The benefits of car sharing are incredible! Car sharing offers flexibility and convenience. It also provides significant environmental, financial, lifestyle, and social benefits.
You can even create easy passive income through car sharing apps like Turo!
Here are 17 benefits of car sharing. But first, below is a special discount for our readers!
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Car Sharing Definition
Car sharing is a rental model that allows people to rent cars for a short amount of time. Think of it like “Airbnb”, but for cars.
How Car Sharing Works
The owner (or “host”) rents their car to individuals (called “guests”). These peer-to-peer car sharing marketplaces are extremely popular.
17 Benefits of Car Sharing
1. Decreases Greenhouse Gas Emissions
Research shows that car sharing results in fewer cars on the road, which means fewer greenhouse emissions.
In New York City, a car sharing pilot program reduced greenhouse gas emissions by 12,000 metric tons per year!
Decreasing greenhouse gas emissions helps combat climate change. It also makes our cities and townships healthier by reducing smog and air pollution.
2. Reduced Carbon Footprint
Using a car sharing app can reduce your carbon footprint. Car share users typically drive less, which makes them more environmentally friendly.
Furthermore, a lot of car sharing apps are committed to being carbon neutral. For example, Turo offsets 100% of its global carbon emissions through its partnership with Bluesource. As a result, your carbon footprint decreases when using Turo!
3. Increased Usage of Electric Vehicles
Additionally, car sharing increases the use of electric vehicles for those that otherwise wouldn’t purchase one.
For instance, almost 7% of Turo’s cars are electric vehicles.
They have a Green Vehicles Filter that users can leverage to find electric or hybrid vehicles in their area.
4. Less Land and Soil Pollution
Did you know that driving a car can contribute to land and soil pollution?
Oil, fuel, and other auto fluid leak from cars and contaminates land and soil. These fluids contain toxic chemicals that can harm the earth and its wildlife.
Driving less and using electric vehicles with a car sharing app helps decrease pollution.
5. Less Water Pollution
Similarly, cars also contribute to water pollution.
According to the EPA, the exhaust from cars and trucks releases nitrogen oxides and sulfur dioxide into the air. These pollutants cause acid rain that is harmful to our lakes, rivers, and oceans.
6. Earn Passive Income
Car owners can use car sharing to create passive income!
On days when you aren’t using your car, perhaps on the weekend or while you are out of town on vacation, you can rent your car using an app like Turo.
Signing up to be a host is easy, and there are tons of success stories. People report earning hundreds and even thousands of dollars! Some people have even built small businesses through Turo.
Just be sure to follow the guidelines and do your research first. Luckily, Turo has a calculator that estimate yours earnings based on the type of car you have.
It could be a great opportunity to create another income stream!
7. Tax Deductions
Additionally, car owners can write off certain expenses from renting out their car.
Qualifying expenses such as scheduled maintenance, repairs, and even certain cleanings/car washes are eligible. Turo has a helpful article that explains everything.
Of course, it is best to consult with a tax professional first.
8. Save Money
Car sharing could potentially save you money.
According to AAA, the average cost of owning a new car is $9,282 per year! Expenses such as maintenance, repairs, and tires can add up quickly. Car sharing doesn’t have those expenses.
People have reported saving thousands of dollars by leveraging car sharing apps. You can use that money to pay off debt or go on vacation!
9. No Down Payments
The typical down payment on a car is from 11% to 20% of the car’s value. That can result in a significant chunk of savings.
Car sharing eliminates these problems. Most car sharing apps are free to use or offer a small monthly membership fee.
10. No Depreciation
Cars depreciate as soon as you drive them off the lot. New cars can depreciate over 20% in the first year.
With car sharing, you avoid depreciation which helps sustain your net worth.
11. Easier Access to Gig Work
Some car sharing apps make accessing gig work easier. For example, HyreCar lets you rent cars specifically for driving Uber or Lyft or delivering on DoorDash.
You can have full access to the gig economy without having a car. Similarly, you can still drive for Uber or DoorDash if your car is in the shop.
We think this is a great concept. Although, we are interested to see how using HyreCar impacts the revenue earned from driving or making deliveries. How long would it take to break even?
In our opinion, it’s important to do your research first. Read some reviews to understand how it works and pay attention to your revenue and expenses.
12. Less Hassle
Car sharing offers less hassle than owning a car. You don’t have to deal with any repairs or maintenance which saves time, headaches, and money.
13. Access to More Types of Cars and Less Restrictions
Another benefit of car sharing is that you have access to different types of cars. You can rent an SUV or a truck for camping, hiking, or a trip to the beach.
Alternatively, you can rent a convertible for a special event. There are cars for practically every need and budget. The possibilities are endless!
Furthermore, there are fewer restrictions than compared to renting a car.
14. Easier Access to Luxury Cars
Similarly, you can rent luxury cars easily. Car enthusiasts can try out an exotic car and married couples can rent a sweet ride for their wedding/honeymoon.
Turo has a specific page for luxury and exotic cars that makes them easy to rent.
15. Flexibility and Convenience
Car sharing is flexible and convenient.
For instance, Turo has cars wherever there are hosts. Whether you need to run an errand or rent a car for a road trip or vacation, there is likely a host near you.
You can also specify how much you would like to pay and what type of car you need. Turo’s marketplace will show vehicles that match your need!
16. Stimulate the Local Economy
Another benefit of car sharing is that it stimulates the local economy.
Paying local car owners puts money back into the community instead of the money going to big corporations.
Research shows that spending money locally strengthens the community and can contribute to better schools, services, and recreational opportunities.
17. Less Noise Pollution
Lastly, car sharing can help decrease noise pollution. Research shows that noise pollution contributes to stress and other health problems such as high blood pressure and hearing loss.
Fewer cars on the road and the increased use of electric vehicles benefits society in multiple ways.
How will you take advantage of the benefits of car sharing? Let us know in the comments below! And let us know about your experience with car sharing apps!
List of Car Sharing Apps
Frequently Asked Questions
1. Do I need insurance to use a car sharing?
Not necessarily. For example, Turo does not require personal insurance coverage if you book a trip with a protection plan made available via Turo. Click here to see how it works. Getaround also includes insurance for all of its drivers and vehicles.
2. What else is required for car sharing?
Car sharing apps generally have minimum requirements for users.
For instance, Turo requires those in the Unites States to have a social security number, a valid license, proof you have been driving for at least two years, etc. The requirements are similar for other car sharing apps and vary by region.
3. How do I sign up for car sharing?
Go to a car sharing website or download an app. Then, sign up and get verified by uploading your driver's license and other required info. Verification is typically pretty quick (usually takes about 24 hours or less).
4. What are some disadvantages of car sharing?
One disadvantage of car sharing is unpredictability. There might not be a car available when you need it. You are subject to the availability of cars on the marketplace. This might not be a problem if you are in a large city, but could pose issues if there aren't a lot of hosts where you live.
5. Does car sharing really reduce the amount of cars on the road?
Yes! More research is needed, but studies show that different car sharing models reduces car ownership and the number of cars on the road.
6. Is car sharing worth it?
It depends on your circumstance. Car sharing could be worth it if it allows you to avoid owning a car. The money and hassle saved could have a positive impact. Alternatively, it could supplement public transportation or rideshares and help you be more environmentally friendly.
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