With all the talk about the future of personal vehicle ownership and the way self-driving cars and ridesharing companies such as Uber and Lyft will change the auto industry, NADA wanted to get the facts. So it commissioned a large research project with consumer focus groups and a national survey. Here’s what the research found:
- Car owners have little, if any, interest in giving up their car keys.
Only 11 percent of car owners said they were interested in giving up their personal vehicles to move exclusively to an autonomous, ride-hailing service – even if the service was widely accessible, safer and more affordable than human-operated vehicles. That feeling cut across all demographics.
- Owners say cars are convenient to own.
Only l6.5 percent of car owners viewed car ownership as a hassle.
- Millennials aren’t much different.
Only 19 percent of millennials –adults in their 30s–said they would give up car ownership for exclusive ridesharing. And most of those were the younger, mostly urban and mostly single subset of the group. In fact, car buying is rising among millennials. Last year, the percentage of new-vehicle sales to consumers under age 35 was 19.3 percent vs. 16.6 percent 10 years earlier.
- People won’t trade time for money.
Half of the people surveyed said they would need to save at least $50 per day to compensate for an extra hour of waiting for ride-hailing services.
- Bottom line – people love their cars!
Fully 90 percent of car owners surveyed said that their car provides them the freedom and flexibility to go where they want, when they want. Respondents cited several reasons as benefits of vehicle ownerships: The ability to make multiple trips on an errand-run; take an impromptu trip to another city or state; drive unexpectedly to an emergency room; and have the ability to leave an event earlier or later than planned.Download Bulletin PDF