Car owners switching cars at record pace

car owners now changing cars every 18 months!




car key hand over

It seems the days of buying a car and sticking with it for years are over, in 2017 we’re now swapping our cars at a breakneck speed!

It was found by hpi that today the length of time motorists keeps a car has declined rapidly, in the UK the average car ownership duration is now just 18 months!

In the day and age of smartphones, and their ridiculously short lifespan, is this really a surprise?

Related: Ride sharing services hurting car sales?

Interestingly, the results come on the same day as another study was released showing just how much people hate the car buying process.

If the data is correct people are sure getting a lot of practice!

The average mobile phone contract lasts 24 or 36 months meaning that some motorists may change their vehicle twice before they change their phone contract again.

James Dower, used car specialist at hpi, says he wasn’t surprised by the data.

“We are continuing to see the iphonification of the automotive industry as consumers increasingly pay to drive rather than pay to own their cars.

It’s the same model as the mobile phone industry where people are comfortable paying a monthly fee – only they are now doing this with cars as well as their mobile phones.”

James believes another reason people are chopping and changing their cars so regularly is due to flexible car finance options.

“Previously it was fairly common for motorists to have their vehicles for a minimum of five years or longer but that has now changed dramatically and dropped to just two years for millions of drivers.

“After buying a house, the car was traditionally the biggest outlay for most consumers, but now they are far more likely to change their car more often than their technology products or some regular household objects.

“The car is still a status symbol and getting a new one allows people to show off.”

Related: Thumbs up for Online Car Sales

How long have you had your current car? Are you above or below that 18-month average with your cars? Let us know all about your car ownership habits in the comments section below.




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