These past few years, we’ve observed major changes in vehicle ownership significantly impacting the future of the automotive industry. From vehicle ownership to car-sharing applications, our use of vehicles is completely changing. Let’s go through some of the major reasons for these changes and how they are shaping mobility trends.
Rising costs
The average new car price is above $48k, making it difficult for buyers of all ages to invest in a new vehicle. There are multiple reasons for this high cost.
The COVID-19 pandemic has pushed people away from public transportation solutions like the bus or the subway, generating higher demands. In parallel, the industry has been facing microchip shortages. This means fewer vehicles get produced, resulting in low inventories. When demand is higher than the offer, prices rise.
But the high purchase cost, be it new or used, is not the only financial aspect pushing back vehicle ownership. With the global economic context, the cost…
