Why extra younger adults are ditching the concept of shopping for a automotive
A new study has found that many young adults are not interested in buying a car, with some seeing it as an unnecessary financial burden
Young adults are ditching the idea of buying a car(Image: Getty Images)
A fresh study shows that young adults are placing travel, house deposits, and future investments ahead of the conventional goal of buying a car. A poll of 1,000 adults aged 18 to 29 found that many see cars as an unnecessary financial burden, with 27% stating they were ‘unlikely’ to purchase a vehicle within the next three years.
Meanwhile, 12% said a car felt like an unnecessary commitment, preferring to walk, borrow a vehicle, or use public transport rather than own one. Unsurprisingly, 47% viewed a car as a functional appliance, akin to a vacuum cleaner or lawnmower. A fifth (19%) preferred to spend their money on upgrading their phones, gaming setups, or other technology.
Buying a car is seen as an unnecessary expense(Image: Getty Images)
Some 27% said they would choose to spend the money on mental health days and self-care, while 23% preferred dining out and takeaways. What’s more, 11% preferred to spend their cash on daily specialty coffees and iced lattes rather than putting it towards a car.
The study, commissioned by short term insurance provider Tempcover, found 18% of those polled were convinced their generation was less interested in car ownership than previous ones were at their age.
Instead, 23% were more likely to treat cars like a streaming subscription, accessing a vehicle on-demand only when needed.
Tempcover’s car insurance expert Adam Craddock said: “For a generation that values flexibility, it seems having access to a car when they need one is proving far more appealing than owning one outright.”
Younger adults are happy to borrow a car from someone else if they need(Image: Getty Images)
It emerged 43% of those polled would be more comfortable relying on borrowing a car rather than owning one themselves.
When borrowing someone else’s vehicle, 55% believed it should be returned on time, while 43% stated that any damage should be reported immediately.
Meanwhile, 38% expected it to be returned with a full tank, and 41% thought cleaning it inside and out was a nice gesture.
Should they damage the car, 75% were worried about affecting the owner’s no-claims bonus.
Craddock added: “With car borrowing on the rise, drivers and owners are finding smart, informal ways to navigate shared mobility.
“Thoughtful gestures like topping up the tank or returning the car on time are great for keeping family and friends on side, but true confidence comes from knowing everyone is properly protected.
“Taking out standalone, fully comprehensive temporary cover, ensures the owner’s No Claims Bonus and main policy stay completely safe if the unexpected happens.
“It removes the risk and friction from borrowing, empowering young drivers to stay mobile on their own terms while giving vehicle owners greater peace of mind when lending their car.”
