A UK consumers study has found that some consumers are now changing their car more frequently than they change their mobile phone. The study carried out by automotive data analysts CAP HPI refers to the ‘iPhonification’ of the car industry and says it is a trend that is set to gather pace.

The report says that that some car manufacturers are now seeing vehicles returned in an average of two years and there is increasing evidence of shorter 18-month leases growing in popularity. This compares to the average phone contract of 18-24 months.

Retail and consumer specialist at CAP HPI, Philip Nothard, commented, “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.”

Finance options such as PCP (personal contract purchase) and PCH (personal contract hire) are driving this change in consumer thinking, with CAP HPI estimating that about 80%  of new car sales in the UK are now on finance.