Research from Auto Trader has found that despite the cost of living crisis, motorists are continuing to buy second-hand vehicles.
Driving is seen as an absolute necessity, rather than a luxury, with 96 percent of motorists saying it was important for their household to own one.
For almost half of all drivers, they stated that car ownership had become even more important to them and their families over the last 12 months.
In a somewhat surprising statement, over two-thirds of young drivers aged between 17 and 34, car ownership had become more important for them.
The current average price of a used car is up 3.5 percent compared to last year’s levels, which were already 24 percent above 2021.
Older vehicles are also becoming more popular, with those aged 10 years or older increasing by a massive margin of nine percent.
The average price for a second-hand electric vehicle now stands at £31,537, with prices dropping on an annual basis.
In contrast, used petrol vehicles cost £16,023, while diesel vehicles are setting drivers back £16,417.
Richard Walker, director of data and insight for Auto Trader, commented on the research, saying drivers were less cautious about buying new cars as a result of the cost of living crisis.
He added: “Although the economic backdrop is a concerning one, based on our metrics, the growing squeeze on household finances, which will be exacerbated by the latest rise in interest rates, is having a limited impact on car buying demand.
“Despite potential headwinds, our consumer research supports a cautious, but optimistic outlook for the months ahead.
“Cars are, for the vast majority of motorists, a fundamental need, as opposed to a discretionary luxury, so we believe the used car market will be largely shielded from wider economic disruptors.”
Around 46 percent of motorists said car ownership was important to them because they could not rely on public transport, up from a third two years ago.
With continuing industrial action affecting trains up and down the country, and with no end in sight, the trend of car ownership will continue to remain strong.
In June, 85 percent of in-market buyers visiting Auto Trader said they felt confident that they could afford their next car.
Over three in four were looking to purchase a car in the next six months, which has remained a consistent trend.