Only around half of UK drivers own their car outright. It seems the era of ownership is coming to an end.
A recent poll of 2,000 UK adults found 40 percent believed they would never own their own home. And 40 percent also said owning a car outright wasn’t a necessity, with a preference for month-by-month or even more short-term payment solutions.
Hire purchase, personal contract purchase, personal hire leases and the like are schemes that allow minimal deposit and monthly payments, with the premise that you return the car after a period of time.
The research was commissioned by Turo UK, which allows car owners to rent out their own vehicles. As many as 17 percent of owners said they’d be willing to rent their car to others.
“We’re living in a post-ownership society,” said Xavier Collins, director of Turo UK. “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.”
Are we destined to live on the monthly tick? Does ownership still have value? It’s a curious question, but one thing’s for certain: more and more of us are adopting short-term solutions to driving a car.
Fewer people are also taking the plunge on buying a car in any way. New-car registrations were down again for plate-change month of March.