Some experts believe that in 20 years time car ownership will be a rarity, with most people choosing to rideshare. Millennials have embraced the idea fully and there may be a variety of reasons for this. Over 90% of the older generation own their own car, whereas only just under 80% of Millennials do.
Firstly, Millennials are living in a time where wages are stagnant and jobs aren’t as abundant as they were for previous generations. So, not only are they struggling to get on the property ladder, but they don’t love the idea of owning a car. Cars come with a slew of responsibilities – in addition to car payments, there’s tune-ups, insurance, gas, and engine lights to worry about. The weight of car ownership isn’t an attractive one when there are viable options like ridesharing.
It isn’t just cars they’re sharing, though, in some circles Millennials are chipping in to rent private jets to take them on business trips and vacations. Times truly have changed and the concept of ridesharing is a broad one.
The Many Ridesharing Options
While Uber (and Lyft) are probably the two most recognized brands when it comes to ridesharing they are certainly not the only companies in the industry. Companies like this have revolutionized the industry with services partnering up with drivers and the company receiving a percentage of the fare. That’s not the only setup, though. There’s Zipcar, which will allow consumers to borrow a car from somewhere for a set period of time (usually a short-term loan). Jetty helps users fly privately and Getaround is essentially a service that allows renters to rent from private car owners.
Zipcar has been running since 2000, so their idea is clearly efficient because they still stand today and the concept of ridesharing is growing. These services haven’t just disrupted the traditional cab industry, they’re coming for car sales, too. Though, there will be many Millennials who are keen to own a car so they can sign up for these services.
Once upon a time, people were happy to head out for the night and get in their car and drive home, putting themselves and everyone else on the road at risk. Ridesharing is saving lives by providing revelers with a safe way to get home. In fact, Millennials who do use ridesharing say that 70% of their rides revolve around nights out.
The Environmental Factor
Let’s not overlook the other big why here, though. Sure, convenience is a driving factor, a dislike of the responsibilities that come with car ownership is another, but the need to be socially conscious is another driving factor. Ridesharing helps reduce their own footprint thus helping the environment. In days gone by carpooling was everything to do with convenience and saving money on gas, rather than with the aim to save the environment. Now, it’s both. It’s likely that in the future any cars that Millennials do purchase while likely be fully electric or hybrid vehicles, car ownership can still be done in good social conscience.