Convertible rides available through Turo for as little as £35 a day There’s a certain romance and thrill that comes with dropping the top of a car and driving with the wind in your hair. This summer, having the freedom of channeling your inner Grace Kelly or James Bond is no longer limited to just […]
Goldmine in your Garage – Brits unleashing the value of their idle cars
The nation is wasting thousands of pounds each year by leaving their prized motors in the garage and paying for a vehicle they rarely drive, a study by peer-to-peer car-sharing marketplace Turo revealed.
A poll of 2,000 motorists in the UK found the average driver spends 456 hours behind the wheel each year and just under nine hours per week. For the remaining 8,304 hours, cars are sitting idle.
The average Brit’s car is worth more than £14,000 and costs a further £1,118 each year in servicing, MOTs and other upkeep.
A quarter of Brits don’t drive their car every day, and on average, Britons leave their car totally unused for three days each week.
The research was conducted by peer-to-peer car-sharing marketplace Turo, whose spokesperson and Director of UK Xavier Collins, said:
“Many of us are happy to spend a small fortune on our cars, it’s often one of the biggest investments we make. Yet, despite all this, we never truly release their full potential. I think we’re starting to see a trend in consumer behaviour as they look to the sharing economy to provide them access to the resources they require, but don’t own. Turo democratises car ownership, offering anyone the opportunity to hire out their own car or rent someone else’s.”
“For the vast majority of adults, their car sits unused for most of its life. All the time it is unused, it could be earning money and repaying that investment.”
Four in ten Brits have gone two weeks or longer without using their car, most often when they’ve taken a holiday, with one in three admitting to feeling as if their car is sitting there wasting money when it’s not being driven.
Despite admitting their cars are often left idle, two thirds of respondents feel they wouldn’t be able to get by without their motor.
A tenth of the nation has also let the tax, MOT or insurance lapse on their car, wasting the revenue opportunity they could have by renting out their vehicle.
Although Britons feel like they’re wasting money, half of the population won’t allow anyone else to drive their pride and joy because of insurance.
“We are motoring enthusiasts and love our cars too, so we understand owners concerns about sharing out their prized motors. We set up comprehensive insurance cover that gives each host the security and peace of mind to put their car on Turo.
Cars have, for too long, been our most depreciating investment but that doesn’t have to be the case anymore. The average host on Turo can earn more than £500 a month. We are used to earning back from our houses when they are not occupied, so why not do the same with our cars? After all, they are free for more of the time and can earn you more.”
As well as seeing cars as an investment, more than a quarter of the nation believe that their vehicle has a unique personality, with four in 10 describing their car as ‘playful’ and ‘confident’.
The study also found majority of Brits identify their cars as female, and generally christen their car with a name after just three weeks. The most popular names given to cars in the UK are Betty, Betsy, Fifi, Millie and Freddie.
Turo is hoping more Brits will realise the inherent value in their four wheels and offer their Betty’s, Betsy’s and Fifi’s to others and start reaping the financial rewards, with the average host earning over £500 a month.
For more information on Turo’s Airbnb for cars service visit www.turo.com.