A survey by Go Car Credit has revealed that more than 78% of people believe that car ownership has become unaffordable.
Go Car Credit, which offers financing to customers with poor credit, conducted the survey to gain insight into how the rising cost of living has impacted car buying and usage behaviour.
When buying a car, customers factor in a deposit and car finance plan only.
The study aims to raise awareness about the additional expenses that come with car such as repair costs, fuel, and insurance, among others.
A closer look at the findings of the survey reveals that 26% of respondents in Scotland strongly agreed that the rising cost of cars has rendered them unaffordable.
The survey, which consisted of 1832 respondents nationally representative, was carried out in July 2022 through Find Out Now.
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The findings also revealed the biggest hurdle in buying a car, with 82% of the respondents saying that the rising cost of fuel is making cars unaffordable.
Other factors included the soaring purchase price of vehicles, maintenance and repair cost, and insurance.
The survey also found that 51% of the people are cutting on car usage to save money, 15% of the respondents said they are not getting the broken parts repaired and 10% are avoiding servicing their car.
Furthermore, just 3% of those surveyed believed that having a car is currently affordable.
Hayley O’Connor at Go Car Credit said: “Car ownership is a real necessity for many people either for commuting to work or for driving around a younger family. Fuel prices have recently reached record levels so there is a level of trepidation about purchasing a car.
“As a responsible lender, we offer car finance to those who may struggle to get credit from mainstream lenders, by making sure it is an affordable option for anyone who comes to us for help.”