Credit crunch signals the death of cars as status symbols

More than a third (36%) of drivers cited having limited budgets as the biggest factor in determining which car they bought, according to the latest research from Confused.com.

It seems that practicality is triumphing over appearance of late, with a mere 2.8% of drivers claiming that they regard their cars as status symbols. Reliability was a far more significant factor, with 1 in 5 drivers claiming to have bought their cars because they trusted the car manufacturer.

In addition, the green revolution does not seem to be catching on in this time of slashed budgets, with a mere 6% of motorists claiming to drive eco-friendly cars, despite the Government's £250m plan to promote low carbon transport over the next five years.

Will Thomas, head of motor insurance at Confused.com, says: "Motorists are being hit hard by the recession, with fluctuating fuel costs and fuel duty increases to boot. It seems that they are looking for further ways to reduce their running costs, and our research shows that now even the vehicle itself is the latest to suffer at the hands of the financial squeeze.

"Confused.com's research has found that drivers are becoming more concerned with the cost of their new cars, than with the eco-friendly specifications which they hold. It also appears that cars are no longer the status symbols that they once were, with drivers favouring buying vehicles for reliable transport from A to B.

"In addition to buying a reliable car, one of the best ways to reduce running costs is for motorists to ensure that they check comparison websites for better deals on their car insurance. With the average customer saving £205.80 through Confused.com, there is no better reason for motorists to start making some savings on an increasingly expensive activity."