold of what they’ve until the last possible moment,’ he told That is Money.
‘Meanwhile, the rise in used automobile sales coupled with higher, more reliable construct qualities means cars can stay on the road for longer.
‘Even those that have saved up for a latest automobile are seeing delays in orders due the microchip shortage have rethought their plans.
‘In the event that they need something quickly, some are dipping into the used automobile market even when it’s just to maintain them mobile even for a short while.’
SAVE MONEY ON MOTORING
Some links in this text could also be affiliate links. Should you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to make use of. We don’t write articles to advertise products. We don’t allow any business relationship to affect our editorial independence.
