Latest news with #carownership
Fast Company
3 days ago
- Automotive
- Fast Company
The household auto fleet is a money pit
There's a financial crisis hiding in plain sight: the American household vehicle fleet. Families are hemorrhaging money through car payments, insurance, fuel, maintenance, depreciation, parking, and registration. In many cases, this adds up to more than a family's annual savings—or the cost of sending a child to college every four years. Car ownership is nearly universal in the U.S., with 92% of households owning at least one vehicle. About 37% own two cars, and 22% own three or more. In 2023, the average annual cost to own and operate a new vehicle climbed to $12,182. For households with two cars, that's nearly $25,000 per year—a recurring expense that too often escapes scrutiny. Now consider how those vehicles are used. In 2021, more than half of all daily trips in the U.S. were under three miles. Nearly 30% were less than one mile. We're paying a fortune to go nowhere. The rise of remote and hybrid work has amplified the mismatch between cost and use. As of 2023, more than a third of U.S. employees worked remotely full time, with another 41% following hybrid work models. Pew Research Center reported that almost half of remote workers would look for a new job if their employer took this option off the table. Cars are parked roughly 95% of the time, depreciating as they collect pollen and bird droppings. And yet they demand monthly payments, insurance, fuel, and maintenance. The long-distance commute has been the primary reason for every working member of the family needing their own vehicle, but our travel habits have changed. What if owning fewer cars was a sign of more success? A growing number of families are experimenting with a car-lite lifestyle—ditching the second or third car and rediscovering local travel through bikes, transit, or walking. They're not doing it to make a statement. They're doing it to make ends meet—and to take back their time. At the center of this quiet shift: the e-bike. Part appliance and part liberation machine, e-bikes are redefining what a 'vehicle' can be. School drop-offs, grocery runs, commutes, and social visits—trips once assumed to require a car—are increasingly accomplished with battery-assisted pedaling. Terrain and distance fade as barriers. In 2022, more than 1.1 million e-bikes were sold in the U.S., nearly quadruple the number from 2019. E-bikes now account for over 20% of total bicycle sales in the U.S., and they represented 63% of revenue growth in the bike industry between 2019 and 2023. Bikes have become robust enough to handle everything from kid pickups to bulk grocery runs, and more cities are creating rebate programs to accelerate adoption. Replacing a car with an e-bike can save a household $120,000 over a decade—enough to wipe out debt, fund a college account, or boost retirement savings. And as infrastructure improves with more protected lanes, slower streets, and secure parking, the e-bike can graduate from practical to preferable. What if you spent less on movement and more on meaning? What if streets worked as well for bikes as they do for cars? What if getting around town felt like a lifestyle upgrade? For too long, success was measured by how many vehicles fit in your driveway. But those cars aren't status symbols—they're financial sinkholes. Remember, more than half of America's car trips are under a few miles. If you're going broke to go nowhere, the journey needs a new map.
Yahoo
23-05-2025
- Automotive
- Yahoo
Cheapest cars to drive in 2025: Analysis finds surprising picks, discontinued models — under $30K
Buying and maintaining a vehicle can be incredibly expensive. According to CNBC, a new car could cost you close to $50,000 in 2025. So, how do drivers get the most value out of their vehicle purchases? One way to save money on car ownership is by getting a car that's cheap to drive. Vehicles with high gas mileage and track records of reliability can save you big bucks at the pump and the mechanic shop. an automotive research company, searched for the most affordable vehicles to drive based on average annual miles and new car price. The results may surprise some car buyers. Mitsubishi Mirage (average new price: $18,281) Kia Rio (average new price: $18,553) Chevrolet Spark (average new price: $16,982) Nissan Versa (average new price: $19,250) Mitsubishi Mirage G4 (average new price: $19,355) Kia Soul (average new price: $22,197) Toyota Corolla (average new price: $23,349) Chevrolet Malibu (average new price: $28,637) Hyundai Accent (average new price: $18,720) Nissan Sentra (average new price: $23,045) While several of the models listed are from Japanese automakers like Nissan, Toyota, and Mitsubishi, Japanese-made cars don't entirely dominate the list. There are also South Korean and American models included, like the Kia Rio and Chevrolet Spark. One similarity between all vehicles listed is that they are all either subcompact cars, subcompact SUVs, or sedans. So, size and fuel efficiency play a role in the overall cost of ownership. The methodology for this study included analyzing odometer readings from over one million three-year-old cars. The models listed are the cheapest cars to drive based on average annual mileage and new car prices. So, the starting MSRP's of vehicles are a factor in their placing on the list, but not the only determining factor. If you own the Mitsubishi Mirage, Kia Rio, or Chevrolet Spark, you're in luck because these small cars have officially been discontinued. That's right, some of the cheapest cars to drive (according to iSeeCars) are no longer for sale as new models. You can still find pre-owned Mitsubishi Mirage, Kia Rio, and Chevrolet Spark models at used car dealers, CarMax, or Carvana. Among those in the list, the Nissan Versa is the first still available for sale as a new vehicle. Nissan's subcompact car starts at $17,190, ($18,330 with automatic transmission) and is available in three trims: the S, SV, and SR. The final configuration of the 2025 Nissan Versa SR remains more affordable than the average new car, starting at $21,190. The 2025 Nissan Versa SR uses a 1.6-liter four-cylinder engine to produce 122 horsepower and 114 pound-feet of torque. It achieves 32 miles per gallon in the city and 40 miles per gallon on the highway, which is excellent fuel efficiency. The Versa nameplate remains affordable to buy as a new vehicle. The average new car price may be close to $50K in 2025, but that doesn't mean you need to pay $50,000 for a new car. In fact, there are several new cars on the market with starting prices under $40,000 that provide significant value for the money. The 2025 Nissan Versa ($17,190), 2025 Nissan Sentra ($21,590), and 2025 Hyundai Ioniq 6 ($37,850) are listed as 2025 'Best Value Winners' by a leading online automotive marketplace. also recognizes several SUVs with strong value propositions as well like the 2025 Ford Escape ($29,150) and 2025 Kia Sorento ($31,990). Finding the right new car to buy can be a harrowing task. This list of cheapest cars to own can help you make an informed purchasing decision backed by research. This article originally appeared on USA TODAY: Cheapest cars to drive in 2025: Analysis finds surprising picks under 30K Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
16-05-2025
- Automotive
- The Sun
Millions of cars could disappear from UK roads forever & become EXTINCT as 12.7m Brits forced to make ‘conscious choice'
MILLIONS of cars could disappear from UK roads as a 'keyless generation' move away from car ownership. Research from experts at Tempcover has shown that as many as 32% of Gen Z (1997-2012) now don't own a car. 3 3 This number is expected to rise with high vehicle ownership costs forcing potentially millions of cars to leave the UK's roads. What was once seen as a rite of passage into adulthood is increasingly being viewed as an unnecessary expense. By comparison only 24% of millennials and just 22% of baby boomers do not own cars. It's thought that the 'keyless generation' is a result of the expense associated with owning a car. Repairs, maintenance, insurance, running costs and road tax pile up making it hard for cash strapped youngsters to afford their own vehicle. Claire Wills-McKissick, a temporary car insurance expert at Tempcover said: "Attitudes toward driving and travel are shifting, with financial pressures affecting people of all ages. "While some find car ownership increasingly out of reach, others are consciously choosing to opt out. "Fortunately, temporary car insurance offers a flexible alternative, letting people borrow a car and enjoy the freedom of driving on a need-to-go basis, without the long-term costs or commitments of car ownership." According to research more than half (63%) of Gen Z value the technological features of a car more than its visual appeal. The average first time car purchase price now sits at around £4,000 compared to just £800 in the mid-90s. Only 7% of younger drivers currently drive an electric vehicle (EV) but 28% have indicated a desire to buy an EV. A third of these have said they would consider buying an EV because they believe it is better for the environment. 31% said they would buy an EV because of the cost of ownership savings. 3 It is expected to become more common for youngsters to not own a car as they move towards cheaper or greener alternatives. The so called 'keyless generation' is expected to increase in size as time goes on. Tempcover experts have said that the supposed "right of passage" into adulthood is becoming increasingly out of reach for Gen Z. When youngsters do buy cars, research suggests they expect a 'Click-and-Mortar' experience. Gen Z wants to begin their purchase online before completing it on site. Despite being internet obsessed Gen Z still appears to want the experience of a test driver before committing to purchasing a vehicle.
Independent Singapore
12-05-2025
- Automotive
- Independent Singapore
Singaporean man asks if not having a car is a ‘dealbreaker' for women — local women respond: ‘No, it's not'
SINGAPORE: A man took to the r/askSingapore forum on Sunday (May 11) to ask local women whether not having a car is a 'dealbreaker' when it comes to dating. In his post, he shared that this thought came to him after noticing a pattern in his surroundings. He explained that whenever he took public transport, he rarely saw couples commuting together. However, when he walked around the streets, he often saw couples out and about. This observation led him to reflect on his own circle of friends. 'It kinda occurred to me: all the guy friends I know who are attached drive cars. Out of all my guy friends who are attached, I think like 90% of them have a car to drive (usually their parents', which also indicates they're pretty wealthy),' he said. This prompted him to wonder if being able to drive, or at least having a driver's licence, is a quiet but important factor for women in Singapore when choosing someone to date or potentially marry. 'The 5Cs is a common joke on SG materialism, but I think the C for car is by far the most significant since the other Cs are either too common (credit card, cash) or too rare or not as relevant (condo, country club),' he wrote. 'A car is also the most practical since the guy can practically be a chauffeur for the girl. It also gives a golden opportunity for guys to pick up girls they like since they can always offer their female friends a ride home. Imagine, on the other hand, if you didn't drive a car. The only way to 'coincidentally' spend alone time with the girl you like is to pray hope she stays near your home so the two of you would be taking the same MRT/bus route home,' he added. 'Take things with a pinch of salt.' The post quickly gained traction on the platform, with many Singaporean women chiming in to say that having a car isn't a big deal when it comes to choosing a partner. One woman wrote that the 'thought never even crossed her mind'. Another shared that owning a car (or having a parent who owns one) isn't something she looks for in a partner. She felt that in Singapore, a car is more of a 'liability' than an asset, and the money could be better spent elsewhere. Given the country's efficient public transport and the ease of booking a Grab, she didn't see much need for a private vehicle. A third added that 'no, it's not a dealbreaker' at all. In her opinion, it's better to own property than a car, since cars depreciate in value over time. 'Aiyah, don't need to believe what you see – some car owners take out heavy loans to drive around. And they're knee-deep in debt and loans and all,' she said. 'You really don't know who's really wealthy or if it's just a facade. Take things with a pinch of salt.' That said, a handful of men also joined the thread, echoing the author's sentiments. They shared that they've met women who do prefer guys with cars, so while it's not true for everyone, the expectation is out there for some. One said, 'If I had a $1 for every lady that asked me on Bumble if I drive… I'd be a zillionaire.' Another added, 'There are some that do, some that don't, but it's ultimately up to you to choose.' In other news, a young Singaporean confessed on social media that her parents have warned they'll 'disown her' if she doesn't secure a spot at a top overseas university. In a heartfelt post on the subreddit r/SGExams, the student explained that her parents, who are Singaporean-Chinese and have studied abroad themselves, are 'obsessed with prestige' and have drawn a hard line when it comes to university choices. 'Going to NUS/NTU/SMU isn't an option for my parents. They've told me that anything short of Oxford or Cambridge, or at least a top 20 university in the USA, isn't acceptable,' she said. Read more: Singaporean student says parents will 'disown her' if she doesn't get into a top overseas university Featured image by Depositphotos (for illustration purposes only)
Free Malaysia Today
08-05-2025
- Automotive
- Free Malaysia Today
Reality check: the true cost of owning a car
What's the real price of owning a car? Are you ready for the responsibility? PETALING JAYA : Been eyeing that dream car? Much like having a baby, owning a car is a big responsibility. It's not just about driving one, it's also about taking care of it – and that requires money and time. So, if you're thinking of buying a car, it's best to prepare yourself before taking on the financial commitment. Ask yourself: 'What's better for me, new or pre-owned? What can I afford to buy and maintain? What's the real cost of owning a car?' First, what to choose – new or pre-owned? All the pros and cons to consider when deciding on your next car. Cars are expensive in Malaysia, and a survey by CARSOME shows that Malaysians – especially middle and lower-income groups, prefer buying a used vehicle as opposed to a new one. So, consider these seven key points: price and depreciation; safety and insurance; waiting time; maintenance costs; warranty; down payment; and range of choices. Let's take a B-segment sedan/hatchback of average price and examine its loan repayment based on the following: a chosen loan tenure; insurance, maintenance costs, fuel cost, and other factors. Excludes loan repayment beyond five years. Does not include depreciation (resale value impact). Above estimated figures (based on common assumptions for a non-national B-segment car priced around RM90,000) provide a general idea of cost of ownership over a five-year period. Actual running costs may vary depending on the vehicle model, loan terms, maintenance habits, driving style, and fuel price fluctuations. New cars depreciate in value very fast but they function well, require less maintenance, and last longer than pre-owned cars. Used cars, however, are much more affordable, you may not even require a loan, and probably save you money in the long run. Then there's the question of availability. Do you want your car immediately, or are you willing to wait for your new one, and for how long? CARSOME's co-founder and chief executive officer (CEO) Eric Cheng expects a short- to medium-term shortage of new car supplies or delays in new car deliveries due to the global shortage of car parts coupled with disruptions to car assembly and manufacturing plants locally. 'As such, the used car industry is in a good position for growth as there is no waiting time for car delivery,' he said. CARSOME's research also found that the popularity of online used car selling platforms has increased. 'With the rising cost of ownership many buyers are shifting towards fuel-efficient and reliable second-hand vehicles,' Cheng added. So, what about costs? Used cars may be more affordable than new cars, but how reliable are they? In this case, CARSOME-certified cars offer a good middle ground between price and quality, with great benefits like excellent warranty plans and thorough inspections, assuring high standards. 'Our end-to-end buying journey takes away the concerns which are common in a traditional used car buying experience. CARSOME Certified is the new standard for buying pre-owned cars backed up by our 175-point inspection together with our CARSOME Certified Refurbishment Process,' says CARSOME. CARSOME offers long-term savings with special bundle service packages. Why choose CARSOME-certified cars? Apart from the guarantee of quality, and the hassle-free process of choosing and buying the car that meets your budget and needs, CARSOME also offers other benefits such as bundle service packages, deals and special promotions that give you long-term savings. They also offer exceptional facilities and support; from obtaining car insurance to comprehensive finance options – helping you to secure a loan. Their processes are easy to navigate and stress-free as they handle all the paperwork for you too. CARSOME also offers a five-day money-back guarantee and fixed pricing with no hidden fees, so you have that rather important added benefit – peace of mind. Now that you've weighed the options, considered the pros and cons, and made up your mind to choose a CARSOME-certified pre-owned car, visit CARSOME now.
