New research reveals Australian driver confidence impacted by cost of living pressures
A new report has revealed that the rising cost of living is eroding driver confidence, as financial strains force Australian car owners to scale back spending on maintenanceContinental Tyres surveyed 1007 Australians as part of their Driver Confidence & Cost of Living Report and have uncovered the impact the rising cost of living is having on Australian drivers’ confidence and road safety.
In the face of financial constraints, nearly four in 10 Australians (39%) admit to delaying essential car and tyre maintenance while an overwhelming 90% confess that such delays have resulted in increased stress and a significant loss of confidence while driving their car.
As Australians postpone essential car maintenance, the consequences of this choice become evident. The report found that 48% are likely to delay purchasing new tyres, 57% would put off a wheel alignment, and 59% would postpone a scheduled vehicle service.
On average, the drivers surveyed confessed to delaying tyre or car maintenance by up to three months during financial challenges. These financial pressures are also impacting their purchasing decisions, with almost four in 10 drivers admitting they had compromised their safety on the road by opting for a cheaper, less reliable tyre choice.
Mitchell Golledge, Managing Director, Continental Tyres Australia, commented, "In the face of financial challenges, it’s still crucial to prioritise safety on the road. Remember, it’s only a vehicle’s tyres that are connecting drivers and their families to the road. Investing in premium tyres, such as the recently introduced UltraContact UC7, provides the perfect balance between safety and affordability, allowing drivers to navigate the roads with confidence and peace of mind.”
The survey respondents highlighted the importance of feeling confident in a properly maintained vehicle with high-quality tyres. 70% of respondents attribute their on-road confidence to placing their trust in their car, while 53% find solace in knowing their tyres are safe.
The report revealed 99% of Australians surveyed have noticed a significant increase in the cost of living in the past year. As a result, 66% have cut back on discretionary spending, 38% have dipped into savings and 17% are struggling to meet basic needs.
When asked where their money is spent instead, essential bills take the majority of the finances for 79% of Australians, while mortgage repayments (41%), rent payments (38%) and debt repayment (33%) claim a significant share of the remaining funds. Surprisingly, 16% openly admit that their vehicle simply isn't something they want to spend their hard-earned money on.
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