Keeping up appearances in the credit crunch

LONDON, England (CNN) -- So the credit crunch means this year's six-figure bonus has been put on hold, but you still need to keep up appearances at the country club -- what to do? Why not join the growing number of people who are choosing to rent, rather than buy, life's little luxuries?

These days, renting isn't just for televisions and kitchen appliances -- it's also for the finer things in life. German firm Erento describes itself as an online rental marketplace -- a kind of rental version of eBay -- and as well as letting users hire lawnmowers and floor sanders, it's also the place to hire a speedboat, diamond necklace or iPhone.

Chris Möller, founder of Erento, says the credit crunch is encouraging people to rent, adding that luxury goods are a growing area of the business. "People want a Prada bag, but they don't want to own it, so they can rent it for the weekend for £10 ($18). They want to show they have the luxury, but they don't want to buy it," he told CNN.

P1 International is an exclusive British car club that lets members drive some of the fastest supercars in existence. An annual fee of around $22,000, plus a joining fee of $4,400 gives you up to 6,000 miles of motoring in any of its 40 sports cars.

CEO Michael Breen agrees that the credit crunch has been good for business. "We're seeing significant numbers of people who have had deposits down on new cars saying 'I cannot possibly justify spending £160,000 ($285,000) on a new Ferrari or a Lamborghini with the financial turmoil that's going on -- not knowing if I'm going to be in a job tomorrow, let alone next month or next year'," he told CNN.

Instead, Breen says many would-be supercar owners have been using their car deposits to join P1, and banking the money they've saved.

Terry Turner-Boutle, 55, is a company chairman who's been a member of P1 for nearly 7 years. Although he own 3 cars, he says that P1's supercar-sharing makes financial sense. "What's the point of buying a supercar? As soon as you do it's lost 30 percent, sometimes 40 percent, of its value. With P1, all the insurance, garaging, depreciation is all part of the annual fee you pay -- so it's a magnificently economic way of driving these cars," he told CNN.

For something more feminine, Avelle is a Seattle based company that recently changed its name from "Bag Borrow or Steal." Described as a "Netflix for purses" in the "Sex in the City" movie, it's a Web site that specializes in designer handbags, jewelry, and sunglasses. If you're looking for something to dazzle at a dinner party, $540 will get you a week's use of a vintage Chanel quilted bag.

No aspiring Paris Hilton would be seen dead without that ultimate fashion accessory, an over-pampered, fun-sized pooch. If you haven't got the time or inclination to look after a dog full time, Flexpetz lets you rent a dog as and when you please.

With branches in New York, L.A. and London, there's clearly a demand for dog-sharing in these times of economic uncertainty -- although with a monthly fee of $100, plus $45 for each day of doggy hire, the scheme isn't exactly a credit-crunch buster.

For something more tangible than a short-term rent, fractional ownership is a concept that lets you buy a share in everything from helicopters to racehorses and luxury yachts. If you can't afford to buy your own vineyard right now, you can get a tenth of a California vineyard for a mere $300,000 at FractionalLife.com.

But as well as letting you save money by renting the latest 'must-haves,' online rental sites can provide extra income by letting you rent out your own stash of luxury goods.

Nils von Bothmer -- co-founder of U.S. rental web site iRent2u.com explains that the contents of your garage can be thought of as 'assets.' "The credit crunch means lots of people have multiple jobs and high debts and still have to pay insurance and interest on all these assets. It makes sense for private lenders to make money from their assets when they're not using them; it's good to have a little revenue stream coming from your garage," he told CNN.

In other words, that ermine coat that hasn't fitted since 1998 can start earning its keep, and with the money you make from renting it out you can impress your neighbors by coming home in a helicopter -- rented, of course.