Many younger motorists are selling their cars as the tough financial climate is forcing them to juggle their debts to pay for life’s essentials, figures obtained by a vehicle sales website have shown.
According to Buymycar.com, nearly half of people selling their cars for cash are in the 25-30 age group, while a quarter of cash sales are drivers in their early 30s.
Of those giving reasons for selling their cars, drivers cited pressure of credit card bills, loans and everyday expenses such as paying a rent or mortgage.
“It’s a measure of the tough times drivers up and down the country are facing,” said Robert Prime, marketing manager of buymycar.com. “The rising cost of living means that people are having to re-think their priorities, and for many a car is low on their list.
“And with the price of unleaded hovering around £6 per gallon, as well as other spiralling costs, people tell us they’re simply off-loading their cars and looking for the best possible price.
“One thing we’re seeing are young households with high overheads and multiple vehicles downgrading to just the one car to free up some money.”