A U.K. company says consumers change their car more often than they change their mattresses.
CAP HPI, a supplier of technology-driven data solutions to the automotive market, says the length of time motorists own a car has plummeted in recent years, creating a world where consumers likely change their car more often than they change their mobile phone or their bedding.
Experts advise mattresses should be changed every seven or eight years to ensure a healthy night’s sleep, although they say in reality many consumers don’t stick to this guideline.
After a lifespan of seven years a mattress will have seen an average adult losing 9.6 oz. (29.6 ml) of fluid each night and shedding 16 oz. (454g) of dead skin cells each year.
The average U.K. mobile phone contract lasts between 18-24 months.
CAP HPI data shows some automakers now see average returns of vehicles in 24 months, and notes evidence of a growing number of 18-month leases in the market.
CAP HPI retail and consumer specialist Philip Nothard says automakers are managing volumes in the used-car market by varying contract lengths by model and remarketing channels.
“It’s the same model as the mobile-phone industry where people are comfortable paying a monthly fee – only they are now doing this with their vehicles as well as their mobiles,” he says in a statement.
The growth of personal-contract-purchases and other finance options is having a profound effect on the motor industry, Nothard says.
“We now are now seeing consumers changing their motor vehicles more often than household objects such as bedding and their mobile devices,” he says.
“Personal contract hire is also on the increase, as consumers increasingly look toward usership rather than ownership. CAP HPI estimates about 80% of new-car sales are on finance.
“Not so long ago it was fairly common for motorists to have their cars for a minimum of five years or longer, but that has now changed dramatically and dropped to just two years for millions of motorists,” Nothard says.
“After buying a house, the car was usually the biggest outlay for most consumers but now they are far more likely to change their car more often than their mattress.”
