posted on March 26, 2025
In November 2024, Turo partnered with The Harris Poll to survey 2,011 US adults about their thoughts on car ownership. The results of the survey, presented below, offer an in-depth look at the state of car ownership and the future of mobility in the US.
The rising cost of car ownership
Owning a car in the US is becoming increasingly expensive, with 60% of car owner survey respondents reporting that their costs have risen over the past four years. The largest monthly expenses include car loan payments, insurance, and fuel/charging costs. Electric vehicle (EV) owners face the steepest costs, spending an average of $1,124 per month, compared to $561 for gas-powered vehicle owners.
For survey respondents identifying as Millennials, car payments represent a significant financial strain, averaging $244 per month — higher than Gen X ($191), Gen Z ($170), and Boomers ($109). Additionally, almost half (47%) of survey respondents who are car owners have spent over $1,000 on vehicle repairs, further adding to the financial pressure. With eight in 10 responding car owners believing costs will continue to rise, many find these expenses are preventing them from saving for a home (56%) or paying off debt (42%).
Impending tariffs are also poised to increase new and used car prices, which will further increase insurance rates. And reciprocal tariffs could drive up imported car parts and the cost of repairs, creating a ripple effect that can hit American pocketbooks hard.
Shifting attitudes toward car ownership alternatives
Despite the long-standing American tradition of car ownership, rising costs are driving a shift in consumer mindsets. Nearly half (48%) of Americans who responded to the survey are open to alternatives such as car sharing or subscription-based models, with over half (57%) expressing interest in access to a car without committing to long-term ownership.
For many, financial relief is a key motivator — 42% of respondents believe that not owning a car would significantly reduce their financial stress, and 27% would consider giving up car ownership altogether if viable alternatives were available. This shift aligns with the growing popularity of peer-to-peer (P2P) car sharing platforms, where over half (58%) of Americans surveyed say renting from a local rather than a traditional car rental agency adds value to their travel experience.
These data points suggest that Americans are redefining what it means to have access to a car. Rising costs and evolving consumer preferences are driving a shift from traditional ownership to more flexible, on-demand solutions. At Turo, we’re seeing firsthand how peer-to-peer car sharing empowers people with more flexibility, making mobility more accessible than ever before.
The future of car access — Flexibility over ownership
Younger generations are shifting away from traditional car ownership, opting for more flexible mobility solutions. In 2025, 58% of Gen Z and 56% of Millennials surveyed say they will likely consider alternatives to purchasing or leasing a car. This trend is fueled by rising costs and changing attitudes — 62% of surveyed Americans believe car ownership will become unaffordable for future generations, prompting greater interest in flexible access models like long-term rentals and car sharing subscriptions.
As affordability concerns grow, especially in light of increasing costs due to looming tariffs, alternative mobility solutions are becoming increasingly attractive. More than half (57%) of car owners surveyed express interest in accessing a vehicle for extended periods without committing to long-term ownership, while nearly three-quarters (71%) of Americans surveyed find renting a car essential when public transportation is limited. These shifts signal a changing transportation landscape where convenience, affordability, and access take priority over ownership.
Electric vehicles — A costly investment or the future of mobility?
While some states are moving forward with EV mandates and consumers are increasingly interested in transitioning from gas to electric, affordability remains a major hurdle.
High upfront costs remain the primary barrier to EV adoption. 81% of surveyed Americans cite the initial cost of an EV as their main reason for hesitation, but 56% say they would be more likely to choose an EV if it cost the same as a gas-powered car.
Despite these concerns, EV ownership satisfaction remains high. An overwhelming 90% of current EV owners surveyed say they would choose an electric vehicle again, pointing to long-term cost savings as a key factor. Recent tariffs have also increased gas prices, making electric vehicles increasingly appealing.
As interest in EVs grows, many consumers are turning to rentals as a “try before you buy” opportunity.
More than half (52%) of Americans surveyed are interested in short-term EV rentals before making a purchasing decision, and 51% of non-EV owners are open to extended EV rentals (6 months to a year) before committing to ownership. Additionally, 49% say they would be more inclined to choose an EV if it came with exclusive perks like priority parking, toll exemptions, or express lanes.
The future of car ownership is changing
The American car ownership landscape is shifting, influenced by rising costs, evolving consumer attitudes, and growing interest in alternative mobility solutions. While many still view car ownership as essential, financial pressures and emerging options — such as car sharing, rentals, and electric vehicles — are reshaping how people think about access to transportation.
Flexibility is becoming a priority. With 42% of car owners surveyed believing that giving up ownership would significantly reduce their financial stress, more consumers are exploring alternatives that provide convenience without long-term financial commitment.
As prices continue to escalate, affordability concerns grow, and next-gen mobility solutions gain traction, the coming years will determine whether Americans will continue to prioritize ownership or embrace a future where access takes precedence over possession.
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Albert Mangahas
Albert is the Chief Data Officer at Turo. As a self-proclaimed data nerd, he loves helping others take action from data insights. When he’s not crunching numbers, you can find him on the road in his minivan shuttling his kids to soccer, baseball, and martial arts practice.
