Ownership and possession no longer equate to happiness or ‘good’, with experiences and values becoming increasingly important, Ford has said.

In its ‘Looking Further with Ford’ 2017 trend report, the manufacturer also found that an abundance of choice led to what Ford called a ‘sampling society’ in which consumers prioritised trying over buying.

The findings by Ford seem to reinforce the general trend of a shift from ownership to usership models, both in motor finance and other industries.

Ford said: “Globally, consumers are finding more joy in less, and taking advantage of access-over-ownership service models.

“An abundance of choice in the marketplace is impacting attitudes towards commitment.”

Earlier this year, Ford announced it would develop a ride sharing scheme consisting of a fleet of autonomous vehicles by the year 2021.

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Also contributing to decreasing willingness to commit was the development of truth and transparency as a key value when searching for a car.

Increasing mistrust led consumers to reassess their choices, with two thirds stating that it has never been harder to find fact-based information.

Ford added: “Establishing relationships built on trust has never been more daunting – making trust the most precious of assets.”