British citizens are increasingly living a 'pay-as-you-go' lifestyle new research has shown as more people are choosing to hire rather than buy across an increasing range of products and services including holiday lets and cars.
A new report from Zipcar reveals the extent of this new trend, with the younger generations leading this paradigm shift from buying to hiring and borrowing. Twice as many Britons aged between 18 and 54 said they would choose to hire rather than buy, compared to those aged 55+ who place a higher value on ownership. According to this research, over one in five under 55s (6.6 million) are now hiring more than they were a year ago.
Take Care of the Pennies...
This change in attitude towards buying has in recent times been driven by the recession, with 66 per cent of Brits admitting that they now take more time making big financial decisions than they did pre-recession. Furthermore, nearly two thirds (60%) of these admitted to taking more time calculating the true cost of a product/service, weighing up the benefits of hiring and buying.
Buying decisions, it seems, are now being based on total cost of ownership rather than the initial ticket price, with consideration of cost per use (60%), on-going maintenance (45%), depreciation (38%) and the flexibility to upgrade (29%) quoted as key factors when determining whether to hire or purchase goods outright in the survey of some 2088 UK adults.
Technology too is helping the growth of the 'share economy', with tablets and mobiles making it easier to make instant payments for services such as car hire by the hour through a car club.
Car Clubs in particular have soared in popularity due to the growing demand for flexible, affordable alternatives to owning a vehicle outright. For many, Car Clubs provide the ideal solution for combatting rising Carbon levels and depleting personal capital.
To find out more about Car Clubs and the services they offer, please Click Here