The study, carried out by Moneysupermarket, found that as many as one in three drivers said they could not survive if they were not able to keep their car.
According to researchers, around three out of four motorists admitted they had been forced to cut down on their spending in other areas, so they could keep their car on the road.
More than one in three said they were going out less and had cut back on the amount they spent on shopping for clothes and shoes, in order to manage their finances. Just over one in four said they had cut back on alcohol and cigarettes, whilst a further quarter said as well as reducing their trips to the pub, they had also stopped taking mini breaks or going on holiday.
It’s hardly surprising that UK drivers are having to rethink their spending to pay for their car, as the costs of running a motor has rocketed in recent years. Britain now has the eighth most expensive petrol across the whole of Europe.
The MoneySupermaket car insurance expert, Peter Harrison, said the results of the survey were not a surprise, describing it as an ‘increasingly hot topic.’ Mr Harrison said that the rising costs in many areas had piled ‘additional pressure on household finances.’
The Office of Fair Trading is currently investigating the car insurance industry and has asked the Competition Commission to check whether motorists are being given a fair deal. In the meantime, the OFT is also said to be looking into whether cuts in the price of oil are ever passed on to cash-strapped drivers.