According to research carried out by automotive experts HPI, consumers change their cars more often than their mobile phones.
Data shows that some manufacturers see cars returned on average every 18 months while people change their phone every 24 to 36 months.
The revelation comes as September’s new ’67’ numberplates come into effect.
Used car specialist for HPI James Dower said: “We are continuing to see the iphone of the automotive industry as consumers increasingly pay to drive rather than pay to own their cars.
“It’s the same model as the mobile phone industry where people are comfortable paying a monthly fee – only they are now doing this with cars as well as their mobile phones.”
With the introduction of finance deals from as little as £99 per month, cars are no longer such a huge outlay of income. More than 80 per cent of new cars are financed rather than purchased outright.
Dower went on to say: “After buying a house, the car was traditionally the biggest outlay for most consumers, but now they are far more likely to change their car more often than their technology products or some regular household objects.
“The car is still a status symbol and getting a new one allows people to show off to a degree.
“Changing cars with such regularity was almost unheard of just 10 years ago. Previously it was fairly common for motorists to have their vehicles for a minimum of five years or longer but that has now changed dramatically and dropped to just two years for millions of drivers.”
September 7, 2017