Credit Crunch Signals the Death of Cars as Status Symbols, Says Confused.com

Drivers favouring reliable transport from A to B.

Cardiff (PRWEB) May 15, 2009 -- More than a third (36%) of drivers cited having limited budgets as the biggest factor in determining which car they bought, according to the latest research from Confused.com.

It seems that practicality is triumphing over appearance of late, with a mere 2.8% of drivers claiming that they regard their cars as status symbols. Reliability was a far more significant factor, with 1 in 5 drivers claiming to have bought their cars because they trusted the car manufacturer.

In addition, the green revolution does not seem to be catching on in this time of slashed budgets, with a mere 6% of motorists claiming to drive eco-friendly cars, despite the Government's £250m plan to promote low carbon transport over the next five years.

Will Thomas, head of car insurance (http://www.confused.com/) at Confused.com, says:

"Motorists are being hit hard by the recession, with fluctuating fuel costs and fuel duty increases to boot. 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.

"Confused.com's research has found that drivers are becoming more concerned with the cost of their new cars, than with the eco-friendly specifications which they hold. It also appears that cars are no longer the status symbols that they once were, with drivers favouring buying vehicles for reliable transport from A to B.

"In addition to buying a reliable car, one of the best ways to reduce running costs is for motorists to ensure that they check comparison websites to find cheap car insurance (http://www.confused.com/). With the average customer saving £205.80* through Confused.com, there is no better reason for motorists to start making some savings on an increasingly expensive activity."

For further information please contact:

Press office, Confused.com: 02920 434 398

Joanna Harte / Gug Kyriacou, Polhill Communications: 020 7655 0550

Notes to editors

Research:

The survey was completed by 2000 respondents, during the month of April 2009 and was conducted by Tickbox.

About Confused.com:

Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance (http://www.confused.com/home-insurance), travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.

Confused.com has a panel of 83 motor insurers, its typical customer saves up £205.80* on their annual car insurance policy.

Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.

Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.

*Based on 12% of customers who received a motor insurance quote in the first quarter of 2009 and provided a best alternative price saved over £205.80.

# # #