Cars, mobile phones and even property are top assets Brits would buy on finance

11 June 2023 , 08:00

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Property is the top asset that Brits don't own outright, and are currently paying off (Image: SWNS)

The average Brit has bought almost a third of their possessions on tick, according to research.

A study of 2,000 UK adults revealed 60 per cent would be more inclined to take something out on finance versus buying outright.

Of those, 60 per cent reckon it helps them manage their finances, while others can’t afford to buy anything outright (49 per cent), and think it gives them more freedom (33 per cent).

The assets adults are still paying off include their property (36 per cent), cars (20 per cent), and mobile phone (15 per cent).

Other goods include technology items, white goods, furniture, clothes, and home renovations.

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But 14 per cent have missed payments when trying to pay something off on finance – with 68 per cent claiming this has put them off taking on other items in that way.

And a quarter have financially committed to something, but later regretted their decision.

Cars, mobile phones and even property are top assets Brits would buy on finance

Renault has launched a new subscription package, to add flexibility to car ownership (Renault)

A spokesman for Renault, which commissioned the research to launch its subscription package to simplify and add flexibility to owning a vehicle, said: “It's important that people can buy products in the most flexible way that will fit with today’s lifestyles and budgets.

“People are buying cars, but in a different way than before, and cash is not necessarily king in this day and age.

“TV has gone from satellite to streaming with subscriptions, you can pay for your online clothes orders in three-instalments – and so naturally, people are moving with the times and wanting to subscribe to things more as it’s convenient.”

The study also found 69 per cent of adults believe financing or subscribing to things, rather than buying them outright, has become more acceptable now compared to 10 years ago.

More than three-quarters (77 per cent) are “comfortable” with the amount of money they spend on subscription services each month.

And 57 per cent believe there is no longer the need to own things outright nowadays, and that they have more access to items as a result.

On top of this, short-term payments were also the preferred finance option for many (43 per cent), compared to just 17 per cent of those polled who would opt for the long-term option.

The spokesman for Renault Subscription, which also cuts the “car admin” such as tax, insurance, and servicing into one single payment, added: “Many drivers have not only expressed an interest in switching to an electric or hybrid car, but also reducing the stress and admin that car ownership brings, and subscriptions can be a great solution for those people.

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“Traditional ownership methods will always have a place but, in line with how we now pay for many goods and services, there’s a very significant increase in those who would consider a new car on a subscription basis, as it is easy to do and gives people the freedom to stop at any time.

“Especially if they’re busy and see car admin such as tax, insurance, and servicing as a hassle, which is all taken care of under the same subscription cost.”