Car sharing is when people rent a car, usually by the hour, to get to wherever they need to go. It differs from car rental since it is usually designed for people who want to rent a car for a short period. So, what's cheaper? Owning a car or car-sharing?
Car-sharing is cheaper than owning a car. Owning a car can cost up to $806 per month, while with car-sharing, you only pay when you use the car. Membership fees start from $5 to $50, with hourly rates from $5 to $10. This is especially convenient for those who work remotely and don't drive as much.
Owning A Car Is More Expensive Than Car-Sharing
In general, car-sharing is cheaper than owning a vehicle. Owning a car is expensive because so many costs go into owning and maintaining one. Last year it was found that owning a vehicle can cost up to $806 per month.
This figure includes depreciation, loan interest, insurance, maintenance, and fees. That's a lot of money that could go towards other things, like clothes or food.
How Much Cheaper Is Car Sharing?
Because people are sharing the car, only one car is needed for multiple people. People don't need to store the car, they don't need to insure the car, and they don't need to pay for the fuel. These are all expenses that are taken care of when you are a part of a car-sharing program.
The cost of car sharing is usually much less than owning a car. With car-sharing, you are not paying for all the expenses of owning and maintaining a vehicle. When you car-share, you only pay for the miles you drive. Thus, car-sharing saves money while giving an eco-friendly alternative to driving alone in your own car.
The average American spends $4,000 per year when purchasing a car, but when you add up all the costs (insurance, gas, etc.), it is closer to $11,000 per year. Thus, you will definitely save a lot of money when you car-share and drive when you need to.
When taking all of this into account, car sharing is cost-effective. It generally includes gas, parking, maintenance, and insurance. You also only pay for the time you use the vehicle. Membership fees start from $5 to $50, with hourly rates from $5 to $10.
How To Know If Car Sharing Is Right For You
Car-sharing is perfect for you if you do not own a car right now and cannot afford one. Car sharing is also great when you work remotely and do not need to travel too much for work, especially if you live in or near a metropolitan area.
If your company refuses to pay for your fuel, car sharing might be cheaper than owning a car and paying for your car's fuel. Remember, you also need to be a good driver with a good driving record to be eligible for car sharing. So, if you're not, car sharing is not for you.
Best Car Sharing Companies in the United States
Some of the best car-sharing companies in the United States include:
There are different plans available. You can start with a personal plan which is around $7 to $10 per hour, depending on the location. The monthly fees are usually $60 to $90 per month on an annual basis.
If you comply with the contract, you will be liable for up to $1000 damage to the vehicle; the rest will be covered by Zipcar insurance. However, there is an optional damage protection plan to eliminate the damage cost of $1000.
With this peer-to-peer car-sharing app, you can connect to privately owned vehicles in your area. The hourly rate differs based on the listing you choose, and you will pay a booking fee of at least $2.
This fee covers twenty miles per hour, and after that, you will be charged $0.50 per mile or $5 per mile for certain vehicles. You will need to fill the car at the end, but insurance and maintenance are included.
Turo starts at $25 per day. You can also choose from three protection plans for peace of mind. All the plans include coverage under a third-party liability insurance policy.
What Are The Requirements For Car-Sharing?
There are requirements you need to meet to be eligible for car-sharing. Generally, you need to be at least 21 years old. However, there are some companies that will allow members to be 18 years or older. Members also need valid driver's licenses. You will also need to have a good driving record.
Other Benefits of Car Sharing
Car sharing is cheaper than owning a car. That's why more and more people are signing up for car-sharing services. But did you know that car sharing has other, less obvious benefits? Here are just a few ways car sharing can improve your life.
Save Money on Gas
Gas is expensive! So, car sharing will save you so much money on gas.
No More Searching For Parking
Instead of driving around town looking for parking, use car sharing to cruise right up to your destination. That means no more gas-guzzling parking searches!
Reduce Your Carbon Footprint
Car sharing reduces our dependence on fossil fuels, which helps reduce greenhouse gas emissions and slow down climate change.
Be More Social
Instead of listening to the radio alone in your car, meet up with your friends at a certain location and listen to the latest hits together while cruising around town. It's much more fun (and cheaper) than solo drives in separate cars.
When considering all the costs associated with owning a vehicle, car-sharing seems to be the way to go if you want to save money. Car-sharing makes it affordable to get around while reducing your carbon footprint. Owning a vehicle can be expensive nowadays, and most people cannot afford to spend so much money on owning and maintaining a vehicle.
Car-sharing is the future, and the industry is always expanding as more users pursue a cost-effective and eco-friendly lifestyle. So, if you want to save money, consider car-sharing rather than purchasing a car.