Almost one in 10 (9%) of motorists aged between 45 and 54 believe that they no longer need a car according to a new study from automotive data experts, HPI.
The research showed this age group cited no longer needing a car as one of the main reasons for selling a vehicle. The data also reveals that over a third (39%) of 18-24-year-old drivers sell their car because they’ve grown bored of it and want something more exciting to replace it. Only 13% of those aged 65+ confessed to ever being bored with their car.
59% of young people aged 18-24 cited mechanical problems and things going wrong as the main reason for selling up compared with just a third of those aged between 25-54. A further fifth (20%) of young motorists also said that expensive running costs were another reason to sell their car.
Almost three quarters (72%) of 45-54-year-olds act out their mid-life crisis fantasies and sell up in favour of owning a newer and better car.
Of all the age ranges surveyed during the study, it’s 18-24-year-olds who are most concerned with keeping track of the value of their cars with nearly double (39%) of younger car owners keeping an eye on residual values of their vehicles compared with just 18% of those aged 65 and older. Less than a quarter (23%) are interested in the value of their car.
HPI has previously looked at predictions and trends in the motoring industry which are likely to impact car ownership in the future, including:
“There has been a staggering amount of change in the motor industry and how people buy and sell cars, but this is nothing compared to how things will evolve as technology advances and attitudes to car ownership change. We are already seeing cars increasingly being upgraded every few years like mobile phones, and this frequency is likely to increase further. Within 10 years we predict software upgrades will allow access to additional specifications on vehicles and strong partnerships with technology companies will drive vehicle brand presence.”
HPI launched the first vehicle check in 1938. More than 80 years on and millions of car buyers have been protected from fraud. It has improved the data on more than 35 million live vehicles, representing more than 97% of vehicles on the road. No other check keeps its vehicle history data as up-to-date as HPI.