Car Ownership will not disappear, parking lots will.

March 13, 2017

Last week I paid closer attention to Lyft’s CEO predictions for 2025. According to his audacious forecast, car ownership will disappear from the greater US cities by 2025. Allow me to add more to this discussion as they become more common. Car ownership will not disappear, it will deeply shift, as well as the world. Do you know what will disappear by 2025? Public parking lots. Let’s talk about the three reasons behind this conclusion:

  • Millennials want to spend money, but for the right reasons. As a millennial, I have always rejected all attempts of putting myself as part of an uncommitted generation that is not willing to buy durable goods. If that statement is true, I challenge Ellon Musk to disclose their model 3 – 400,000 consumer profile. You will be surprised by the notice that the majority of the consumers are millennials. The world has changed, the auto industry realized and started to move. Car ownership will not disappear, it will be transformed to coexist with a generation that will buy only smart products.
  • Autonomous cars will render a better traffic but they will not make car ownership disappear in less than 30 years. Let me explain: There is a clear trend that major players in the automotive industry as GM and Toyota, who have already invested in ride-hailing companies, to create hybrid models of car ownership connected to a larger ride-sharing network. So when you are sleeping, your car will generate their own income.
  • The future is: Own + Share: In a very near future, people will buy cars to use them at its maximum capacity. It is a simple concept. I use my car to commute and instead of leaving it parked all day at the company, I will press a button and make it available to be used by all available ride-sharing services, generating revenues for me. By the end of the day, my car comes back to take me home or go to take me to the supermarket. When I get home I share it again while I rest. Soon, having a car will mean own and share. I will have it while me and my family needs it and will share whenever we are not using it. The future is Own + Share.

So dear friends as millennials just want to buy a car in a smart way. Autonomous cars will be useful, but will not steal our power to decide when we go out, I that say the future will be Own + Share. Therefore, what will disappear by 2025 is the parking lot, because cars will no longer stand still!