On October 11th, the Groupement des Assureurs automobiles du Québec (GAA), published the surprising results of a study regarding the popularity of vehicles and millennials.
Over the past five years, young drivers (16 to 24) seem to be favouring alternatives other than cars when using transportation. According to survey results, between 2011 and 2016, the number of insured vehicles in this age group declined from 219,000 to 188,000 among young men, and from 185,000 to 181,000 among young women.
“In total, we have witnessed a 14% decrease in the number of insured vehicles among young men and a 2% decrease among young women. This data is a clear indication of a change in mentality, as millennials don’t view vehicle ownership as a must have,” admitted GAA public affair spokesperson, Anne Morin.
Several factors may explain this disinterest for vehicle ownership: public transit offerings, car-sharing services Communauto and CarToGo, Bixi bike-sharing, environmental sustainability awareness and many others. It may very well be that these young men and women prefer to spend their money elsewhere.