Cost of living crisis: Sharing is car-ing?
Published: 18 January, 2023
20% of car owners would be willing to sell their car as a result of the cost of living crisis and instead opt for hire cars when the need arises, according to a new survey.
The research, from NTT Data UK&I, found this figure rose to 31% when just looking at thee 16-29 age group. 7% of this cohort are currently planning to sell their car in favour of alternative options. The study also found that 15% of owners would be interested in doing paid car sharing to boost income, which became 29% when just considering 16-29-year olds. For those in their 30s it was 21%, and 20% for 40-somethings. More broadly, 48% of those surveyed intend to keep their current car for longer before replacing it, with 26% preferring second-hand for their next purchase.
Commenting on the findings, NTT DATA UK&I VP and Head of Automotive Dominic Rowles said: “The sharing economy has been a bit of an outlier in automotive ownership, and therefore it’s no surprise that the cost-of-living crisis is the trigger needed to give this momentum. The leading volume OEMs have already recognised that mobility and subscription models will play a large role in the future of automotive, but whether they are designing solutions that are tailored to the more youthful consumer is debatable.”
- Cost of living crisis: Motorists to skip servicing?
32% of drivers are either likely or very likely to delay or entirely skip having their vehicle serviced in the next 12 months as a result of to the cost of living crisis, with 11% looking to do work themselves, a new study has found
The survey, performed by BookMyGarage.com also indicated that 64% of UK motorists are to some degree concerned that their car may need work over the next few months which they will not be able afford. The survey found that a 21% of those surveyed will be looking to use cheaper replacement parts, and a further 16% hold off on repairs until a problem became critical.
- Motorists accelerate towards EVs
Motorists accelerate towards EVs
67% of motorists are looking to switch from petrol and diesel cars to EVs, according to a new survey, and they will not be looking to keep an internal combustion engine car on standby either.
- New cars sales up in September as EV total hits one million
New car went up again in September, with registrations rising 4.6% to, 225,269 , according to the latest figures from the SMMT. While sales were 9,957 up on last year, the month saw sales still lagging 34.4% below pre-pandemic levels.
The month also saw the second highest ever monthly volume of battery electric vehicle (BEV) registrations in history, up 16.5% to 38,116 units, although plug-in hybrid vehicle (PHEV) sales dropped 11.5% to 12,281, Despite this, overall plug-in vehicles made up around one in five new cars sold in September. In total, 249,575 have now been sold during 2022, a quarter of the one million plug-in EVs on the road in total across the UK.
Hybrid electric vehicle (HEV) sales went up 16.5% to 29,088, while petrol car sales were up 4.3% to 126,873. Meanwhile, diesels went down 14.5% to 18,911.Commenting on the figures, SMMT Chief Executive Mike Hawes said, “September has seen Britain’s millionth electric car reach the road – an important milestone in the shift to zero emission mobility. Battery electric vehicles make up but a small fraction of cars on the road, so we need to ensure every lever is pulled to encourage motorists to make the shift if our green goals are to be met.The overall market remains weak, however, as supply chain issues continue to constrain model availability. Whilst the industry is working hard to address these issues, the long-term recovery of the market also depends on robust consumer confidence and economic stability.”
- “Between a rock and a hard place:” ZEV mandate still in place despite 2030 ICE roll-back
The ZEV mandate, which requires that a proportion of new cars being sold are electric, with carmakers fined if they fail to achieve their quota, will still be enforced from January despite the 2030 internal combustion engine car sale ban having being rolled back to 2035, the government has confirmed.
- Motor sector reacts to potential 2030 ICE deadline pushback by PM
Suggestions that Prime Minister Rishi Sunak could be set to push back on UK net zero commitments, including delaying the ban on the sale of new diesel and petrol cars has met a mixed reaction from the automotive industry.
The move is one of a number of measures that may be announced, and would see the date at which new internal combustion engine car sales would end being rolled back from 2030 to 2035.
