Thirty-nine per cent of Canadians are less likely to purchase or lease a vehicle this year due to high rates of inflation, while many are also worried about the increased cost of living—according to a new survey conducted by Leger for Turo.
Turo is a large car-sharing marketplace. Its 2023 Car Ownership Index shows that 55 per cent of Canadians surveyed—the ones that own or lease a vehicle—have cited high costs as their main reason to stop doing so. Twenty-four per cent are worried about monthly payments.
“The findings highlight that Canadians could benefit from cost offsetting solutions like peer-to-peer car sharing, which transform idle assets into sources of income,” said Cedric Mathieu, Senior Vice President and Head of Turo in Canada, in a statement. “Peer-to-peer car sharing also allows Canadians to keep their essential vehicles while making car ownership more efficient and affordable.”
In a news release, Turo said many cars remain underutilized, with those surveyed paying an average of $4,810 a year for a vehicle that sits idle 96 per cent of the year. For the period that the vehicle is being used, 31 per cent of car owners consider it convenient, 20 per cent enjoy the freedom of ownership, and 55 per cent said they would have to change jobs if they did not have a vehicle.
Turo’s survey also shows that, among respondents, the use of car sharing services has gone up, from 7 per cent to 9 per cent. And 11 per cent of car owners are interested in listing their vehicle on a sharing marketplace.
That is good news for a company like Turo, as the survey respondents are drawn to the financial benefits of car sharing. Thirty-five per cent cited additional income as a key motivator, while 28 per cent wanted to offset the cost of car ownership or leasing a vehicle.
The survey included 1,500 English or French Speaking Canadians, aged 25 and older. It was conducted between January 9-18, 2023.
