Do Gen Z still give a honk about owning a car?

By Maria Gil · · 2 min read
Fact Checked
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girl in car smiling

Gen Z, the pragmatic, financially frugal, and climate-concerned generation, are finally reaching the age where they can purchase cars. 

But do they want to?

A new study by Carsales.com found that 43% of young Aussies don’t really care about car ownership. In fact, many of them believe that accessibility to cars is more important, especially when they have a diverse set of transportation options available to them. This means using rideshare like Uber, carshare like Turo, public transport or borrowing a family member’s car.

But not caring doesn't mean Gen Z is anti-car ownership. More than half of them look forward to owning a car in the far future. 

“For Australian Gen Zs, driving remains a cultural symbol of freedom and independence,” says the study.

Unfortunately, 64% of young Australians don’t think they can own a car, and 32% fear the debt that may come with ownership. Especially when 66% of Aussies are keen on buying an electric vehicle (which tends to be more expensive) to help offset their carbon footprint and help combat the climate crisis.

How difficult is it to buy a car in Australia?

Buying a car in Australia isn’t difficult, but the critical problem many young people are experiencing is that there are just not enough cars available.

During the pandemic, vehicle manufacturers experienced a component and labour shortage and have not recovered since. While the car supply market is expected to normalise to pre-pandemic levels, it’s going to take some time.

Notably, due to the lack of new cars available in Australia and long wait times, we've seen second-hand car sales spike in prices due to high demand. But this isn’t stopping the younger generation from saving money to complete what they call  “an essential milestone of adulthood.”

If you want to own a car in 2023, check out the Mozo People’s Choice Award Winners for best car brands. Or if you have a brand in mind start comparing car loans below.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 car loans using the filters.
Last updated 7 January 2026 Important disclosures and comparison rate warning*

Car loan comparisons on Mozo

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    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
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    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

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    • up to 4 years old, Fixed, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    6.34 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
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    Interest rate from
    5.95 % p.a.
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    Comparison rate from
    5.95 % p.a.
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    Based on $30,000 over 5 years
    Monthly repayment
    $608
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    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

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    Interest rate from
    5.95 % p.a.
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    18.99 % p.a.
    Comparison rate from
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    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
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    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

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Showing 7 results from 91 car loans. Use the filters to see more

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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