Zipcar Helps Graduates Get More Mileage from Graduation Gifts This Year
Zipcar survey finds 2013 grads most worried about financial stability; Nearly
70 percent believe graduates would benefit from car sharing
CAMBRIDGE, Mass., May 16, 2013
CAMBRIDGE, Mass., May 16, 2013 /PRNewswire/ -- 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).
(Logo: http://photos.prnewswire.com/prnh/20111118/MM09809LOGO )
Ditch the Debt; Zip into the Future
When asked about graduate transportation choices, the survey found:
oSixty-five percent of graduates do not own a car;
oForty-nine percent of graduates do not plan to bring a car with them to
their next endeavor after graduation;
oNearly 70 percent believe graduates would benefit from joining a car
oGraduates' 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
"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.
For members of this year's graduating class who will not have access to a
personally-owned vehicle for their next phase of life, parents, friends and
family can give the gift of Zip though purchase of a graduation
"Zipcertificate," available online at www.zipcar.com/grad. Zipcertificates
start from $50, and can be redeemed for Zipcar membership, as well as an
unlimited number of driving credits to put toward vehicle reservations.
Every Zipcar reservation includes the costs of gas, insurance and 180 miles of
driving per day, and hourly rates start from $8.50. Reservations can be made
online or by using Zipcar's iPhone or Android applications on a mobile device,
and Zipcars can be reserved for as short as an hour or for up to four days.
For more information on Zipcar, visit www.zipcar.com.
The 2013 Zipcar Graduation Survey included 510 respondents located throughout
the United States. The survey was distributed to an external audience using
the CVENT survey tool.
Zipcar is the world's leading car sharing network with operations in urban
areas and college campuses throughout the United States, Canada, the United
Kingdom, Spain and Austria. Zipcar offers more than 30 makes and models of
self-service vehicles by the hour or day to residents and businesses looking
for smart, simple and convenient solutions to their urban and campus
transportation needs. Zipcar is a subsidiary of Avis Budget Group, Inc.
(Nasdaq: CAR), a global leader in car sharing and vehicle rental services.
More information is available at www.zipcar.com.
*Project on Student Debt: Student Debt and the Class of 2011
http://projectonstudentdebt.org/files/pub/classof2011.pdf (October 2012)
Contact: Colleen McCormick, 617-336-4342, PR@zipcar.com
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