Turo’s 2024 Car Ownership Index Reveals Millenials Are Less Likely to Buy or Lease a Vehicle

Turo has released its 2024 Car Ownership Index, an annual report of key findings of Canadian habits regarding car ownership and usage.

In partnership with Leger, Turo’s 2024 Car Ownership Index reveals several interesting stats, many of which surround millennials as the generation was core to the survey. Last year, it was reported that the top reason Canadians did not own a car was due to the inability of not being able to drive. This year, however, more than 56 percent of young millennials surveyed said they are less likely to buy or lease a vehicle this year due to recent inflation rates. This statistic has risen significantly when compared to last year’s 46 percent across all ages.

However, 40 percent of Canadians surveyed shared that they are still interested in owning or leasing a vehicle in the future. 55 percent of Canadians in the 25-34 age range feel this way, despite rising inflation costs.

Regarding costs, Turo’s 2024 Car Ownership Index claims that the estimated annual cost of car ownership for Canadians now sits at $5,025. However, this figure is slightly higher for young millennials as the annual cost is reported to be $6,176. Breaking it down further, car ownership in Ontario is the highest in the country with estimated annual costs at $5,384. In Atlantic Canada, Canadians estimate that 16 percent of their annual income goes towards car-related expenses.

Finally, turning our attention to electric vehicles (EVs), 53 percent of surveyed Canadians claim they plan to purchase a hybrid or EV the next time they purchase a car. Turo’s 2024 Car Ownership Index shows that 81 percent of surveyed Canadians have never driven an EV before. Amongst the reasons why Canadians may not adopt an EV, 29 percent cite purchasing costs as a factor. As for the reason why surveyed Canadians wish to adopt an EV, 40 percent wish to save on gas.

Turo’s report also states that 85 percent of Canadians surveyed claim that whole they either own or lease a vehicle, their car sits idle for 95 percent of the year.

In 2024, 56 percent of Canadians surveyed are planning vacations. Of those surveyed, 40 percent claim that they are driving to their destination.