Survey shows young drivers increasingly prefer subscription models to car ownership
Tue 26 March 2024
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A survey of 1,500 people finds that more than a quarter of 18-34 year-olds are interested in subscription models in preference to car ownership. The Deloitte's Global Automotive Consumer Study found that interest in subscription models is significantly higher in the younger age group.
Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte, said: “Vehicle subscriptions appeal to younger consumers because they provide flexibility and choice. They offer the advantages of having your own personal vehicle without the disadvantages of ownership.
“Subscriptions also create a sustainable business model for used cars – increasing vehicle usage and giving consumers the choice to pause their membership when they don’t need their car.”
“For consumers, convenience, cost, and flexibility continue to be the most important characteristics when making decisions on their vehicles.”
The survey also found that cost remains a barrier to potential buyers of battery electric electric vehicles (BEVs). Nearly three quarters of consumers (71%) said they expect to spend less than £30,000 for a new or used vehicle. However, more than half of those surveyed (57%) said that the most significant impact on their decision to purchase a BEV is lower fuel costs.
Image: Courtesy Zimbl
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