With the cost of education continuing to rise and today’s generation of graduates struggling to pay off student loans, 2013 grads are seeking smart solutions to get what they need, without piling on more debt. A survey conducted by Zipcar in May 2013 found that when asked what 2013 graduates are most looking for, more than 68 percent of respondents stated grads want financial stability over other choices including an on-demand lifestyle (16 percent), freedom (12 percent) and travel experiences (five percent).
Ditch the Debt; Zip into the Future
When asked about graduate transportation choices, the survey found:
* Sixty-five percent of graduates do not own a car;
* Forty-nine percent of graduates do not plan to bring a car with them to their next endeavor after graduation;
* Nearly 70 percent believe graduates would benefit from joining a car sharing service;
* Graduates’ biggest concerns about owning a car post-graduation are parking availability and cost.
The Millennial generation carries the most debt and is one of the most underemployed in years. Two-thirds of college seniors who graduated in 2011 had student loan debt, with an average of $26,600 per borrower. Meanwhile, unemployment for young college graduates remained high at 8.8 percent in 2011.*
“After years of hard work, today’s graduates are faced with large amounts of student loans to repay beginning immediately after graduation. Many recent graduates aren’t able to afford the high cost of car ownership – and the last thing they need is to pile on more debt,” said Zipcar President Mark Norman. “Giving 2013 graduates a Zipcar membership provides them with all of the access and convenience of a personally-owned car, without the high price tag, associated loans and hassles, and gives them a powerful head start on the road to affordable, sustainable living.”
Cost Savings with the ‘Gift of Zip’
Zipcar, a more convenient and cost-effective alternative to car ownership, has operations in 21 major metropolitan markets and on over 300 college campuses throughout North America. As younger drivers increasingly opt out of car ownership due to the costs associated with gas, insurance, parking and maintenance, Zipcar members report saving an average of $600 per month, or more than $7,200 per year, compared to owning a car. At a time when gas prices and insurance premiums are high and car ownership in big cities and on college campuses is not always feasible, Zipcar delivers a cost-effective and hassle-free transportation solution that can be leveraged in all Zipcar cities and Zipcar campuses in North America, the UK, Spain and Austria.