Over half of motorists with older cars are holding on to them for longer as living costs rise

The survey of 2,000 UK drivers with cars over 10 years old revealed 57 per cent will keep their car for longer due to worries about the current financial situation.

However, running an older car has, in some cases, caused some motorists financial anguish, with 10 per cent claiming some repair bills have run into the thousands .

While nearly one in 10 aren’t sure how much their ageing car has set them back.

And 21 per cent reckon they’ve spent more on repairs in any given year than they think their entire car is actually worth.

But 64 per cent said unexpected car repair bills cause them stress, while 44 per cent had experienced two or more surprise bills over the last 12 months.

Almost a third (31 per cent) have had a bill of £400 or more in the past year for an unanticipated but essential maintenance item, while 10 per cent have had a single bill of £1,000 or more.

When their beloved old banger conked out, 35 per cent admitted to taking it out on the car itself, by giving the door a boot or whacking the steering wheel.

It also emerged 43 per cent suspect it may be more economical to buy and run a newer car, than keep maintaining their older one.

Choosing the best finance option for you

Mark Carpenter, CEO at nearly new vehicle retailer Motorpoint, which commissioned the research, said: "It's important when budgeting for a new car to consider maintenance costs, which will be required throughout its life.

"In the current climate, many motorists will look to weigh up the pros of hanging on to an older car, which they may own outright, with financing a newer one that may meet their needs for additional space, lower emissions, improved economy, and safety equipment.

“For those with a vehicle that has become unpredictable, or changing needs such as a growing family, it is important to understand the options available such as a fixed monthly payment and a vehicle with warranty protection to manage repair bills, and to be sure this is affordable.”

The study also found 36 per cent of respondents claim a lack of awareness of car finance options has seen them hang onto an old car, rather than upgrade it.

Almost half (46 per cent) plan to replace their car within the next three years, and 25 per cent will use finance to purchase it.

For 26 per cent, they are not sure whether they will pay cash or use finance to spread the cost, but 23 per cent would be more open to using finance if they had someone to explain the options to them.

And 58 per cent find car finance terms confusing.

For people who do foresee a change on their driveway, 57 per cent will go for something pre-owned but newer than their current one, according to OnePoll figures.

Lower running costs (24 per cent), improved reliability (13 per cent) and just wanting a change (seven per cent) were the top reasons people would consider switching their older car.

Sticking to your budget

Mark Carpenter added: “If you have identified a need to change your car, it’s important to thoroughly examine your budget and stick to what is affordable, including if your circumstances change.

“Car finance terms can be confusing and knowing the difference between the options might seem like a bit of a minefield at first.

"We’d always advise doing your research, either online, over the phone or by speaking to an advisor in person.

“Once you’ve set a budget, using an online finance calculator is often the quickest way to determine the right finance route for your circumstances, for example the deposit size, monthly payment, the length of the finance agreement and annual mileage.

“Finally, any additional products such as extended warranty should be factored into the overall budget.

“These require extra initial outlay, however they can help avoid unexpected costs further down the line.”