One in five people selling cars to cut costs

New data from carwow has revealed that the cost of living crisis continues to hit motorists hard, with one in five ( 21%) of those listing their cars for sale doing so to ‘cut costs’.

Of those who said they are selling their car to save money, 52% are looking to downgrade to a cheaper model, while 48% 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 much less common, as almost one in three (30%) of those who are selling their car are doing so because they no longer need it – for the vast majority (77%) that is because it is their second car.

There is also a noticeable shift towards EVs; 13% of people listing their car are selling so they can switch to an electric vehicle. This could also be driven by cost – carwow research from 2019 showed that ‘lower running costs’ is now the top reason why motorists would consider an EV.

Top reasons why motorists are selling their car:
1	To upgrade to a bigger/better vehicle	32%
2	It is an additional car and I no longer need it	23%
3	To switch to an electric car	13%
4	To cut costs – I will replace it with a cheaper car	11%
5	To cut costs – I will not replace it	10%
6	Other	9%
7	It is my only car and I no longer need it	7%
	To cut costs (NET)	21%
	No longer need it (NET)	30%