MILLIONS of cars could disappear from UK roads as a ‘keyless generation’ move away from car ownership.
Research from experts at Tempcover has shown that as many as 32% of Gen Z (1997-2012) now don’t own a car.
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This number is expected to rise with high vehicle ownership costs forcing potentially millions of cars to leave the UK’s roads.
What was once seen as a rite of passage into adulthood is increasingly being viewed as an unnecessary expense.
By comparison only 24% of millennials and just 22% of baby boomers do not own cars.
It’s thought that the ‘keyless generation’ is a result of the expense associated with owning a car.
Repairs, maintenance, insurance, running costs and road tax pile up making it hard for cash strapped youngsters to afford their own vehicle.
Claire Wills-McKissick, a temporary car insurance expert at Tempcover said: “Attitudes toward driving and travel are shifting, with financial pressures affecting people of all ages.
“While some find car ownership increasingly out of reach, others are consciously choosing to opt out.
“Fortunately, temporary car insurance offers a flexible alternative, letting people borrow a car and enjoy the freedom of driving on a need-to-go basis, without the long-term costs or commitments of car ownership.”
According to research more than half (63%) of Gen Z value the technological features of a car more than its visual appeal.
The average first time car purchase price now sits at around £4,000 compared to just £800 in the mid-90s.
Only 7% of younger drivers currently drive an electric vehicle (EV) but 28% have indicated a desire to buy an EV.
A third of these have said they would consider buying an EV because they believe it is better for the environment.
31% said they would buy an EV because of the cost of ownership savings.
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It is expected to become more common for youngsters to not own a car as they move towards cheaper or greener alternatives.
The so called ‘keyless generation’ is expected to increase in size as time goes on.
Tempcover experts have said that the supposed “right of passage” into adulthood is becoming increasingly out of reach for Gen Z.
When youngsters do buy cars, research suggests they expect a ‘Click-and-Mortar’ experience.
Gen Z wants to begin their purchase online before completing it on site.
Despite being internet obsessed Gen Z still appears to want the experience of a test driver before committing to purchasing a vehicle.
