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Zipcar has reduced its vehicle cost over the past few years by switching over to purchasing vehicles rather than leasing them, Forbes reports.
Through access to lower-cost vehicle financing, the company that lends vehicles to consumers when they travel, or when their cars are in the shop, is reducing their overall costs with the shift.
Trefis reports that the company should experience a 27 percent gradual profit margin increase over the next few quarters, party due to the new change that will save the company money in the long run.
Through a credit company, Zipcar has been loaned $50 million in vehicle financing that also boast more favorable interest rates and collateralization, according to the news source.
Currently, Zipcar's fleet – in the U.S., Canada and the UK, has a total revenue of 70 percent, including the leasing costs. While leasing will continue in Canada and the UK, the U.S. fleet will completely shift to purchased vehicles. The number of leased cars in the U.S. has already dropped from 90 percent in 2009 to 50 percent in 2011.
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