Some UK consumers have their car for less time than their mobile phone, according to new research.
A study by automotive data analysts CAP HPI revealed vehicles are leased for an average of two years, with many motorists opting for contracts running less than 18 months.
With the average mobile phone contract lasting 18 to 24 months, it shows drivers are becoming increasingly keen to ensure they have a vehicle that meets their ongoing needs.
Retail and consumer specialist at CAP HPI, Philip Nothard, said: “What we are seeing is the ‘iPhonification’ of the car industry as consumers increasingly pay to drive rather than pay to own their vehicles.
“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.”