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LV= car insurance reports that almost one in five drivers (19%) in the UK has do ...

LV= car insurance reports that almost one in five drivers (19%) in the UK has downsized or sold one of their cars since the onset of the credit crunch in a bid to save money. In a survey, the main reason given by motorists for downsizing their vehicle over the last 18 months was to save on fuel costs (61%), while nearly a third (29%) said they did it to cut the cost of road tax. Those who downsized their vehicle estimate they have already saved an average £309. Despite the emphasis from the UK government on ‘greener’ driving, only one in six (15%) of those who had downsized cited environmental concerns as part of their decision. With more UK motorists downsizing, or buying second hand instead of new cars, the effect on new car sales has been catastrophic, with sales of new cars falling by a third over the last year. As a result, car production has slumped by a third over the last year and the government is now considering extending state aid to the troubled motor industry

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