One in five motorists do not care about taking complete ownership of their car, according to a new study of 1,000 motorists conducted by BuyaCar.co.uk.
According to the study, while the majority of drivers do prefer to own a car, more than 50 per cent of middle-aged drivers between their mid-40s to mid-50s say they are more comfortable not owning their car than they were five years ago. Older buyers were also found to be most likely to sign up for short term pay monthly deals and then walk away from the contract at the end of the finance term.
BuyaCar.co.uk suggests the research highlights that the older age group are most likely to regularly change their car for a newer model with the latest technology and features, while younger people are more likely to remain with their current vehicle.
Car dealers should take this information into account when altering their stock and services, offering a greater number of finance deals when targeting older drivers and more used cars for the younger market. Of course, regularly changing stock and services does require car dealers to keep on top of their insurance cover, but regular updates to a motor trade insurance policy could be key to keeping their finances and legal cover in place.
According to AM Online, the study also revealed that almost five out of six younger drivers believe their owning their car outright is better than sharing or relinquishing ownership with a dealership, despite growing up in a generation that’s generally more reliant on renting rather than owning products and services.
Commenting on the results of the study, BuyaCar.co.uk, managing director Austin Collins said: “This is one of the biggest changes we have ever seen in the car market, but it makes perfect sense because consumers are always looking for the best experience with the minimum of hassle.”
He said: “Of course, ownership is still important to a majority of drivers but the trend certainly seems to be toward seeing a car as a service, just like many other aspects of our day-to-day lives.”