Cars increasingly expensive, rental continues to grow: the market numbers

Since 2013, buying a new car has become almost a luxury for many Italians. The numbers decree it overwhelmingly: in ten years the average price of a car has skyrocketed from 19,000 to 30,000 euros, equal to a net +52%. And in the meantime? Family salaries have risen, yes, but only by 29%. In short, the numbers don't add up: cars are racing, wallets are struggling. A gap that didn't exist before 2020: prices and salaries were almost in step, with increases between 12% and 14%. Then came the shock: pandemic, chip crisis, war, inflation. Result? The car, from a mass good, is transforming into a good for the few.

Postponement or waiver

This is confirmed by the latest survey by Aniasa (the Confindustria association that follows rental and mobility) together with Bain & Company. Eight out of ten Italians do not give up their car to get around every day, however they increasingly do so with old or rental cars . Although it remains an indispensable good, buying a new one is a somersault put off by many. Almost two out of three Italians have given up or postponed the purchase: 32% hope for a drop in prices , 33% just can't afford it financially. In a context in which even changing models to go green or with assisted driving becomes complicated. 35% of buyers today are looking at Chinese or Asian brands , often more affordable.

Another piece of data captures the situation well: the share of those who do not even consider buying a first-hand car has gone from 57% in 2023 to 62% in 2024. In short, more than half of Italians prefer to get by with the one they already have or fall back on used cars. It is no coincidence that our fleet is one of the oldest in Europe .

The way of rental

In the meantime, however, an escape route is gaining points: rental . According to Aniasa numbers, in the first five months of 2024 , long-term rental grew by 7.56%, reaching almost 200 thousand cars, while short-term car rental rose by 3.45%. Overall, from January to May, 275,000 cars were rented, equal to over a third of total registrations.

“The rising costs of cars , as this research shows, are making this good less and less accessible to large groups of consumers, who prefer to keep their car while waiting for better times or to evaluate alternative formulas, more economically sustainable,” explained Alberto Viano, president of Aniasa. “Today, renting is confirmed, even for private individuals, as a tool for democratizing the car, which makes it possible, through a more accessible monthly fee, to use a latest-generation car, with low emissions and equipped with the most advanced safety systems. Today, there are over 170,000 private individuals (with and without VAT numbers) who have chosen to forgo purchasing a car in order to rely on renting.”

Same point of view from Gianluca Di Loreto, partner at Bain & Company: “This year's data confirms that the car remains central to the daily mobility of Italians, but also that the market is undergoing a profound transformation. The increase in costs and economic uncertainty are redefining consumer priorities: it is not the interest in private mobility that is decreasing, but the real possibility of accessing a new car. This strengthens a new normality made of vehicles kept for longer, attention to price and openness to non-traditional solutions, such as used or rental. It is essential that the sector knows how to respond to these needs in a flexible way” . In short, the car does not go out of fashion. But the desire to change it does, at least until price lists stop running faster than wallets. And in the meantime, rental is gaining ground.