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posted on September 5th, 2019

Who says it’s gotta be “dream car, nightmare payments”?

It’s the future, baby, and in the future you don’t have to make a choice between “drowning in car payments” or “begging your friends to borrow their car for an IKEA haul”. 

You can own your car, drive it when you need it, and hand the keys to paying guests when you can go without. 

All of this thanks to a marvelous invention called car sharing. 

Not only will sharing your car let you rake in some extra cash to offset the costs of owning it, but car sharing also delivers social benefits by better utilizing existing assets and encouraging community building. 

Sounds like a win-win, no? Pump the brakes on whatever you’re doing and check out how car sharing can help you boost your income and feel good doing it.

Start sharing your car

Offset the cost of car ownership

Owning a car is expensive, especially if you’re a city dweller who walks or takes public transit most days. For Canadians, car ownership can cost anywhere from $8,600 to $13,000 a year if you consider depreciation. 

Your wallet and family are telling you to part with your wheels. But your heart can’t bear the thought. 

Fortunately, there’s an alternative.

Even if you live in a city with great public transit, there are times when you need a car for big IKEA hauls or weekend road trips. Multiply that “two days a month” need by all the people in your community, and you’ve got an untapped market of guests — plus tourists visiting your town who need a set of wheels during their visit. 

Sharing your car through a marketplace like Turo lets you keep your car while offsetting the cost of ownership — think: depreciation, insurance, repairs and car payments. And when you work with a service that screens drivers and helps manage claims, it’s as simple as handing over the keys. 

Take it from Osama, a 22-year-old Torontonian who was able to afford his dream Porsche, or Ryan, an Alberta-based geologist who was able to keep his beloved Camaro after being laid off thanks to sharing it.

Share safely with insurance & protection plan options 

A big question people have when considering car sharing is, “What about insurance?” 

They want to know what happens if anything goes down in their car when it’s used by someone else. 

Car sharing marketplaces like Turo offer insurance and protection options to safeguard you and your car while they’re being shared. Turo offers $2 million in liability insurance through Intact Insurance Corporation in Canada, and contractual financial protection against physical damage or theft, so you can rest easy knowing your car’s protected. Furthermore, all guests are prescreened by Turo so you know your car is in good hands, and Turo offers roadside assistance and customer support, in case something does happen while your car is being driven.

Downgrade car costs, upgrade car style

BMW i8

If you’re a car lover fantasizing about the day you meet your dream car, car sharing can introduce you and your dream car sooner.

Upgrade your car’s style while you downgrade your car’s costs. Many Turo hosts accelerate beyond breaking even to turning a profit. Not only do they often cover their car costs, including maintenance, fuel, and insurance costs, but they frequently make enough to snag a brand new car without breaking the bank, too.  

For some people, it’s their dream car or no car, like one host whose heart was set on a Tesla, but whose stomach turned at the price tag. She pulled it off by covering the costs through Turo.

Contribute to a sustainable approach to driving and car ownership

There’s no getting around it: Driving is usually considered the opposite of eco-friendliness. But it doesn’t have to be that way. 

New ownership trends are transforming how cars impact the environment. Car sharing is one of the forces propelling positive change, by putting existing assets to better use by sharing them. 

But what’s more interesting is that car sharing encourages green car shopping. People tend to associate electric cars with a hefty price tag, and that’s a fair assessment: electric cars are expensive. But car sharing spreads the upfront cost of electric car ownership. It also gives consumers a risk-free opportunity to take extended test drives in electric carsincluding the coveted line-up of Teslas — increasing consumer confidence about their range and reliability. 

In other words: you can turn your love of cars into guilt-free public service, especially as fully electric vehicles continue to get more and more performance-oriented and sophisticated.

Build better cities and stronger communities

Believe it or not, car sharing contributes to stronger communities by getting people to trust again. 

It’s also a supportive model that spreads underutilized resources to a wide group of people so your neighbours can get to that out-of-the-way doctor’s appointment, drive that big piece of furniture home, or take a roadtrip with friends. 

Put differently, car sharing takes us back to the precious kindergarten maxim that sharing is caring.

Car sharing presents both social and economic benefits

Car sharing delivers economic benefits for both hosts and guests. But it also offers social benefits, and everyone likes to feel good while making money. Putting your car on Turo to share with neighbours and travellers — or using a car sharing community to find your next vehicle — can earn you cash, save you money, and help you make positive social contributions while you’re at it. 

Whether you’re in it for the money, the stories, the environment, or all three, car sharing adds up to a pretty sweet deal. Join the thousands of Canadians reaping the rewards of car sharing on Turo.  

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