Car leasing consumers, who only have to worry about the price of filling up their vehicle with fuel, may want to switch to a more economical model, as new research has revealed the price of petrol and diesel in the UK will continue to rise.
Figures from economic forecasters Ernst & Young showed the price of filling up certain cars could rise by as much as £100 in the time between now and 2015.
According to the AA, British motorists already pay an average of 134.5 pence per litre for unleaded petrol and 139.6 pence per litre for diesel – figures that are the 11th and third highest in Europe respectively.
These fuel prices are causing some motorists to assess their choice of vehicle.
A recent survey by British Car Auctions (BCA) found that 50 per cent of people are concerned about the price of fuel and are considering changing the way they drive or finding a more efficient car, which could help them travel more miles per gallon.
“Research shows that fuel consumption remains the top priority for motorists, with 27 per cent saying they will be looking for better fuel economy on their next vehicle,” said Tim Naylor of BCA.
He said the effects of fuel prices were already being observed in consumers’ car usage, with the number of two-car households falling by five per cent during the last year.
Mr Naylor believes there will be a surge in demand for smaller engines and more fuel-efficient vehicles in the future as motorists realise they cannot afford to run larger cars.
Car leasing could be a good alternative to buying, as he stated demand is already outstripping supply for these types of cars and there could be subsequent price rises for the vehicles.
Fuel costs are a major concern for motorists, with the research also finding that 39 per cent of UK drivers would cut fuel duty if they could.
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