Almost half a million car owners are planning to sell their cars and rent vehicles instead, according to new research.
Data from Ebbon Intelligence, a new company that uses artificial intelligence to help clients manage their automotive fleets more effectively, found that 453,461 plan to sell their cars this year to save money, while a further 403,077 intend to sell their cars to help reduce the number of vehicles on the road to help protect the environment.
The company suggested that people would rent a car when they need to.
Some 202,538 people also intend to sell their cars and rent so that they can drive better-quality vehicles.
The analysis from Ebbon Intelligence suggests that around 9.47 million adults in the UK are planning to rent cars over the next 12 months, with 81% saying they will do so when on holiday. This was the main reason given for renting a car.
Ebbon Intelligence is a joint venture between Zegami, an Oxford-based data visualisation platform, and Ebbon Group.
Roger Noble, CEO and founder of Zegami, said: “Renting instead of owning a car can save you a fortune and, in some cases, it can also mean you get to drive a better-quality vehicle."
A number of car manufacturers are opting to provide rental services that utilise existing retail networks. Kia and Stellantis are among those that have recently launched schemes.
DS Automobiles, part of Stellantis, launched DS+ in March. It's a new on-demand rental service that enables existing owners to access a second vehicle when required.
The initiative is designed to support a reduction in multi-car households following a change in car usage patterns caused by the COVID-19 coronavirus pandemic.