There has been shift from car ownership to financing in recent years, and a new survey by online car servicing provider, Servicing Stop, reveals why drivers chose to rent their cars over owning them.
More than half of drivers; unsurprisingly perhaps, said they simply cannot afford to pay out for a new car in whole but just under a third say it’s because they like the idea of changing their cars frequently.
A further 17 per cent of drivers who finance their cars say they like the fact they can get free car servicing and repairs as part of their contract removing the stress of organising a service and the costs incurred.
When asked why they think car financing has become so popular, more than a third of drivers said it’s because we have become so accustomed to paying for things in monthly instalments be it a phone contract, gym membership or even Spotify.
But while more than one in three say it’s now ingrained in the new generation of drivers to pay for things monthly, a further ten per cent said it’s because we like to stay on trend and drive the latest models.
Chief executive officer and founder of Servicing Stop, Oly Richmond said: “The decline of car ownership is in line with the struggle for young people to get on the property ladder.
“Young drivers can no longer afford to pay outright for a new vehicle and that paired with the thirst to stay on trend, drive the latest models and change cars at the drop of a hat makes financing the most attractive option.”
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