High costs are barring younger Canadians from affording their own vehicles, Turo’s 2024 ‘Car Ownership Index’ details.
The statistic applies to more than half of young millennials (between the ages of 25 and 34) surveyed for the study. Turo notes this figure is “significantly higher” compared to the averages in other age groups. It’s also higher than the figure in Turo’s 2023 report.
The study further shows that of the young millennials with vehicles at the time of the survey, 17 percent plan to stop owning or leasing them in the future. More than half of this group cites financial reasons for the decision. The estimated annual cost of car ownership for this group surpasses $6,100.
Younger people are making up the deficit in another area: car-sharing. Of the young people surveyed, 21 percent have used a related sharing service over the past 18 months, compared to nine percent of all Canadian respondents.
Financial considerations also impact the way Canadians are looking at electric vehicle (EV) ownership. Of the respondents who don’t plan on buying or leasing an EV, 29 percent cite the high costs of acquiring the vehicle as their reason.
Outside of the financial aspect, the study notes the lack of experience Canadians have with EVs also remains a barrier.
Market research firm Leger collected the data for Turo Canada between December 11th and 18th, 2023. A total of 1,500 Canadians answered questions through an online survey.
Image credit: Shutterstock
Source: Turbo
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