UK auto research group HPI has published the results of a new survey into why owners buy and sell cars. By Paul Fisher.
Good news for OEMs is HPI data that reveal 39% of 18-24 olds sell their car because they’re bored, and want something more exciting. In changing times, OEMs need to attract such young buyers into new car ownership. Not so good is the one in 10 of motorists aged between 45 and 54 think they no longer need a car.
Those older than 65 were much more likely to be satisfied with their existing car, although this may be due to reduced economic circumstances. The mid life crisis buy is alive and well. Almost three quarters (72%) of 45-54-year-olds act out their middle age fantasies and sell up in favour of owning a newer and better car.
Despite some findings, HPI predicts that car owners will upgrade their vehicles more often in future, and technology will enable this.
“Our analysis reveals interesting insights into what prompts motorists to sell their cars,” said Fernando Garcia, consumer director, HPI. “There has been huge change in the motor industry, but this is nothing compared to how things will evolve as technology advances and attitudes to car ownership change.
“We are already seeing cars 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 holds data on more than 35 million UK vehicles, representing more than 97% of vehicles on the road.