The rising cost of motoring is having no impact on car ownership in the UK, according to experts at Uswitch.
The experts revealed there had been only a “minimal decrease” in driving licences issued last year while new vehicle registrations soared.
The news gives car owners a major boost amid fears increased costs could deter people from owning a petrol or diesel vehicle altogether.
Speaking exclusively to Express.co.uk, Uswitch said: “Despite a minimal decrease (4.8 percent) in the number of driving licences issued by DVLA in their 2022-23 report (compared to the previous year), new vehicle registrations increased by 18.2 percent between 2023 and 2022.
“This suggests that rising motoring costs such as car insurance, tax and fuel are not preventing new cars from getting on the road.”
It comes amid concerns that increased costs could dramatically backfire and push many drivers off the roads for good.
Last year, data from Motorpoint predicted that around 2.5 million drivers are considering ditching their vehicles as costs rise.
Meanwhile, recent data from Confused.com suggests road users were contemplating the future as a result of financial worries.
A staggering 18 percent of road users admitted they had thought about selling their car over the past year due to costs.
The poll found that a whopping 63 percent of motorists have seen prices rise over the past 12 months.
It comes after data from the comparison site revealed car insurance prices were now at “record-breaking levels”
According to the analysis, motorists were now paying an average of £995 per year for a basic policy.
Confused.com stressed MOT costs had increased by 19 percent in recent years with the price of a full service and MOT up from £184 to £219.
Fuel prices have continued to slowly rise in 2024 with petrol costs around 9p per litre higher than at the start of the year.
USwitch told Express.co.uk: “Costs can also be more of a concern for new drivers as they are less aware of what to factor into their budget before owning a car.
“A recent Uswitch survey finding that more than one in four new drivers (27 percent) don’t factor in the cost of fuel, over one in three new drivers (38 percent) are unaware of car tax and one in four (25 percent) don’t know about car insurance costs.”
