In the modern age, mobility solutions incorporate subscription or car sharing models as opposed to buying the car outright. We shall discuss the pros and cons of car sharing here.
In this post, we shall discuss the costs comparison between car sharing and car owning. For this blog, we are taking Singapore as an example since it has among the highest car sharing market penetration in the world, which is about 7-8%. Many people these days opt for getting on the subscription model or use the car sharing platforms to rent a car for a particular duration of time against owning it. Well, there are advantages and disadvantages of that which we shall take a look at now.
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Car Sharing vs Car Owning Costs
The video has been uploaded by CNA Insider on YouTube. The host decides to use the services of car sharing companies for a week. This will help us to experience the costs associated with weekdays and weekends. Also, there are various types of packages that one could take depending on the running. Since he needs to drive for around 40 km every day including various stops and different places, he decided to go with the A-A model which means that you will return the car at the same spot where you got it.
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Over the course of his usage, he found out that the cars were not perfectly clean and he had to do a little dusting every day before he started driving. Apart from that, he talked to one of the owners of a car sharing platform to discuss the damage costs and insurance in the case of an unfortunate event. It was explained that one needs to check the condition of the car when he/she receives it and record the damages already on the car including scratches and dents. In this way, it will be clear that the user will not be liable to pay anything for those.
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Finally, in the case of accidents, the users are not covered under the insurance in most cases because these insurances are not valid for car sharing drivers. Hence, you shall be liable to pay some excess fee for the damages depending on the extent of damage to the car. Some car sharing platforms already charge a certain premium on the booking amount to incorporate this aspect. All in all, he was able to save a lot of money with this model compared to owning a regular car but the accessibility and costs in the case of damages were his concerns.
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