Unlike other countries that have far better public transport and city designs, the United States' poor layout and lackluster public transportation system practically force people to own a vehicle. While some people are against car ownership and believe they can get around without owning a vehicle, there are other factors to consider when thinking about purchasing a car. According to Wards Auto, owning a vehicle can improve job performance and make essential tasks less challenging.
The outlet, citing a new study that was conducted by Open Lending, claims that owning a vehicle can affect one’s earning potential, provide more flexibility, and result in less hardship. Open Lending conducted a study where it asked 597 car owners and 750 non-car owners with their responses being used as an analysis of barriers to car ownership.
Three major findings of the study include professional toll, ownership impacts, and a discrepancy in equitable opportunities. Most non-car owners that took part in the study said that owning a car would improve their job performance, with 64% of that group stating they felt like having access to a vehicle would result in increased earning potential. It’s not just a feeling, as 55% of non-car owners stated that they had to turn down a promotion or a better job because they didn’t own a vehicle.
Respondents also noted a variety of personal and professional inconveniences and hardships that come with not owning a vehicle. Roughly 60% of non-car owners stated that not owning a vehicle made essential tasks and errands more challenging. Additionally, not having a vehicle makes it harder to spend time with friends and family, as 48% of non-car owners attested to as much.
Lastly, when asked to explain how owning a vehicle would change their lives, respondents pointed toward flexibility, independence, and financial gains. These three aspects are considered to be life-changing benefits of car ownership.
Overall, the study found that owning a car is worth it for reasons a lot of car owners may not think about. But there are a few factors that stop people from owning a vehicle. Affordability is one of the major issues. Regardless of annual earnings, 50% of millennials and 52% of Gen Zers stated that they couldn’t afford a car. The car-buying process isn’t easy, either, as just 11% of respondents stated that they perceived the car-buying process as “extremely transparent.”
Source: Wards Auto
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