The average car owner manages to enjoy just nine hours a week behind the wheel of their motor, a study has found.
Research revealed while many are proud of the vehicle they own, the amount of time they actually spend enjoy driving it on the open road, and getting their money’s worth, is minimal.
According to the stats, the rest of the time – around 159 hours per week – the motor is siting idle on the driveway, in the garage, in a car park or outside their place of work.
It also emerged a motor which will cost £14,217.00 new now loses 60 per cent of its value over the first three years at a rate of £2,843.33 a year.
That means leaving an average car, which has done around 10,000 miles a year, parked up outside will effectively see its value drop by around £50.88 a week – or 32p for every minute it is motionless.
The research was conducted by peer-to-peer car-sharing marketplace Turo, whose spokesperson Xavier Collins, said:
Many of us are happy to spend a small fortune on our cars, it’s often one of the biggest investments we make.
‘Yet, despite all this, we never truly release their full potential. I think we’re starting to see a trend in consumer behaviour as they look to the sharing economy to provide them access to the resources they require, but don’t own.
For the vast majority of adults, their car sits unused for most of its life.
It also emerged four in 10 Brits have gone two weeks or longer without using their car, usually when they’re on holiday.
And one in three admitted feeling as if their car is wasting their money when it’s not being driven.
According to research the average Brit’s car was worth £14,217 when they first bought it, and costs a further £1,118 each year in servicing, MOTs and other upkeep.
Despite admitting their cars are often left idle, two thirds of respondents, surveyed by OnePoll.com, felt they wouldn’t be able to get by without their motor.
Furthermore one tenth of the nation has also let the tax, MOT or insurance lapse on their car.
Although Britons feel like they’re wasting money, half won’t allow anyone else to drive their pride and joy because of insurance worries.
The study, carried out among 2,000 motorists, also found the average driver spends 456 hours behind the wheel each year.
The study also found majority of Brits identify their cars as female, and generally christen their car with a name after just three weeks.
The most popular names given to cars in the UK are Betty, Betsy, Fifi, Millie and Freddie. As well as seeing cars as an investment, more than a quarter of the nation believe that their vehicle has a unique personality, with four in 10 describing their car as ‘playful’ and ‘confident’.
Xavier Collins added:
Cars have, for too long, been our most depreciating investment, but that doesn’t have to be the case anymore. We are motoring enthusiasts and love our cars too, so we understand owners concerns about sharing out their prized motors.
We set up comprehensive insurance cover that gives each host the security and peace of mind to put their car on Turo. The average host on Turo can earn more than £500 a month. We are used to earning back from our houses when they are not occupied, so why not do the same with our cars?
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