Twenty-somethings selling their cars for cash as debt takes over

11th April 2013

Double-dip recession hitting hard-up drivers in the pocket.

Younger motorists are selling their cars in droves as tough financial times mean they have to juggle their debts to pay for life's essentials, figures obtained by a leading vehicle sales website have shown.

According to Buymycar.com, nearly half of people selling their cars for cash are in the 25-30 age group, while a quarter of cash sales are drivers in their early 30s.

Of those giving reasons for selling their cars, drivers cited pressure of credit card bills, loans and everyday expenses such as paying a rent or mortgage.

"It's a measure of the tough times drivers up and down the country are facing," said Buymycar.com's Robert Prime Marketing Manager buymycar.com, "The rising cost of living means that people are having to re-think their priorities, and for many a car is low on their list.

"And with the price of unleaded hovering around £6.00 per gallon, as well as other spiralling costs, people tell us they're simply off-loading their cars and looking for the best possible price.

"One thing we're seeing are young households with high overheads and multiple vehicles downgrading to just the one car to free up some money."

Age groups of people selling their cars for cash:
18 - 25. 11%
25 - 30. 43%
30 - 35. 26%
35 - 45. 13%
Over 45. 7%

UK areas where drivers admitted selling their cars to cut cost of living:
South 19%
Midlands 32%
North 25%
Scotland 24%

Main reason to for sale (where given):
Credit card bills 5%
Bank overdraft 9%
Other debts 18%
Mortgage, rent and bills 33%
Downsizing from multiple cars 34%

"Despite selling your car in difficult financial times, you needn't end up receiving less than the full value for your vehicle," said Robert, "BuyMyCar.com make it more likely that you'll get a good deal."