The cost of living crisis is hitting motorists hard, with 22% of those listing their cars for sale doing so to ‘cut costs’.
That’s the key finding of carwow which said of those who said they are selling their car on its Sell My Car platform to save money, half (50%) are looking to downgrade to a cheaper model, and half are cutting out the cost of their car completely and will not replace their vehicle.
The data also revealed that ‘two car families’ could become less common and there is also a shift towards EVs, with 13% of people listing their car are selling so they can switch to an electric vehicle.
In H1 2022, the used cars most commonly listed for sale via Sell My Car were premium brands BMWs, Audis and Mercedes, with the BMW 3 Series and 1 Series amongst the top models being sold.
James Hind, CEO said: said: “Our data reflects that the cost of living crisis is continuing to hit Brits hard, with many being forced to sell their car to cut costs, while others are having to downgrade their vehicle to make savings.
“The most commonly listed cars are more expensive/luxury brands – BMW, Audi and Mercedes-Benz, which supports the fact many people are downgrading their cars to save money.
“Most of those looking to buy used cars are not searching for high-end models.
Top used car searches are for Toyotas, VWs and Peugeots and a third (31%) of all used enquiries are for vehicles costing less than £20,000.”