Turo’s Car Ownership Index study conducted by Leger.
Fifty-six per cent of millennials aged 25-34 said they are less likely to purchase or lease a vehicle this year due to inflation rates, according to Turo’s third annual Car Ownership Index study.
That number is higher than the average 46 per cent across all age groups, and is lower than the 39 per cent across all age groups from the previous year. Turo is a car-sharing marketplace found in Canada, the United States, the United Kingdom, France and Australia.
“As the cost of living continues to rise, Canadians are reconsidering the traditional car ownership model, which can place a high financial burden on the owner,” said Cedric Mathieu, Senior Vice President and Head of Turo Canada, in a statement. He also noted that young millennials are more inclined to end ownership than any other age group.
The study found that 17 per cent of millennials plan to stop owning or leasing their car in the future — a figure that dips to 12 per cent across all age groups. As for those surveyed who either own or lease a vehicle but do not plan to do so in the future, 52 per cent cited financial reasons. That figure, according to Turo, is higher than the 42 per cent average across all age groups.
As for the Canadian respondents who do not own or lease a vehicle, 37 per cent cited their top reason as ‘having a car is too expensive’ — an increase from last year’s 32 per cent.
The study was conducted by Leger for Turo in Canada from Dec. 11-18, 2023, and included 1,500 English and/or French speaking Canadians aged 25 years or older. The full report, which looks at the broader picture beyond just young millennials, is available here.
