Many motorists in the UK are opting to save on the costs of car insurance by only having one vehicle per household, new research suggests.
Esure says that 48 per cent are downscaling or keeping their current model for longer in an effort to fight the rising costs of running a car.
A further 58 per cent claim that a fall in the value of used cars was also encouraging them to keep their current vehicle for longer.
Mike Pickard, head of risk and underwriting at esure said: "With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists' pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own."
Men were revealed to be less cautious with their cash as 67 per cent said they would keep their current car to save money compared to 74 per cent of females.
Last week Norwich Union revealed that 53p in every pound spent by Brits goes toward insurance or mortgages.
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