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.”

Related Articles


Sign Up

For the latest news and updates from Aftermarket Magazine.


©DFA Media Group
Terms and Conditions