There is an estimated 1 billion cars roaming the streets around the globe today. Think of all of the resources that it takes to manufacture, upkeep, and fuel those cars, and the strain it puts on our environment; not to mention the increasing traffic problem in urban areas like Toronto.

For some people living in urban areas, car ownership may not be viable option due to limited access and cost of parking spaces in addition to the higher costs of living. However, they may still have a need for vehicles. Recently, innovative companies looking for alternatives to car ownership have been coming up with better options.

Peer-to-peer car sharing is a newer concept that allows car owners to share their unused vehicles with people that do not own cars. Car sharing allows owners to make money from their cars, which in turn helps them with car payments, insurance and even make some extra money on the side. For renters, it’s a great alternative to owning a car without all of the costs and hassle of storing and maintaining a car. It’s also a lot cheaper than traditional car rental companies as the car sharing platforms simply connect owners and renters on their website or app and prices are marketplace driven. You may already be familiar with apps such as Airbnb and Uber. Peer-to-peer car sharing is the same idea applied to cars.

Car sharing has the benefit of providing access to cars without having to own cars, and proving a better alternative to traditional car rental companies, while creating an income opportunity for car owners. But there are many other benefits to car sharing that may surprise you. See the list below to find out.

Car Sharing is the New Green Alternative to Car Ownership

Sharing is greener because it uses less resources. Traditionally people that needed a vehicle would buy one even if they only needed to use it a few times out of the month or less, because they didn’t have another option. With car sharing, you don’t have to own and maintain a car long-term but use one whenever you need it. According to a study each car shared eliminates the need to own between 7-11 cars! That’s less resources for manufacturing, less fuel and less greenhouse gases.

 

Sharing has the potential to reduce traffic

Studies found that car-sharing reduces peak driving among car owners, and has the potential to reduce traffic in urban areas. If we shared more instead of buying think of how many fewer cars would be on the streets. A study found that owners opted to use public transportation more often while they had their car up for rent which lead to reduced peak driving.

Increased access to electric and luxury cars

Car sharing not only makes it cheaper to drive a car, but the cars offered on these platforms are often nicer and there is more variety than what you can get at a car rental company. Eligo offers Green and Dream categories of cars for those that would prefer to drive an electric vehicle or a supercar without the price tag. Although a lot of people would love to cruise around in a Tesla, be eco-friendly and enjoy one of the fastest cars on the market at the same time, it’s not always a budget-friendly option. With car sharing now you can afford to drive a Tesla much easier.

Less need for parking

Finding a parking space in urban areas can be a big hassle. For people living in downtown areas parking cars close to where they live can be an issue. By reducing the number of cars on the roads, and allowing cars to be utilized more instead of sitting idle, car sharing has the potential to decrease the need for parking.  While you are at work, instead of sitting in a parking lot, your car could be making you money.