by Turo
posted on May 22, 2023
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 make tough decisions about their monthly budget. One line item they’re unwilling to part ways with, however, is their car.
That’s the most powerful insight from our 2023 Car Ownership Index conducted in partnership with Leger. Even though over a third of Canadian respondents say they’re less likely to buy or lease a vehicle this year due to recent inflation rates, they aren’t 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.
The good news is that there’s an opportunity for car owners to make money off their vehicles — without giving up ownership.
Canadians grapple with a whopping $4,810 of costs each year
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’t using their cars that often. Even though 86 percent of respondents own or lease a car, they’re 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).
So while their cars generate enormous value when they’re in use, a lot of the time they’re 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’s gone, and get their car back for their own personal use. It’s the approach many car owners across Canada have taken.
Over one in 10 Canadians are interested in sharing their car
While car sharing is a relatively recent concept, it’s slowly gaining popularity. This year, nine percent of Canadians surveyed said they’d 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 Québec are most open (14 percent) to listing their owned or leased vehicle on a sharing platform like Turo.
Sharing EVs is a lucrative opportunity for Turo hosts
Fifteen percent of respondents across Canada say they’ve driven an electric vehicle. In Québec 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’re 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 Québec 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.
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.
Make money and save costs through car sharing on Turo
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’re keeping your car for the convenience, the freedom, or the need to commute to work, you can help cover the cost of ownership — and eventually maybe make a profit — by sharing your vehicle with others on Turo.
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