Halfords, the bicycle and car parts group, said the cost-of-living crisis is threatening road safety as cash-strapped motorists keep cars running for longer.
The company said the average age of a vehicle on British roads is now 8.7 years, more than a year older than it was a decade ago. In addition, while the average age of a car at scrappage is 13 years, the most recent industry data shows there are 8.4 million cars more than 13 years old still running. That’s almost a quarter of all cars in the country.
“Based on what we’re seeing in our garages, and taking into account continuing issues with the supply of new cars, we believe the average ages of cars will pass the nine-year mark very soon and could even creep above 10 years before the cost-of-living crisis eases,” Graham Stapleton, chief executive of Halfords, said in a statement on Wednesday.
Mr Stapleton made the comments as Halfords stock jumped more than 8 per cent in early trading, after it reported sharp revenue growth across all divisions.
Its autocentres arm is driving the performance, with like-for-like growth up more than 28 per cent over three years, following a number of strategic acquisitions. The company said it’s on track to generate underlying pretax profit of £65 million-£75 million (€75 million-€87 million) in the fiscal year.
The company said it is introducing price cuts to help hard-pressed motorists and is offering free MOTs to its workforce of more than 10,000 employees.
Older cars are more likely to develop faults, are more costly to maintain and are more polluting, Mr Stapleton said. However, vehicle reliability has improved in recent years which means cars can run for longer than before. — Bloomberg
