Elderly drivers could be planning to get rid of their cars and opt for a more flexible model to cater to their needs, according to new data.
With 2024 just weeks away, many drivers may be reconsidering their motoring habits, including how they use their car.
There has been a shift to other methods of using vehicles with many now choosing to lease a vehicle for a shorter period of time rather than buying a new car outright.
New data has found that all generations of motorists want to lease their next vehicle to benefit from lower costs and try a variety of cars.
Elderly drivers have to renew their licence every three years once they reach 70 years of age
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Around 92 per cent of those aged over 55 understand and are familiar with the concept of vehicle leasing, more than any other age group.
Almost four-in-10 motorists aged 35 years old and over are considering leasing, with 69 per cent of those between 18 and 24 years old seeing it as a viable option.
Many were also drawn into the idea thanks to the minimal maintenance costs of owning an electric vehicle compared to petrol and diesel cars.
Other factors include depreciating value, lower monthly payments and being able to access cars that would otherwise be unaffordable.
Rob Buckland, chief leasing officer at Gridserve, said: “It’s great to see the increasing popularity of car leasing amongst younger people, with many being drawn in by its benefits to the environment.
“Car leasing is a great way to provide people, especially young drivers, with cars such as electric vehicles that they may not be able to access otherwise.
“There’s never been a better time to take advantage of the benefits of leasing to go electric.”
Many older people who have been out of employment for a few years will still be able to lease a car, despite some thinking this is unachievable.
Given that the vast majority of people will have a pension, this would be considered as income by most major leasing companies as part of the financial analysis.
Elderly motorists will be required to make a number of other changes to ensure they can stay mobile including renewing their driving licence.
When a driver turns 70, they will need to renew their licence every three years, compared to every 10 years for younger age groups.
This is done to allow elderly drivers to continually let the Driver and Vehicle Licensing Agency (DVLA) know about any changes to their driving capabilities.
When applying, drivers will need to answer some medical questions to make sure they are safe behind the wheel.
Drivers are able to tell the DVLA of any changes to their driving ability through the GOV.UK website and inputting their personal details.
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Many see the sustainable benefits of electric vehicles as a major selling point
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The DVLA uses social media to remind elderly people of the changes they need to make once they reach an advanced age.