Over half (52%) of tradespeople are concerned about the impact of the cost-of-living crisis – up from 36% a year earlier – with one-third (36%) admitting to worrying about money every week, in new research commissioned by Volkswagen Commercial Vehicles.
Rising prices for materials (46%), as well as tax and regulation changes (39%), were the top two factors driving cost increases, according to the survey of 1,000 UK van drivers.
And it’s not just hikes in materials and rates that can come as a surprise – in the last year, van drivers forked out an average £566.32 on vehicle repairs and maintenance and £883.26 (average) for van insurance, with one in three (34%) spending over £1,000 to cover their van.
Alongside mounting costs, many small businesses are plagued by late payments, with an average of £3,399.51 owed, impacting companies’ cash flow and security. In fact, one in three (32%) businesses identified late payments as a barrier to growth.
Richard Welch, technical training and development manager at Volkswagen Commercial Vehicles, said: “Tradespeople are facing a perfect storm of rising costs from materials as well as economic changes placing undue pressure on small businesses all over the country.
“It’s never been more important to plan ahead, avoid unexpected pay-outs and spread the cost with vehicle service plans. Our all-in service packages allow customers to do just that, with peace of mind and no hidden costs.”
