COVID Swings Pendulum Back to Traditional Vehicle Ownership for Now, According to Cox Automotive Study

Vehicle ownership (buy/lease) is more important than ever, according to the Cox Automotive 2021 Evolution of Mobility Study. This is a dramatic shift from Cox Automotive’s research in 2018, which signaled that consumer acceptance of alternative shared mobility solutions would begin to supplement traditional vehicle ownership if costs and accessibility of ride-hailing, car-sharing and subscription services were comparable. While ownership will continue to reign for now, consumers still plan to use different transportation methods as their secondary mode of getting from Point A to Point B. Moreover, a post-pandemic bounce-back is expected according to the study, with consumers surveyed still eager to embrace alternative ownership in the future.