CarBuyersNoteBook

As far as car ownership is concerned, consumers barely pay attention the frequency at which they own a car. This will vary and normally age and financial capacity to own one comes into mind. Thanks to studies shared by Tescocompare.com, we find some glaring facts such as the average age of owning a car at 24 and others averaging 9 cars owned in their lifetime.

Calculations by Tescocompare.com, the financial search engine, have revealed drivers own an average of 9 cars each during a lifetime – and of those 9 cars, the first two will be purchased before we’re 24, with this figure rising to six cars by the time we reach 40. However, not everyone conforms to this trend with one in five (19%) motorists across the UK displaying extreme car ownership trends. 1 million drivers own 20 or more cars over their driving career, whereas for 5.5 million drivers, 1 car throughout their driving lifetime is simply enough.

Additional Facts:

• Half (50%) of car owners say unreliability is a key factor and would lead them to change their vehicle if this became an issue
• A desire for something better (26%), or coming into money (26%) are the second most popular triggers to changing cars
• Older drivers seem more content with what they’ve got with only 22% of over 55yrs saying they’d change cars ‘if they see something better’, compared to more than double (47%) the amount of 18-24yr olds
• Whilst changing a car simply as a matter of course (18%), because of servicing costs (22%) or for family reasons (16%) impact on car ownership trends, only a small number of drivers (14%) are influenced by a car’s ‘green’ credentials

(Source) Press