In the world of rideshares, Lyft has become a household name. With 17% of U.S. adults using the company’s services to get from point A to point B, the news of Lyft’s upcoming venture into the rental car business has caused a stir. Especially since the minimum age to use the new service will be 22 rather than the traditional 25 limit imposed by traditional rental services.
CivicScience asked more than 2,400 U.S. adults their opinions on the new offering to gauge interest in the company’s decision to move into the rental car space. According to the results, 37% of respondents have some level of interest in Lyft’s rental car services.
This new option for car rentals is the most popular amongst those who already use Lyft. However, 30% of non-Lyft users also expressed interest, suggesting that the appeal could extend beyond the current Lyft fanbase.
The fact that Uber fans are also interested in the new Lyft rental service further strengthens the suggestion that this could attract a larger demographic of rideshare users.
Wide Appeal for Lyft Rentals
Almost half of those between the ages of 25 and 34, and 43% of 35- to 54-year-olds said they were at least somewhat likely to rent a car from Lyft when the service launches. Even those 55 and older expressed some interest, despite the fact that over 55’s only make up about 8% of Lyft users.
Make More, Lyft More
There is also a correlation between interest in Lyft rentals and income. Interest, it seems, rises with money. This is, however, consistent with CivicScience data on rental cars in general. Those who make more tend to be the most likely to rent a car on vacation.
CivicScience data show adults over 25 who make $100,000 or more a year are 31% more likely to rent a car from Lyft than adults over 25 making under $50,000 a year.
The Online Car Experience
Another point to note is regarding the subset of respondents who have or plan to use online car dealers. Those with a high interest in the new Lyft service are also the most likely to have used and liked online car dealers. This could indicate that the offering appeals to consumers who rely on apps for speed and convenience, and are generally comfortable with technology.
As Lyft moves towards the launch of its new rental car service, it has several reasons to feel confident. Fans of the company, as well as fans of its rival, Uber, are already enthusiastic about the rental car offering. Younger adults are likely to give this new venture a try, and those with money seem poised to spend it on this unique rental car experience. That said, there is some disconnect between the most enthusiastic age group – younger adults – and the most financially-poised to partake – high-earners. So, if the company wants a broader reach, pricing may be the sticking point to keep in mind.