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Insight of the Day: Younger drivers most likely to favour a subscription service for cars over ownership

The article highlights key findings from Deloitte's Global Automotive Consumer Study, focusing on consumer preferences and trends in the automotive industry. Here are some key points discussed in the research:

1. Younger consumers, particularly those in the 18-34 age group, show a greater interest in car subscription services over traditional ownership models. Flexibility, choice, and the advantages of having a vehicle without the burdens of ownership appeal to this demographic.

2. Affordability remains a top priority for consumers when considering their next vehicle. Many consumers expect to pay less than £400 a month for a subscription for their new or used vehicle.

3. There is a growing interest among consumers in purchasing insurance directly from manufacturers, with convenience and cost savings being the primary motivations for this choice.

4. While interest in battery electric vehicles (BEVs) is softening, factors such as lower fuel costs and driving range are crucial considerations for consumers. The price of BEVs remains a key barrier to adoption, with most consumers expecting to spend less than £30,000 on a new or used vehicle.

5. Concerns about the lack of public electric chargers and charging infrastructure remain significant barriers to the widespread adoption of electric vehicles. Greater accessibility to public charging points and more convenient payment mechanisms are needed to encourage consumers to switch to electric vehicles.

Overall, the study sheds light on shifting consumer preferences towards car subscription services, as well as the challenges and opportunities in the adoption of electric vehicles in the automotive industry.

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