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Car Share Co-Op LogoVictoria Car Share Co-op

Car ownership versus Car Sharing

Car Ownership

The actual costs will vary from person to person and is dependent on many factors such as what kind of vehicle you have, how old it is, what shape it is in, how it is maintained and by whom, and how much insurance coverage you get. Since only a small portion of the total costs are influenced by how much you use the vehicle, excessive use is encouraged. The following examples are given to help you determine your own costs.

New Car
$16,000
15,000 km/year
6-Year Old Car
$6,000
15,000 km/year
Your Car
Finance charges
$640
$240
Depreciation
2,800
1,050
Insurance and registration
1,050
950
Maintenance and repairs
105
780
Gasoline and oil
866
866
Other (car wash, accessories, etc.)
150
150
Total
$5,611
$4,036

Assumptions:

Car Share Co-op member

All the co-op vehicles will be brand new and reliable and the cost to you as a member will be completely determined by how much you use the vehicles.This provides a strong incentive to minimize the use of the vehicles.

500 hours
5,000 km
200 hours
2,000 km
Your estimated usage
Annual fee
$100
$100
$100
Time-based fees ($1.50/hour)
750
300
Distance-based fees ($0.25/km)
1,250
500
Total
$2,100
$900
Compare, to buying a car

Compare, if you already own a car

Comparison to Car Rental

The following are the rates as of June 19, 1996. However, rates vary by seasons, days and even from hour to hour depending on demand, availability of vehicles and competition. No compnay offers rentals for less than one day. Rates do not include gasoline.

Budget Vehicle: New Chevrolet Sprint/Firefly
Daily: $39.95 + $17.45 for insurance. Includes 100 km free. Additional kms at $0.15/km. Add $6 for unlimited kms.
Weekly: $249.95 +$17.45/day for insurance. Includes 1400 km free. Add $42 for unlimited kms.

Thrifty Vehicle: New Toyota Tercel
Daily: $40.95 + $14.95 for insurance. Includes 150 km free. Additional kms at $0.16/km.
Weekly: $239.95 +$14.95/day for insurance. Includes 1400 km free.

Rent-a-Wreck Vehicle: Chevrolet Sprint, a couple of years old
Daily: $26.95 + $12.95 for insurance + $0.12/km (no free km).
Weekend (3 days): $95 + $38.85 for insurance. 300 km free, then $0.12/km
Weekly: $199 + $85 for insurance. Includes 500 km free, then $0.12/km.

Enterprise Vehicle: New Hyundai Accent
Daily: $39.99 + $13.99 for insurance. Unlimited kms.
Weekend (72 hours): $60.00 + $42.00 insurance. 600 km free, then $0.22/km.

Island Auto Rental Vehicle: Varies, whatever they have on the lot at the time. 2-12 years old. Only to be used on the Island and the Lower Mainland.
Daily: $26.95 + $9.95 for insurance. Includes 50 km free. Additional kms at $0.10/km.
Weekly: $180.00 +$65 for insurance. 50% of kms free, rest at $0.10/km

Car Share Co-op Vehicle: New Toyota Corolla
Rates include insurance and gasoline
Hourly: $1.50
Daily: $24.00
km charge: $0.25/km

Examples:

  1. A 2-hour shopping trip. 10 km

    Budget: $57.90 Thrifty: $56.40 Rent-a-Wreck: $41.60
    Enterprise: $54.48 Island Auto Rental: $37.40 Car Share Co-Op: $7.50

  2. A 6-hour trip to East Sooke Park. 80 km.

    Budget: $61.40 Thrifty: $59.90 Rent-a-Wreck: $53.00
    Enterprise: $57.98 Island Auto Rental: $43.90 Car Share Co-Op: $40.00

  3. All-day trip to Nanaimo and back. 225 km

    Budget: $74.65 Thrifty: $79.15 Rent-a-Wreck: $78.15
    Enterprise: $65.23 Island Auto Rental: $65.65 Car Share Co-Op: $91.25

  4. A 3-day trip to Mt. Washington. 500 km.

    Budget: $215.20 Thrifty: $200.70 Rent-a-Wreck: $182.85
    Enterprise: $127.00 Island Auto Rental: $170.70 Car Share Co-Op: $210.00

  5. A week-long trip around Vancouver Island. 800 km.

    Budget: $412.10 Thrifty: $384.60 Rent-a-Wreck: $360.00
    Enterprise: $417.86 Island Auto Rental: $325.00 Car Share Co-Op: $390.00

Cost Comparison

Figures are derived from another car sharing organization's research.

Average Member Profile

Cost
Number of hours used annually 350 $599
Number of kilometres driven 3500 998
Annual Membership fee 109
$1,706
Privately-owned vehicle

(Using same kms driven and operating costs per vehicle, except that salvage value after 4 years increased to 60% of cost and insurance reduced to $1,000 per vehicle)
Cost
Fuel $231
Interest 692
Depreciation 1,600
Licence and insurance 1,000
Maintenance 342
Repairs 500
$4,365