£100 Billion Nest Egg on Britain’s Driveways

New government figures show that the wealth of the nation is not just in peoples’ homes, but parked outside.18 million UK households own at least one car worth a combined £100 Billion. 

The Wealth and Assets Survey published by the Office of National Statistics on 15th May estimates the wealth of the UK population in terms of the assets they own.

We have highlighted an important component of personal assets; the car. The average value of a car used by government is £5,000 but figures don't include multi-car owning households.

Bugatti Veyron - More than £1 Million

The equity UK motorists have is overlooked by most commentators, and is a major component of wealth in the UK.

UK car buyers are underserved when it comes to finding out information on the best cars to buy.

Top Gear presenters Clarkson, May and Hammond focus on looks and performance but, from a wealth point of view, motorists need to know which cars hold their value, the models that cost less to run and those with the best reliability.

There are over 32 million cars registered on UK roads. Whilst a number are owned by companies and leasing organisations, the majority belong to the public.

The demographics of car ownership have changed. Department of Transport statistics published in April 2014 show Women bought 1.6 million more cars in the last 10 years whilst men owning cars has only grown by 600,000.

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Our further analysis mined from millions of lines of data published by government reveal the biggest growth in car ownership is among women aged over 50.

Britain’s mobile wealth is not only confined to cars. Information published includes details of boats, caravans and motorbikes worth another £40 Billion.

Personalized number plate ownership has increased by 8% in the last 6 years. 1.5 million people have a number plate which means something to them, their friends and their pockets.

Whilst the government wealth survey is informative, figures issued do not necessarily reconcile with those published by other government departments such as the Department of Transport. The total value of Britain's cars is far higher as many houses have more than one car.

The disparity between people who have a car and those who don't has fallen slightly with 25% of the measured population not owning a car. A more detailed analysis reveals that city dwellers have seen car ownership drop whilst people in rural areas have been forced to buy a car because of falling public transport availability.

Our car review site holds the views and reviews of over 540,000 motorists and gives an insight into key costs of ownership – fuel economy and reliability – and is available free to motorists.

In cash strapped Britain, hardworking motorists are advised to read reviews and views of cars by the most important people: car owners who have lived and paid for a car over the long term.

Young Lovers Forced into Cars by Housing Shortage

Adults in their 20s, forced to live at home with their parents, have to find places to meet and their favourite location is often their car.

 

This insight came as a by-product of research conducted by WeLoveAnyCar.com for the National Car Awards published 19th August 2013. A spokesman said, "Detailed analysis of comments made in our 58,000 car reviews considered by the Awards survey revealed that access to cars by '20 somethings' for somewhere to meet up privately is becoming even more important now that more adults live with their parents."

 

Car reviews submitted by drivers to WeLoveAnyCar.com give an in-depth insight into UK motorists' strong and positive thoughts about their car. In the 62,693 Car Reviews so far submitted to Britain's largest car review site, 'love' is mentioned 6,339 times, 'fun' in 1,591 occasions and even 'sex' or 'sexy' in 289 car reviews.

 

According to The Telegraph article by Ed Cumming on 19th August 2013, the number of Britons aged between 20 and 34 living at home has increased by 28 per cent, to 3.2  million. Agony columns feature many stories of adults in their 20s not being allowed to bring anyone home by their parents, who set the house rules.

 

Young adults crave privacy to develop their relationships. Their car is the one place where they can control the situation and set the pace. In a study published by Bochum University, Germany in March 2009; The Car Use of Young Adults, of 2612 adults in their 20s, the car was thought to be a major part of a young person's identity and symbol of their independence - and a means to socialise.

 

In the Aviva publication; Family Car Report 2012, it was noted there were "swelling ranks of cars on family driveways." There is evidence that, whilst the young cannot borrow money for a house, many make car purchase a priority.

 

This week, several lenders launched their 'help to buy' mortgage products in the UK. This may reverse the trend of '20 somethings' living with their parents and able to park their car outside their own house and come in from the cold.

Which Country Produces The Best and Worst Cars

Despite the car market recovery, signalled today by the SMMT, French car manufacturers recorded lower than average car sales growth than the rest of the market.

 

UK car buyers seem to be losing their taste for French built cars - particularly Renault and Peugeot. The WeLoveAnyCar.com survey of 58,088 car owner ratings found French manufactured cars rated lowest in their country based results.

 

The ratings are made by combining scores on economy, reliability, comfort, driving experience and if the driver would recommend the car they own to others.



As the ratings were an ‘average,’ further analysis shows that the French manufacturers score poorly on two main factors; reliability and that Renault, Citroën and Peugeot cars lacked excitement overall. The highest on the list – purely driven by Skoda – is the Czech Republic.



Fiat and Alfa Romeo comprise the Italian entrant. The Fiat 500 is rated extremely highly and is only brought down by other, less appreciated, models. Owners loved their Alfa Romeos but reliability is the poorest of any manufacturer. Fiat have one of the highest sales growth figures, nearly 20%, whilst Alfa Romeo sales dropped 26% in the results published today.

 

Some manufacturers are hard to pin down to a country or origin. Global manufacturing, international partnerships and joint agreements make it difficult to measure. Ford and Vauxhall could be judged as ‘Euro’ cars as they are produced in many countries.

 

Cars manufacturered in the UK are also hard to categorise; the score reflects traditional brands like Land Rover, Jaguar and Aston Martin. Also many cars are manufactured in the UK but may be listed as Japanese. In fact 1 in 7 of all new cars sold in the UK are also manufactured there.

 

A spokesman for WeLoveAnyCar.com said, “In truth, car buyers must choose the car that’s right for them and use car review sites like ours to gather information. The key factor is volume of reviews. For example, we have over six thousand Fords of every variant on our Car Review site and buyers can see how motorists rated their own particular model”.

 

58,088 Car Reviews were submitted by verified owners of cars in the last 12 months in the survey results. Excluded from the above are manufacturers with less than 50 entries to ensure the results were robust. The WeLoveAnyCar.com Car Review site, which is free to use, now holds over 62,206 reviews and this climbs daily as owners submit their reviews by invitation. The review database is representative of the UK car parc.

 

A final comment by the site spokesman was, "There are very few bad cars. The French manufacturers rated 3.92 out of 5 whereas Czech cars (all Skodas) were rated 4.23/5 so there's not much between them when looking at the averages. The devil is in the detail and that's why the site is such an aid to users who need to gather information for their next car choice".

Too Old For Car Fun? Ten Reasons Why the Over 65's Are Safer, Wiser and Driver Better Cars Than Younger Drivers

'Tarmac Togs' - motorists over 65's - are a better bet than 'Wheel Snappers' - drivers in their 20's so says government statistics and the biggest car review site in the UK - WeLoveAnyCar.com

There is a constant call for older drivers to be restricted and even removed from the road. The fact is they are better drivers than motorists in their twenties and younger.



Queen driving a Jaguar

Ten Reasons Why Tarmac Togs are Better Drivers than Wheel Snappers

1 Tarmac Togs drive newer cars.

The average age of a Wheel Snapper's car is 5 years & 5 months. Tarmac Togs is 3 years 11 months according to an OFT motor survey.

2 Wheel Snappers More Likely To Die Young.

Tarmac Togs have have 75% less accidents than their Wheel Snapper grand kids - as reported by Government Road Accident Data.

3 Wheel Snappers Drive Faster

Only the very old Tarmac Togs drive too slow for safety whilst the majority of Wheel Snappers drive too fast - speed causes accidents.

4 Tarmac Togs Spend More

The average cost of a Wheel Snapper's car is £4,800 but Tarmac Togs spend more than £6,800 on better cars - safer, newer with more up-to-date technology.

5 Car Ownership

90% of Tarmac Togs buy their car with cash and part exchange. 30% of Wheel Snappers borrow money on their cars with almost 90% borrowing if the car is bought from new. The Association for Psychological Science shows that people who borrow feel richer but care less about their cars.

6 Wheel Snappers Forget To Protect

Experienced Tarmac Togs are twice as likely to buy a warranty whilst Wheel Snappers forget to play it safe.

7 Wheel Snappers Have More Accidents

25% of all road accidents - as reported by Government - are by those in their 20s and younger. Motorists over 65 account for just 11% of accidents.

8 Tarmac Togs Do The Research

Whilst the Wheel Snappers look at the pictures, Tarmac Togs do the research and are twice as likely to refer to information on car review sites regarding reliability, economy and performance - and they're doing it on line too according to weloveanycar

9 Wheel Snappers - Quicker But Less Experienced

Wheel Snappers may have slightly better reflexes but the Tarmac Togs have experience of more road conditions and know what to do to avoid accidents.

10 Up For Car Fun

Tarmac Togs love to dream about their next car... even well into their eighties. The biggest car review site in the UK shows that age doesn't mean the Togs don't want a better car. One reviewer on the weloveanycar.com site quotes: "the Audi is now 8 years old never had a more enjoyable car long may it run for us at 87 years & 73 years. It will be a sad day if it has to go. Perhaps one day if affordable an Audi A1 4 door".

Sadly it isn't only campaigners and some politicians who jump on the band wagon when it comes to older drivers and their ability to function well behind the wheel. Often Tarmac Togs' adult children seek to take the wind out of their parents' sails. Another review on the WeLoveAnyCar.com site quotes one contributor who said, "My kids told me I was too old for another MX5". He was 70.

When it is time to hang up the keys, most, if not all, Tarmac Togs will know when the time is right. Until then they can dream, enjoy their car, the freedom it gives and drive more safely and with greater competence than Wheel Snappers - most of whom will be in the same position sooner than they think.

Image source: Fastlanekarting