Practically two-thirds (59%) of younger drivers (18–34 yr olds) are contemplating versatile automotive possession fashions, based on new analysis from Churchill Skilled.

This represents a stark distinction to the 15% of drivers aged 55 and above and the nationwide common of 33% – a major shift in automotive possession preferences throughout completely different generations.

Versatile possession fashions embrace conventional and short-term leases, Private Contract Buy (PCP), Private Contract Rent (PCH), worker wage sacrifice schemes and automotive subscriptions, in comparison with conventional strategies like outright possession and Rent Buy (HP).

The analysis additionally uncovers a disparity in present automotive possession fashions between age teams.

Solely half (53%) of younger drivers personal their vehicles outright, in comparison with a major 82% amongst these aged 55 and above.

The findings additionally make clear the function of wage sacrifice schemes in driving the transition to versatile possession.

Over half (56%) of younger drivers mentioned that wage sacrifice schemes with their employers would make them extra more likely to swap to versatile possession fashions.

This stands in distinction to the nationwide common of one-third (31%) and one-in-ten (11%) over 55-year-olds.

Younger drivers would additionally think about subscriptions to various automobile varieties, along with vehicles.

Greater than half (54%) of 18-34 year-olds expressed their openness to exploring subscription to various automobile choices, in distinction to a mere 6% of these aged 55 and above and the nationwide common of 25%.

The breakdown of other automobile preferences amongst younger drivers was: 17% expressed curiosity in motorbikes (7% nationwide common), 15% for bicycles (9% nationwide common), 15% for mopeds (6%) and 16% for vans (8% nationwide common).

Nicola Richmond, head of Churchill Skilled Versatile Fleet Partnerships, mentioned: “Our analysis exhibits that younger drivers are on the forefront of embracing versatile possession fashions, reflecting their evolving wants and priorities.

“Over the previous few years, we’ve got seen a shift in possession developments throughout a number of product areas, from TV and music streaming providers to cellphones.

“The demand for versatile possession and the willingness to discover various automobile varieties exhibits the panorama of automotive possession can be altering.”

Breakdown of present automotive possession fashions – Churchill Skilled, 2023: