Do Gen Z still give a honk about owning a car?

Gen Z, the pragmatic, financially frugal, and climate-concerned generation, are finally reaching the age where they can purchase cars.

But do they want to?

A new study by Carsales.com found that 43% of young Aussies don’t really care about car ownership. In fact, many of them believe that accessibility to cars is more important, especially when they have a diverse set of transportation options available to them. This means using rideshare like Uber, carshare like Turo , public transport or borrowing a family member’s car.

But not caring doesn't mean Gen Z is anti-car ownership. More than half of them look forward to owning a car in the far future.

“For Australian Gen Zs, driving remains a cultural symbol of freedom and independence,” says the study.

Unfortunately, 64% of young Australians don’t think they can own a car, and 32% fear the debt that may come with ownership. Especially when 66% of Aussies are keen on buying an electric vehicle (which tends to be more expensive) to help offset their carbon footprint and help combat the climate crisis.

How difficult is it to buy a car in Australia?

Buying a car in Australia isn’t difficult, but the critical problem many young people are experiencing is that there are just not enough cars available.

During the pandemic, vehicle manufacturers experienced a component and labour shortage and have not recovered since. While the car supply market is expected to normalise to pre-pandemic levels, it’s going to take some time.

Notably, due to the lack of new cars available in Australia and long wait times, we've seen second-hand car sales spike in prices due to high demand. But this isn’t stopping the younger generation from saving money to complete what they call  “an essential milestone of adulthood.”

If you want to own a car in 2023, check out the Mozo People’s Choice Award Winners for best car brands. Or if you have a brand in mind start comparing car loans below.