Why Car Sharing Makes Good Financial Sense
Blog Post provided by;
Executive Director, Okanagan Car Share Co-op
200 – 1262 St. Paul Street, Kelowna BC V1Y 2C9
Sole Kelowna residents are only 1 block away from three of the OGO Car Share Co-op’s vehicles.
For those individuals that need a car four days a week or fewer, car sharing can provide a cost effective alternative to owning a car. Without insurance and maintenance payments to worry about, members save significant amounts compared to car owners. That’s money that can be put towards downpayments or can help you to pay off your mortgage faster. As our urban centres move toward a greater increase in multi-modal transportation (walk, bike, bus), OGO provides a smart and efficient step in the right direction for our communities to become more viable and walkable.
Among the three vehicles that are parked downtown, members have access to a small pick-up truck that can help members with moving around larger items where a regular car does not provide the same convenience as a truck. The other two fuel efficient cars are ideal for running errands, visiting winery’s with friends, or exploring the Okanagan Valley.
The average costs of owning and operating a car on an annual basis is around $8,000 (CAA, 2013) and it is a significant cost factor to the overall transportation costs of a household. For Sole residents that are living downtown where walkability and access to other modes of transportation is easy and convenient, carsharing is an affordable and convenient way to have access to a fleet of vehicles when needed. Potential cost savings can range from $5,000 to $6,000 a year for households using carsharing to help meet their transportation needs versus owning a second vehicle.
How does OGO carsharing work?
– Book a car online for a few hours
– Pick up the car at its permanent parking spot
– Run errands, visit friends or see clients
– Return the car to the same spot
Get billed once a month, only being charged a small admin fee and for the hours and kilometers (OGO pays for gas, insurance and maintenance).