Cars 'no longer status symbols' in credit crunch Britain

13/05/2009

The "bling bling" culture where cars were a status symbol has come grinding to a halt, shock new figures show.

Confused.com, an insurance specialist, said that credit crunched drivers were now prioritising cars which offered good value for money - instead of those that just looked good.

Figures from the firm suggest that 36 per cent of motorists feel that "limited budgets" form the single "biggest factor" behind their choice of car.

Elsewhere, just 2.8 per cent said that they considered their car a "status symbol".

Will Thomas, head of motor insurance at Confused.com, said: "Motorists are being hit hard by the recession, with fluctuating fuel costs and fuel duty increases to boot."

He added: "It seems that they are looking for further ways to reduce their running costs, and our research shows that now even the vehicle itself is the latest to suffer at the hands of the financial squeeze."

Tags; Budgeting Advice, Credit Card Lifestyle,

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