Multiple car owners consider car cull to save costs

Two or more cars on the driveway is now the norm for one in three motorists in the UK, but the number could reduce as almost four million people owning more than one car consider sacrificing at least one set of wheels in the current recession.

According to research compiled for Tescocompare.com, the financial search engine, 30% of motorists have two or more cars parked on their driveways worth an average of £15,600. People spend £8,600 for their first car and just over £7,000 for their second, with those owning more than two cars paying an average of £5,900 for their third. Small hatchbacks, family saloons and superminis remain the nation's most popular cars, parked on seven out of ten driveways in the UK.

However, the research suggests that some cars may soon be looking for a new home. A third (33%) of ‘multiple car owners' say they are currently considering sacrificing at least one set of wheels to save on costs in the current climate.

Of the people considering downsizing their car portfolios, 71% would get rid of their own set of wheels. But men beware - 23% of women would consider selling their partner's car to save money in the current climate, compared to only 14% of men.

Debra Williams from Tescocompare.com commented: "Multiple car households have become very common across the UK but in the current climate, people are continuing to look for ways to cut costs and save money. Before resorting to choosing between selling your or your partner's car, think about other ways to cut the cost of motoring. Shopping around for car insurance is an essential first step, especially if you haven't switched insurers recently. Drivers could find that that they can reduce the overall cost of their annual premiums in just a matter of minutes."

Motorists tend to choose a cheaper second and third car, but the research from Tescocompare.com shows that the cost of car insurance is a different matter. Typically a main car costs an average of £337 to insure and a second car is similar, at £317, but by the time it comes to car number three, drivers pay an average of £540 to insure it - possibly because the car has been bought for their kids and includes a higher risk driver on the insurance policy.

Williams concluded: "No matter how many cars you own, comparing the car insurance market is simple and easy. Use a price comparison site such as Tescocompare.com where you can compare car insurance from a range of well known brands, and compare not just on price but on policy features too."

Visit tescocompare.com for car insurance quotes from a number of leading car insurance brands.