The Pros and Cons of Car Sharing: Is it For You?

If you could earn an extra 300 a month, would you let a perfect stranger get behind the wheel of your car? 

According to a recent survey, most car owners don’t have to think twice about this question. The answer is a resounding ‘no.’ It’s a perfectly normal and understandable reaction. After all, sharing a car with another person raises questions about vehicle safety, insurance premiums, and personal safety. And who really wants to hand their four-wheeled baby over to someone they don’t know? 

Why Car Owners Share 

Despite the majority of car owners abstaining from the act of renting their car out to strangers, many individuals do this on a daily basis with the help of car sharing services, also known as car clubs, like whipcar.com. These car rental agencies connect car owners with those who would like rent cars. Most often, the agency will cover the renter under their comprehensive insurance, so the car owner doesn’t have to pay extra on their own insurance. 

Why do individuals do this?

• Guilt- If you have daily access to public transportation, or you simply live within walking distance of your workplace and stores, you might not use a car to get around very often. Instead, your car probably sits in storage or along the side of the road, collecting dirt until you have time to get out of the city. This is one of the main reasons individuals become involved in car sharing; they feel guilty for allowing their car to sit unused.

• Attention- Cars need to be driven at least once a month to prevent the battery from dying. Renting the car out not only allows for this to happen, but it also gives the car the attention it deserves on a regular basis. Even if you cannot drive it, if someone else is, they may be able to notice small issues before they become big problems. With this attention and knowledge, you can repair or replace the proper car parts when the car needs them to be fixed.

• Money- Many individuals love the fact that sharing their car means earning a bit more money every month. And it doesn’t really cost you anything. The renter pays for the comprehensive insurance, the petrol, and the time with the car. You simply sit back and enjoy the rewards.

• Power- Worried about lending your car out to strangers? When you use a company like Whipcar, you have the power. You decide how much to charge for the rental, the times the car is available, and even the distance the car can go.

Is There Anything to Worry About? 

While there are several benefits to car sharing, there are disadvantages to consider too. What if the renter leaves the car smelling like smoke? What if the renter failed to notify you of problems with car parts, and as a result additional damage was done? What if the borrower hits something- and then doesn’t report it? 

In most cases, speaking to the company in charge of arranging the rentals and working with their insurance will take care of most problems. Most of the time, these companies will do everything within their power to evaluate renters before they borrow a car, so you can relax and trust in the renter’s judgement. 

Thinking about renting out your car? Car sharing is becoming more and more popular, and while there are still some who hesitate to get on board, there’s no reason your car should sit idle several days a week. Earn some extra money by renting it out.