Canadian car owners can now rent out their cars with Turo
Uber and Airbnb ushered the development of the sharing economy, disrupting existing markets and giving the common person the power to capitalize on their possessions and generate some extra income without sacrificing too much time or effort in the process.
It’s a powerful idea these days where wages have stagnated while the costs of living continue to climb. For many people, car ownership is one of the biggest day-to-day drain on their finances. The typical vehicle costs tens of thousands of dollars to buy, maintain, and fuel. It may be a necessity for many people, but that’s money you’re never going to see again.
Enter Turo, a peer-to-peer car rental service that originated in the United States but has now made its way up north to Canada.
Turo works to simplify the process of both renting a vehicle and listing your car for rent. While this sort of business is more common in the States, this is the first of its kind in Canada. If you own a vehicle that is 10 or less years old worth less than $75,000, you could be making an average $600 a month by letting people drive your car when you don’t need it.
Turo takes the guesswork out of safety issues by making sure every user is insured and even has eligibility requirements that eliminate potential liability risks such as teenage or student drivers. It also boasts cheaper rates than traditional rentals as well as convenience options like car delivery and in-app payment.
The service, which operates with both a website and mobile apps is currently only available in Ontario, Alberta, and Quebec because of insurance laws, but the company plans on expanding nationwide as soon as possible.
It’s too early to tell, but if the idea of sharing a vehicle catches on, we could see a dramatic reduction in the number of cars on the road, leaving our skies clearer and making driving safer.