The scale of borrowing associated with car ownership is mind boggling. In 2022 “the amount people borrowed to acquire cars hit a new record (£41 billion, an increase of £4 billion compared to 2021)”
'Understanding car ownership' Evidence review and qualitative research covering how car ownership is changing and how people buy/part with cars. "The viability of alternatives to car use was seen to be an essential consideration when relinquishing a car..."
Reviews how car ownership is changing and looks at how people buy and part with cars.
I don’t think there is any asset you can buy that depreciates as fast as a car.
The industry has pulled a very clever trick... convincing people that they need a new car every three years! (I've only bought a new car once, 8 years ago, and am still running it).
Healthy reminder of just how far we have to go in making the transition to EVs from diesel/petrol cars.
I'm assuming this massive drain of wealth is in part why so many apparently economically comfortable people "can't afford" heat pumps or better insulation for their homes...
For me, it was just a massive relief to no longer have a car. No more broken wing mirrors and parking stress. No more responsibility for keeping the damn thing in good working order. Not driving anymore, or v rarely. But, yes, I have access to good public transport.
And most of those polluters
£41 billion? Imagine the outcry if the public purse was borrowing that for rail.
Great new research being highlighted on how cars bankrupt people as well as governments! In 2022, it was $40 billion that people in just in Oregon paid yearly to own & maintain cars. (This does not include cost of road maintenance.) We can't continue on this path. drive.google.com/file/d/1Rdhk...
