Car Ownership Essential for Young People Despite Increasing Challenges

Car Ownership Essential for Young People Despite Increasing Challenges

Despite industry concerns, car ownership remains crucial for young people, according to the latest analysis from Auto Trader. The study indicates that 90% of 17-24-year-olds consider owning a car important, with more than two-thirds intending to use their car as much or more than the previous year. However, rising used car costs, driving test backlogs, and increased insurance premiums present significant barriers.
A survey of over 2,000 young individuals revealed that 90% value car ownership, primarily for transportation (70%) and independence (67%). Additionally, 54% enjoy driving for its own sake. The unreliability of the UK’s public transport, exacerbated by ongoing train strikes, also drives the demand for personal vehicles, with 50% citing this as a major factor.
The automotive industry’s outlook remains positive as 70% of surveyed young people report that owning a car has become more important over the last 12 months, compared to 31% of drivers over 45. Furthermore, 43% of young people claim to use their cars more now than a year ago, significantly higher than the 12% of older drivers.
Young drivers face growing challenges in car ownership. The DVLA forecasts a substantial backlog in driving tests, with a projected gap of over 1,100,000 by the end of 2025. Even after passing their test, many young people struggle with the affordability of cars. The COVID-19 pandemic’s impact on new car production has led to a significant reduction in affordable stock. Insurance costs have also surged, with premiums for 18-year-olds increasing by 84% and for 17-year-olds by 98% over the past year.

Categories: Motoring