May 10th, 2024, Janice Fernandes
Earlier this year, car subscription company Finn secured a $110 million in funding to transition their fleet to electric vehicles. This move signals a growing confidence in the car subscription model, but are US consumers ready to embrace it and can car subscriptions truly disrupt the traditional car ownership landscape?
We conducted a survey among US car owners to measure satisfaction with their cars and gauge interest in car subscription services.
The survey reveals that a significant portion (82%) of car owners are content with the status quo. Nearly half (49%) report being very satisfied with their current car ownership situation, and an additional 34% are somewhat satisfied.
However, car ownership isn't without its frustrations. The survey indicates that the financial burden of car maintenance and insurance are the top pain points of owning a car. Roughly half of all car owners (51%) cite maintenance and repair costs as a source of frustration, along with insurance costs (51%). Additionally, a quarter (25%) find the depreciation of their vehicle a major annoyance.
Commitment to a single car for an extended period seems less of a concern, with only 9% expressing frustration on this front. Similarly, keeping up with the latest car features appears to be a minor issue for most (7%).
So how aware are American car owners about car subscription services?
Around three in five (60%) US car owners have never heard of car subscriptions. This highlights a need for increased awareness about this alternative model to car ownership.
But when posed with a situation of a car subscription service that offers a variety of vehicles, all-inclusive insurance, maintenance, and flexible commitment terms, 33% of American car owners express interest in giving up their current vehicle and trying such a service. This indicates a potential market for car subscriptions, but also the need to address consumer concerns and raise awareness.
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Methodology: YouGov polled 700 US adults on May 3, 2024. The survey was carried out through YouGov Surveys: Self-serve. Data is weighted by age, gender, political affiliation, education level and region. Learn more about YouGov Surveys: Self-serve.
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