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 […]
To own or not to own? Generation share have the answer
One in four Brits believe the era of ownership is coming to an end – ushering in ‘generation rent’, a study by peer-to-peer car-sharing marketplace Turo has revealed.
With the cost of living skyrocketing across the country, a poll of 2,000 UK adults found that more than 40 per cent now believe they’ll never own their own home, and under half (49 per cent) own their own cars outright.
A huge three in five adults revealed they believe in the benefits of renting over purchasing outright, with one in three preferring to do so as it allows them to access items that would otherwise be out of reach.
As the sharing economy continues to gain popularity, a tenth of adults believe sharing feels more ‘modern’, with one in four enjoying the flexibility in pricing that it offers over paying a lump sum when purchasing an item.
Despite 36 per cent of adults believing they would miss the sense of ownership they feel when buying items outright, a fifth believe there is less pressure and responsibility when renting, but one in three Brits feel they are expected to own their own home outright.
Xavier Collins, Director of Turo UK, commented: “We’re living in a post-ownership society. From the homes we stay in to the cars we drive, the sharing economy is dominating more and more corners of our lives. Brits are feeling empowered to own less, and those who do own assets are becoming more entrepreneurial with them, accelerating the UK’s sharing culture.”
Eight in ten drivers believe the need to own a car has fallen in the last five years. Currently, 34 per cent operate their car through hire purchase, personal contract purchase, a personal hire lease or similar, and two in five believing owning a vehicle outright isn’t a ‘necessity’ where they live.
Three in 10 would consider letting their home – or rooms within – out on a peer-to-peer service such as Airbnb to help make some money, and 17 per cent would be willing to do the same for their car, allowing people to loan it from them to make extra cash.
“At Turo we’re seeing thousands of new drivers joining our marketplace every month, and ten times as many people are booking cars through the app since we launched in the UK last September. Flexibility, greater choice, variety and convenience are a big draw for those booking trips” said Collins.
Through the app, car owners with cars sitting idle in garages can top-up their bank balance, earning on average £130 per trip and £517 a month. Putting this into perspective, if a host shares their car five days a month, they can earn approximately £7,800 a year; enough to cover typical repayments, road tax and insurance.
Collins added: “We’re setting out to put the world’s one billion cars to better use, and with 31.3 million in the UK alone, there is a real opportunity for the sharing economy to build a smarter future, so it’s promising it’s on the rise.”
To list your car or rent one through Turo, simply download the Turo app or visit www.turo.com