{"id":25616,"date":"2023-05-22T06:00:00","date_gmt":"2023-05-22T13:00:00","guid":{"rendered":"https:\/\/turo.com\/blog\/?p=25616"},"modified":"2023-05-22T06:00:00","modified_gmt":"2023-05-22T13:00:00","slug":"how-canadians-can-cut-the-cost-of-car-ownership","status":"publish","type":"post","link":"https:\/\/turo.com\/blog\/canada\/insights\/how-canadians-can-cut-the-cost-of-car-ownership\/","title":{"rendered":"How Canadians can cut the cost of car ownership"},"content":{"rendered":"\n
\"\"<\/a><\/figure>\n\n\n\n
81% of car owners surveyed say it would be impossible to not have a car, despite rising living expenses<\/h5>\n\n\n\n

As the cost of living goes up, Canadians are forced to make tough decisions about their monthly budget. One line item they\u2019re unwilling to part ways with, however, is their car.<\/p>\n\n\n\n

That\u2019s the most powerful insight from our 2023 Car Ownership Index<\/a> conducted in partnership with Leger. Even though over a third of Canadian respondents say they\u2019re less likely to buy or lease a vehicle this year due to recent inflation rates, they aren\u2019t willing to give up their current set of wheels for more money in the bank. And for good reason, too. Convenience, freedom, and the need to commute are the top reasons they cited for keeping their cars.\u00a0<\/p>\n\n\n\n

The good news is that there\u2019s an opportunity for car owners to make money off their vehicles \u2014 without giving up ownership. <\/p>\n\n\n\n

Canadians grapple with a whopping $4,810 of costs each year<\/h4>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

The average cost of car ownership across Canada for those surveyed is $4,810 per year. For respondents in Atlantic provinces, where the overall estimated ownership cost is the highest in the country, that figure shoots up to $5,337 per year. Despite this big annual price tag, car owners aren\u2019t using their cars that often. Even though 86 percent of respondents own or lease a car, they\u2019re behind the wheel for just 384 hours per year, meaning their cars sit idle for 96 percent of the year. Of the provinces, Albertan car owners surveyed spend the least amount of time in their car, at just 329 hours annually, while British Columbia car owners spend the most time in theirs (450 hours). <\/p>\n\n\n\n

So while their cars generate enormous value when they\u2019re in use, a lot of the time they\u2019re sitting in the parking lot, and that time could be monetized. Instead of selling their vehicle, Canadians can share their car on Turo, make money for the time it\u2019s gone, and get their car back for their own personal use. It\u2019s the approach many car owners across Canada<\/a> have taken. <\/p>\n\n\n\n

Over one in 10 Canadians are interested in sharing their car<\/h4>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

While car sharing is a relatively recent concept, it\u2019s slowly gaining popularity. This year, nine percent of Canadians surveyed said they\u2019d used a car sharing service compared to seven percent in 2021. As car sharing becomes more mainstream and car owners learn more about the protections in place for their vehicles (e.g., guest screening, insurance), Turo has become a more appealing option for car owners who want to offset the cost of ownership. Notably, those surveyed from Qu\u00e9bec are most open (14 percent) to listing their owned or leased vehicle on a sharing platform like Turo. <\/p>\n\n\n\n

Sharing EVs is a lucrative opportunity for Turo hosts <\/h4>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

Fifteen percent of respondents across Canada say they\u2019ve driven an electric vehicle. In Qu\u00e9bec and British Columbia, which are leading the pack in terms of EV interest according to the Index, this percentage increases to 21 and 20, respectively. Canadians want to go green, and their car buying habits demonstrate that, but they\u2019re hesitant to take the plunge without extensive experience driving an EV. In fact, the Index indicates most Canadians surveyed (54 percent) would be more comfortable buying an EV if they had the opportunity to test drive one for a few days or weeks before making a decision to purchase. For Qu\u00e9bec respondents, who are the most eager to try before buying, this figure jumps to 59 percent. This is one of the fastest-growing use cases for Turo over the past couple of years, with more and more guests booking electric vehicles, so they can enjoy multi-day test drives. <\/p>\n\n\n\n

This offers a lucrative and cost-saving opportunity for car owners who want to make the switch to electric vehicles, but want to offset the upfront purchase price. An electric vehicle can help car owners save on gas. Plus, sharing the vehicle with guests who want to do test drives can help offset the associated monthly costs. Thirty-eight percent of respondents said that saving money on gas would be their primary reason for buying an electric vehicle. <\/p>\n\n\n\n

Make money and save costs through car sharing on Turo<\/h4>\n\n\n\n

Technology has given Canadians more options than ever for making more money even during hard economic times. Turo is one of those options. Whether you\u2019re keeping your car for the convenience, the freedom, or the need to commute to work, you can help cover the cost of ownership \u2014 and eventually maybe make a profit \u2014 by sharing your vehicle with others on Turo. <\/p>\n\n\n\n

Learn more about hosting on Turo<\/a><\/p>\n\n\n\n

\n
\n <\/a>\n
\n \n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/svg>\n <\/div>\n

Share your car, earn extra cash<\/p>\n

Cover your car payments or earn some extra cash by sharing your car whenever you\u2019re not using it.<\/p>\n Get started<\/a>\n <\/div>\n

\n <\/a>\n
\n \n \n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/g>\n <\/defs>\n <\/svg>\n <\/div>\n

Hit the road<\/p>\n

Browse thousands of cars for every occasion and budget near you, or wherever you\u2019re going.<\/p>\n Browse cars<\/a>\n <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

81% of car owners surveyed say it would be impossible to not have a car, despite rising living expenses As the cost of living goes up, Canadians are forced to…<\/p>\n","protected":false},"author":2,"featured_media":25621,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[19],"language":[2],"class_list":["post-25616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","tag-canada"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t