Did you know that 9% of motorists aged between 45 and 54 believe that they no longer need a car according to a new study from automotive data experts, HPI. According to the research, this age group cited no longer needing a car as one of the main reasons for selling a vehicle.
The data also reveals that 39% of motorists aged 18-24 years sell their car because they’ve grown bored of it and want something more exciting to replace it. As for the oldies aged 65+, only 13% confessed to ever being bored with their car.
Further, 59% of young people (18-24 years old) cited mechanical problems and things going wrong as the main reason for selling compared with just a third of those aged between 25-54. A further fifth (20%) of young motorists also said that expensive running costs were another reason to sell their car.
Around three quarters (72%) of 45-54-year-olds act out their mid-life crisis fantasies and sell up in favor of owning a newer and better car.
Of all the age ranges surveyed during the study, it’s 18-24-year-olds who are most concerned with keeping track of the value of their cars with nearly double (39%) of younger car owners keeping an eye on residual values of their vehicles compared with just 18% of those aged 65 and older. Less than a quarter (23%) are interested in the value of their car.
HPI has previously looked at predictions and trends in the motoring industry which are likely to impact car ownership in the future, including:
- In 10 years we will move from car ownership to ‘usership’ with traditional dealers offering leasing and subscription services
- Internet will be standard in all vehicles in the next 5-10 years meaning connectivity to mobiles, work and home appliances will be commonplace
- Cars will be fully connected and synchronised resulting in a significant reduction in road traffic accidents
- Virtual co-pilots will control more of our driving enabling automatic lane changes and parking.
- The next 10-20 years will see autonomous cars completely changing travel with motorists able to work, socialise and even sleep when driving
- Within 10 years there’ll be more focus on the interior rather than the exterior of the car with touch screens, entertainment, refreshments and comfort all incorporated within the design.
- The next five years will see motorists increasingly buying personalised cars online with virtual test drives and home delivery.
Fernando Garcia, consumer director at HPI, said, “Our analysis reveals some interesting insights into what prompts motorists to sell their cars ranging from boredom to expensive running costs and for some owners, no longer actually needing one.
“There has been a staggering amount of change in the motor industry and how people buy and sell cars, but this is nothing compared to how things will evolve as technology advances and attitudes to car ownership change. We are already seeing cars increasingly being upgraded every few years like mobile phones, and this frequency is likely to increase further. Within 10 years we predict software upgrades will allow access to additional specifications on vehicles and strong partnerships with technology companies will drive vehicle brand presence,” Garcia summed up.