REVEALED: Millions of motorists are using public transport over driving - THIS is why
MILLIONS of Brits have cut back on driving to save money as the cost of motoring soars, new research revealed today.
Rises in insurance, fuel and road tax have prompted record numbers of drivers to leave their car at home and use public transport.
Research by insurance market experts Consumer Intelligence found 34 per cent of drivers have cut back to keep costs down.
This has risen to more than two in five in London with motoring insurance increases, rising petrol prices and road tax increases putting the squeeze on car owners.
But many drivers are keen to stay on the road no matter what happens to the cost of motoring.
Just 11 per cent of car owners said they would consider giving up if the cost of motoring rose by £500 a year while a £1,000 rise would deter less than a third.
Consumer Intelligence's car insurance index shows average premiums are rising at 9.3 per cent a year with more increases likely to come while petrol prices are at their highest level since December 2014.
RAC warns that UK petrol and diesel prices are RISING
New Vehicle Excise Duty rules come into effect in April increasing costs for more expensive cars.
The financial squeeze on motorists is tightening
The nationwide research among 1,000 car owners shows six in 10 are worried about rising costs of motoring. Seventy per cent of those aged 25 to 34 are concerned.
Car sharing clubs to save money are not popular despite the financial squeeze - just one in 20 would let others borrow their car through a car sharing club while only 7 per cent would consider giving up their car and joining a car sharing club.
Ian Hughes, head of Consumer Intelligence said: "The financial squeeze on motorists is tightening and is only going to get worse.
"Rising fuel prices were a major contributor to inflation jumping to its highest level for three years of 2.3 per cent but that is not the only price pressure drivers face.
"Insurance premiums are climbing thanks in part to increases to insurance premium tax which has doubled in less than two years and on top of that there are road tax changes and the general cost of maintenance.
"Despite all that it seems the love affair with the car is still strong."
More than half (55 per cent) of those questioned expect to pay more for fuel over the next year while 45 per cent expect their insurance bill to increase and 32 per cent believe the cost of maintenance will rise.
Just 29 per cent believe their road tax bill will rise in the next 12 months.