New data from the Driver Vehicle Standards Agency (DVSA) reveals that more than one in five cars on UK roads have covered over 100,000 miles. The figures, obtained by Co-op Insurance through a Freedom of Information request, show that nine million of the 40.3 million registered vehicles have reached this milestone.
The trend is driven by increasing car reliability and a reluctance among owners to replace their vehicles amid the cost of living crisis. Co-op Insurance data indicates a shift in the age of cars insured: in 2018, 10% of policies were for cars up to two years old, but that figure has fallen to 4% in the first quarter of 2022. Conversely, cars aged six to ten years accounted for 70% of policies in 2018, rising to 80% in early 2022.
The used car market has benefited, with average prices rising 30% between 2021 and 2022, though signs of cooling are emerging. New car supply remains constrained due to parts shortages and the war in Ukraine affecting wire harness production, leading to year-long delivery delays for some models.
RAC spokesperson Rod Dennis noted a 'big downward shift' in drivers planning short-term car changes. The RAC Report on Motoring found that only 47% of drivers intend to change their vehicle within three years, down from 57% in 2019. The Society of Motor Manufacturers and Traders reports that the average age of a UK car has hit a record 8.4 years, with nearly 10 million vehicles from 2008 or earlier still on the road.
Paul Evans, head of motor at Co-op Insurance, said: 'It looks like Brits are taking a “mend and make-do” approach to car ownership as the cost of living, and running a car, continues to rocket.' He emphasised that while high mileage does not necessarily mean a car is old, regular servicing is essential to avoid costly repairs, and the rising value of second-hand cars provides an incentive for owners to maintain them.
