A poll of 2,000 adults, who sold their vehicle in the last five years, found that over half (54 percent) believe they received less than their car was worth when handing over the keys. The motorists, on average, received £977 for their motor.
Additionally, two-thirds of drivers fear they have been “ripped off” when selling their vehicle because they did not know enough about cars.
Some 85 percent of those polled, via OnePoll, said their priority was simply to get rid of their vehicle as quickly as possible.
And this apparent lack of time may explain why a third of those who have sold their car in the past five years did not look around to get the best price for their vehicle.
The research, commissioned by Motorway, found more than one in ten (12 percent) did not even consult valuation guides to find out what their vehicle was actually worth.
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The lowest repair cost stated was just £37, while the highest was £1,796.
The latest National Travel Survey conducted by the Department for Transport estimated that there are approximately 35.9million driving licence holders in the UK.
When multiplied by the average cost that drivers admit spending in the past year on vehicle repairs, this would mean that drivers who required motor repairs in the past year collectively spent an estimated £18.5billion.
The cities with the highest repair costs were London – £1,796; Oxford – £1,587; Bristol – £1,267; Birmingham – £1,112; Exeter – £1,098.
The cities that reported the lowest repair costs were Liverpool (£37), Newcastle (£61), and Cardiff (£85).