The average age of a vehicle on UK roads is now 9.5 years, up from eight in 2020, according to Startline Motor Finance.
The June edition of the Startline Used Car Tracker found that 52% of drivers currently owned a car older than the car they owned five years ago.
Paul Burgess, CEO at Startline Motor Finance, said: “This situation has largely been driven by economic factors.
“New car production shortages around the time of the pandemic mean that the stock supply in the used sector is lower than envisaged, pushing up prices.”
24% of surveyed drivers said that they were unable to afford to buy a newer car, and 18% felt that used cars have become more expensive.
More than 43% of cars on UK roads are now over a decade old.
Burgess said: “Household budgets have been under considerable pressure thanks to the period of high inflation seen up until last year.
“As a result, many people just can’t afford to change their car, and those that do often have less money to spend and are shopping in a market where prices are higher than was the norm pre-pandemic.”
Of the 301 drivers surveyed, 9% said they are spending more money to keep their car on the road.
Despite increasing vehicle age, 21% of drivers said their car has been reliable, with 12% saying that modern cars are more reliable generally, and only 9% reporting increased breakdowns.
Keeping cars looking their best was not a priority for many, with just 5% saying they are spending more on keeping their vehicle looking presentable, while 4% said they were planning to run their car ‘into the ground’.