27th September 2021
Brits admit they are under significant financial pressure yet don’t want to cut a huge expense… their car. Over two thirds of Brits are not willing to give up their car to help relieve financial pressure – Europcar flexible long term rental provides an alternative to ownership
Key data
- 68% of Brits admit they have huge concerns over their finances in the next 12 months
- Almost half have concerns over job security after furlough ends
- Despite these struggles over two thirds say they’re not willing to give up their car to help relieve the financial burden
- Employers expect 27% to go back to their workplace 5 days a week
- 69% admit the pandemic has changed their perception of public transport and they are now more likely choose to travel by car.
New data[1] released by mobility business, Europcar, reveals that the majority of adults (68%) in the UK, have concerns over their finances for the next 12 months. Yet 67% are not willing to give up their car to help relieve the financial burden. A quarter cite a lack of independence; for 22% they say it’s just not practical to not have a car. The impact of COVID-19 has also had an impact with 69% admitting the pandemic has changed their perception of public transport and they are now more likely choose to travel by car.
There is, however, an alternative to car ownership, which those who are uncertain about their long-term finances, are finding particularly beneficial. “Europcar’s range of Long Term Solutions offer the flexibility of vehicle ownership but without the hassle and financial pressures, to help meet the mobility challenges faced by people as they emerge from the impact of COVID-19”, explains Sarah Clarke of Europcar Mobility Group UK.
According to the Europcar research, fears about job security are a particular worry for 41%. Nearly a fifth (18%) are fearful about the impact of the end of furlough this month. A focus on cutting household costs is therefore a priority. But there is one area of expense that the majority don’t want to cut – their car - even though data[2] suggests that the average cost of owning a car is around £254 per month and for a quarter of respondents they only use their car once a day.
“Despite the financial struggles faced by so many households there seems to be a barrier when it comes to cutting one of the biggest costs, the car”, said Iona Bain, author of the Young Money Blog.
“According to the Europcar data, nearly two thirds (61%) of UK households have one car, with almost a third (31%) having two. And it seems a car is essential to get to their job, do the school-run, get the shopping. With over a quarter (27%) saying their employer expects them back at their workplace 5 days a week, there is also now a preference to choose the car over public transport.”
“No other transport solution can replace the convenience and freedom of owning a car”, added Sarah Clarke. “With money fears ever-present we have launched a range of long-term vehicle subscription services that take away the financial commitment of vehicle ownership.”
Europcar’s Long Term Solution packages come with no commitment, no upfront payment and no exit fee options, giving motorists solutions that match their circumstances, as well as financial flexibility. There is even an option to swap vehicles once a month to accommodate journey requirements or just to experience a change. They are the ideal solution for anyone who needs the convenience of a car, but is worried about the longer-term financial commitment of ownership or leasing.
Europcar Subscription Services
Europcar Superflex
Flexible rental from 28 to 84 days
Fixed Monthly Pricing
Free Delivery and Collection
Free Unlimited Extra Drivers
Free valet every 28 days
Opportunity to change to a new model every 28 days
Prices start from £419 per month
Europcar Flex
Brand new car rental from 3 to 18 months
Fixed Monthly Pricing
Minimum commitment of 3 months
No upfront deposit, just £150 admin fee
FCA regulated product
Prices start from £259 per month
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