Did you know that more than nine in 10, or precisely 91.55 percent, of households in the U.S. had access to at least one vehicle in 2020?
Depending on where you live, you might find it hard to envision living without a vehicle. Many larger cities have sufficient transportation infrastructure to accommodate people who don’t own vehicles. But that doesn’t mean people will be eager to hand over their car keys.
With the rising cost of car ownership, however, you might want to consider if you need a vehicle in the garage or driveway. The purchase price is just one aspect of car ownership. One source notes that the average price for a new car in May 2022 was $47,148. But you must also factor routine maintenance, repairs, insurance, and gas into the equation. Car ownership is expensive!
Three options to consider if you need access to a car but don’t want to shoulder the associated costs:
1. Borrow a car and get temporary insurance.
Do you have a family member or friend whose vehicle you can borrow when you need it? If there’s mutual trust between you and the other party, why not broker an arrangement where you can borrow their car as needed while securing temporary insurance for personal coverage?
By doing so, you’ll have a set of wheels to use, and your family member or friend will be protected since you’ll be covered by the insurance coverage you secure. Temporary insurance benefits you and the other party. And by going this route, you won’t have to worry about buying, repairing, or maintaining a car.
Think about all thing things you’ll be able to do with the money you save!
2. Car-Sharing
Did you know that the car-sharing space is projected to grow to $11.88 billion this year? According to Statista, revenue in the segment is poised to achieve a compound annual growth rate of 8.13% from 2022 to 2026, reaching $16.24 billion by the end of the forecast period.
If you’d like to get around but don’t want to bother with the costs of car ownership, then car-sharing is an option you’ll want to consider. The app store of your choice will have apps for different car-sharing platforms, and booking rides is as easy as keying in a few details. It’s not as convenient as being able to borrow a car from someone you know, but it might work for you.
3. Car Rental
While the car-sharing space is growing, its growth takes a back seat to the car rentals segment. According to Statista, the car rentals industry is expected to reach $81.32 billion this year. It’s on pace to grow at a compound annual growth rate of 9.38% from 2022 to 2026, reaching $116.4 billion by 2026.
When you contact a car rental company, you’ll usually have access to different types of vehicles. If you’re going on a hunting trip, you might want to go with a truck or SUV. But if you simply need a vehicle to use for a couple of days to get around and about town, you’ll find suitable options. Renting a car can be convenient. But it might be more complicated than you think during peak periods of the year when there’s high demand. Even so, renting is a good option if you live in an area with reputable car rental companies.
These three options for getting around if you don’t own a car are just the tip of the iceberg.
You can also get a moped or scooter–which has a lower cost of ownership than a car–use a bike, walk, or even use an ATV if you live in a region that permits this mode of travel on public roads. Owning a car has its perks, but it’s possible to get by without owning one.
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This content is made possible by Larry Alton.
Photo credit: Shutterstock
