How Boomers and Millennials are Shaping the Future of Car Ownership

car ownership

One of the biggest questions of the future falls upon the popularity of private car ownership, which has been at the heart of North American society for generations. We are now seeing this trend regressing more and more as the shared mobility sector grows. We recently read this article which sheds light upon demographic shifts shaping the future of car ownership.

Boomers are Heading to the Cities

The generation that is so accustomed to private car ownership, which accounted for two-thirds of the car sales in the United States in 2011, is now heading to the cities instead of more often thought of retirement communities. This is resulting in the likelihood of a decrease in car ownership from this auto-loving generation, and an increase in their contribution to the sharing economy as a whole.

For boomers who do choose to keep their personal cars when they relocate to the city, ride-hailing services like Uber offer a valuable source of income that can supplement retirement savings. A 2015 Uber study found that nearly a quarter of its drivers were older than 50. 

It is projected that a good portion of boomers who are moving into urban centres will get rid of their personal vehicles altogether, though, since it’s becoming more convenient to not have a car.

“Car ownership is viewed more as a hassle than an entitlement.” – Paul Eisenstein, publisher of The Detroit Bureau

Where the tech involved in car sharing and ride-hailing may be seen to deter boomers from using the services, studies prove otherwise. A recent Zipcar study supports his view: 69% of urban boomers surveyed said mobile apps make their lives easier, and 81% were users of Facebook.

Millennials are Far Less Interested in Car Ownership

With so many other options available, personal car ownership has not appealed nearly as much to Millennials as it did to their parents.

“They’re living in cities more frequently than their parents,” Sam Abuelsamid, a senior research analyst at Navigant Research, says, adding that millennials have “a more flexible lifestyle enabled by technology” and “don’t have the need or the desire to own a car, even though they increasingly have the financial ability.” 

Having a much more ambivalent relationship with cars and personal car ownership than the generation before, Millennials are more likely to live in urban centres and rely on shared mobility and public transportation services than any other generation.

Simply put: the closer any generation is living to urban city centres, the less a convenience a personal car becomes. With so many other options available, increased traffic, and a lack of parking, owning a personal vehicle becomes more of a hassle the closer you live to your urban centre.

Read the full article here.

Are you interested in learning more about the future of car ownership? Contact us here to find out more.

Related Reading

EmpowerWISM 2022: Meet the 19 Applicants!

The EmpowerWISM panel of judges have begun the very hard task of choosing the top 5 finalists and winner from this years amazing group of applicants! In case you our new to the EmpoweWISM Pitch, here is a recap:

Our Empower Women in Shared Mobility Pitch is a program dedicated to encouraging and empowering women-led companies within the shared mobility industry. The winning mobility venture (as voted for by our panel of expert judges) will receive a 12 month mentoring package from movmi, a start-up booth at Autonomy Paris and return flights to Paris provided by INVERS.

e received 19 applications in total and wanted to share with you an overview of the entrants. Keep reading to find out the focus areas of each company, where they are located in the world and the women majority of each company!

Read More »
multimodal mobility Brazil

Global Mobility – Brazil: Mode Choice & Travel Behaviour

with native industry experts to give you an up-to-date look at what’s happening on the ground in each country. This month, we are back in Brazil with our partner Humberto Maciel, Founder of OPTAI. In episode two, the panel of experts take a look at how the pandemic affected travel behaviour and mode choice and the challenges public transportation authorities faced in Latin America.

Read More »

movmi’s 12 Top Moments of 2021

As 2021 draws to an end, as a team, we decided to take a look back over the last 12 months at everything we accomplished as a company. In this blog post we will be sharing our top moments of the year, including;

– The projects we’ve worked on
– The people we spoke to and collaborated with
– Our favourite movmi campaigns and initiatives

Read More »

EmpowerWISM 2022: Partners & Prizes

We have partnered with some truly exceptional companies to bring our EmpowerWISM Pitch to life this year including. They have supported us by promoting the Empower Women in Shared Mobility Pitch and by offering a few amazing prizes for the winner! Keep reading to find out what those prizes are.

Read More »

E-Learning Course “Shared Mobility 101”  AVAILABLE NOW!