- Three-quarters of buyers like the idea of financially owning their cars
- 80% said they favoured having exclusive access to their own car
- A third of buyers would consider a monthly car subscription service
30 July 2019 Despite the rise of schemes facilitating car “usership”, most buyers still want to financially own their vehicle, according to Motors.co.uk’s latest Consumer Insight Panel survey.
The research, which polled the views of over 1,000 car buyers, found over three-quarters (75.8%) said they like to financially own their car. While 80.4% said they favoured having exclusive access to their own car.
However, with car manufacturers, dealers and leasing providers rolling out flexible mobility services based on “usership” rather than ownership, the survey found over a third (34.6%) of buyers expressing an interest in car subscription services.
Response to car-sharing schemes was slightly less positive, with just over a quarter (28.8%) saying they would consider sharing a car with a friend if it meant reducing their monthly motoring costs, dropping to 19.4% that would consider sharing with a stranger, even if it reduced monthly motoring costs by 30%.
“Our consumer research shows that when it comes to cars, ongoing, exclusive access to a vehicle of their own is a priority for the majority and whilst Personal Contract Purchase and Personal Contract Hire are not technically outright ownership, they provide people with the reassurance of exclusivity and status,” said Dermot Kelleher, Motors.co.uk’s head of marketing and business intelligence.
“However, nothing is forever and with a new generation of buyers used to paying subscriptions for entertainment services, we can also see some evidence of younger cohorts, and those in London in particular, being more open to these new models.”
The survey, conducted by Insight Advantage, the independent research agency, polled the views of 1,006 new and used car buyers in May. The full findings will be published in the second Motors.co.uk Consumer Insight Panel – Summer 2019.