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.
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Motoring