UK car parc age is increasing with 80 per cent of cars being between six and 10 years old, insurance data shows
More than one in five UK cars has covered at least 100,000 miles, DVSA figures show.
The data, acquired by Co-op Insurance, reveals that around nine million of the UK’s 40.3 million vehicles have more than 100,000 miles on the clock.
In 2018, 10 per cent of Co-op Insurance policies were for cars up to two years old, compared to just four per cent today.
The number of policies with cars aged between six and 10 years old has risen by around 80 per cent, the research shows.
Used car prices are currently at an unprecedented high as a result of the global semiconductor shortage continuing to negatively impact the supply of new cars.
It’s thought the cost of living crisis may also a contributing factor.
Paul Evans, head of motor at Co-op Insurance, said: “It looks like Brits are taking a mend and make-do approach to car ownership, as the cost of living – and running a car – continues to rocket.
“Whilst we know that parts, availability issues and the pandemic – amongst other factors – have hit the new car market badly, many people just aren’t in a position to splash unnecessary cash on a brand-new vehicle.
“Instead, it makes more financial sense to keep their existing car going for as long as possible or to buy a used car.
“Whilst high mileage doesn’t always mean the car is particularly old, 100,000 miles does make for a lot of wear and tear, and it’s essential that your vehicle receives regular servicing and maintenance to prevent it developing problems that become very expensive to fix.
“With the right care, there’s no reason as to why such cars can’t be relied upon for many more miles.
“And with the value of second-hand vehicles shooting up, there’s a real incentive for owners to look after them, as when the time does come to sell them, motorists could end up with more pounds in their pocket.”