‘Londoners wasting thousands of pounds on cars’ according to research

According to the latest research from Ubeeqo, the mobility app, Londoners are wasting thousands of pounds each year on buying, taxing, maintaining, insuring and parking cars they hardly use, as they do not want to solely rely on public transport. “Londoners seem to be hostage to car ownership” said Benoit Chatelier, founder and CEO of Ubeeqo.

“Our research highlights the disproportionate cost when taking into account how infrequently they drive. On average, Londoners’ cars are used for just 4 per cent of the time, the remainder of the time being parked outside their homes, or even worse, in a paid for bay or garage. And these parked, unused cars are also clogging up the already congested London road network.”

Key findings of Ubeego’s research

• Over half of London drivers surveyed (59 per cent) only use their car for between 1 and 7 hours a week – less than 1 hour a day
• 1 in 5 only drive between 25 and 50 miles a week – 7 miles a day
• 1 in 10 Londoners pay to park their car
• Over a quarter (28 per cent) of London drivers spent between £5,000 and £10,000 on their current car; 32 per cent spent between £10,000 and £20,000 A third (35 per cent) spend £300-500 per year on car insurance

According to the AA in 2014 it cost on average £1,913 to tax and insure a car that cost up to £13,000 when new, when also taking into account the capital cost, depreciation and breakdown cover. For a Londoner using their car for just 1 hour a day this is a significant outlay even before they consider the cost of servicing, tyres and parking as well as repaying any credit they might have taken out to buy the car in the first place.

“Aside from the initial purchase cost and servicing and maintenance, 35 per cent of London car drivers are forking out between £300 and £500 per year on car insurance”, added Benoit Chatelier. “One in 10 also pay to park their car when they’re at home, and all just for more independence than relying solely on public transport. This is probably why, whilst 27 per cent said they couldn’t function without a car, 17 per cent believe it is a financial burden.”

Ubeeqo believes the maths simply don’t add up for urban car ownership. But it also recognises that Londoners will only relinquish their cars if they believe they can retain the same independence. The Ubeeqo mobility app delivers the independence of car ownership without the burden of the cost.

By joining the exclusive Ubeeqo app, Londoners can access a range of mobility services which they can match to their travel needs.

Matcha – the company’s car use by the hour service means Londoners can pick up a car from one of many conveniently located bays across the Capital without any worry about finding or paying for a parking space. Matcha cars are available from £6 per hour, inclusive of fuel for the first 50 miles of each booking.

Europcar – Ubeeqo users can also opt for conventional car rental for longer durations from Europcar, with a wide range of vehicle makes and models available from a network of more than 250 locations across the UK.

Other transport services – Ubeeqo users in London will also soon be able to use the app to book a taxi or chauffeur drive service when they prefer to be driven rather than doing the driving. Access to a variety of public transport services will also be added over the coming months

And it is all managed from the one platform – the Ubeeqo app – making it easy to organise, as well as manage the cost. Londoners simply need to sign up to the Ubeeqo app, which is free of charge and with no usage commitment, to access the growing range of mobility services, with a mapping system showing availability around the Capital for the service they need.

“Ubeeqo can help London drivers free themselves of the financial drain of car ownership with a unique range of urban mobility solutions”, concluded Benoit Chatelier. “Unlike other services that just offer one travel option, Ubeeqo combines a range of mobility solutions so that the traveller can arrange the best way to manage their journey, all from one app.”