Young Drivers Are Back!

Car Ownership Booming Among 17-24 Year Olds

Right, so you might remember that I made a couple of videos in the last few months about how the next generation, younger people, are not getting into motoring as much as our generation did. And I’ve been quite fair in saying that, considering the cost and everything involved in the process, it does make perfect sense. But hold on, because there’s some new evidence that’s just come to light, thanks to Auto Trader, that might make me rethink that stance. Either I jumped to that conclusion too quickly, or maybe things are changing.

Auto Trader’s latest consumer analysis reveals that car ownership not only remains vital to young people but the need to own a car among 17-24 year olds is actually increasing. This is great news! If you’ve seen my other videos, you’ll know how I’ve lamented the idea that people are falling out of love with cars. But it turns out, this younger generation might be just as passionate about driving as we were.

However, it’s not all smooth sailing. From a backlog in driving tests to the rising cost of motoring, young people are facing significant barriers to ownership. This makes the need for a more transparent, connected, and convenient car buying experience more important than ever.

“Car ownership among 17-24 year olds is on the rise – this is great news!”

In a study of over 2,000 young people, a whopping 90% said car ownership was important to them, citing the need to ‘get around’ (70%) and the independence (67%) it gave them as their primary reasons. But it’s not just about practicality. The UK has always been a nation of car lovers, and the younger generation is no exception. Over half (54%) want their own set of wheels for the pure enjoyment of driving.

The UK’s unreliable public transport network was also highlighted as a major factor. Of the 50% who cited it as a significant reason for wanting car ownership, 80% pointed specifically to the ongoing train strikes. No surprise there, right?

Now, here’s the kicker: 70% of those surveyed said having their own car has become even more important over the last 12 months. That’s more than double the percentage of drivers aged over 45 who felt the same. Young people also believe they’re driving more, with nearly four times the proportion (43%) claiming to use their car more today than they did a year ago compared to their older counterparts (12%).

But while demand is strong, young drivers face growing challenges. According to the DVLA, the already lengthy backlog for driving tests is only set to grow, with forecasts suggesting that by the end of 2025, the gap between demand for tests and the number available will be over 1,100,000. That’s staggering!

“Despite significant barriers, 90% of young people still see car ownership as crucial.”

Even once they’ve passed their test, many are priced out of the market. Auto Trader data shows a dearth of affordable cars due to the shortfall in new car production during COVID. Most of the 17-24s surveyed who had already bought a car paid less than £11,000, but the volume of stock in this price bracket has fallen by almost half since January 2016. Stock levels for cars under £5,000 have dropped by three quarters!

Rising insurance costs further compound the affordability issue. Premiums for 18-year-olds have increased 84% over the last 12 months, while the average 17-year-old has faced a hike of 98%. Insurance companies, sort this out, or you risk killing your own industry!

“Over half of young drivers want their own set of wheels for the pure enjoyment of driving.”

There’s an opportunity here for the industry to assist young drivers by removing traditional obstacles that disproportionately affect them. This includes improving transparency around finance and enabling young people to buy their first car in a more convenient and flexible way.

Auto Trader’s research shows younger drivers want to complete more of the car buying journey digitally. Over half have checked if a car advertised online is available, and 42% want to complete tasks online, such as paying a deposit to reserve a car.

“The desire for independence and freedom that a car offers is as strong for young people today as it has been for decades.”

Marc Palmer, Auto Trader’s Head of Strategy & Insight, says: “There’s been some recent suggestion that young people aren’t interested in having their own car anymore, but that simply isn’t the case. The desire for independence and freedom that a car offers is as strong, if not stronger, for young people today than it has been for decades. But what has changed is how difficult it is to get behind the wheel of their first car, which we as an industry need to respond to.”

So there you have it! Despite the challenges, young people are eager to get behind the wheel, and the car industry needs to adapt to meet their needs. This is fantastic news for car lovers and the industry alike. Let’s keep supporting the younger generation in their journey to car ownership!

---

Follow all my channels https://linktr.ee/browncarguy

Get my book! https://amzn.eu/d/adFimgB

If you enjoyed this review sponsor my content from as little as £3 at
https://ko-fi.com/browncarguy

Big Thanks to my Supporters!

CraftLab (https://www.CraftLab.my)
Collecting Motors (https://collectingmotors.com)
Design5IT
Tom Conway-Gordon (https://www.instagram.com/anycoloursolongasits_black/)
And others! 🙏🏽☺️