Do you cringe when you think about how much your car costs you? All that money you spend on petrol, maintenance, registration, insurance… not to mention car payments.

Do you dream about how much you would have in the bank account, if only it weren’t for your car? Well here at Your Money Magazine, we have the answer. Just get rid of it.

If you live in a metropolitan centre, what’s stopping you from selling your car and becoming a member of a car share community instead? Absolutely nothing – And here’s why.

1. 24/7 access, just like it’s your own car!  Except you’ll have a city-wide network of vehicles in all shapes and sizes to choose from. In most cases there will be one within walking distance from your home or workplace. You can book the car over the phone or internet as little as one minute before driving off. Upon joining, you'll be issued with a swipe card for keyless entry.

2. Only pay for what you use. Unlike owning your own car, share cars mean you only pay for what you use, even if it's just an hour. Likewise, members can rent the car for up to week in one go (in most cases) You’ll also never have to worry about general maintenance, like fixing a broken air-conditioner or funny engine noises. Most cars in car sharing fleets are less than a year old.

3. Guaranteed parking. For residents without a garage or parking space, the frustration of looking for a park close to home can nearly have you in tears. With car sharing services, there is a designated parking space free every time.

4. Watch your savings GROW. When you sign up, members generally choose the level of usage they want, (infrequent/frequent), and depending on which company you choose, you'll pay a monthly or yearly membership fee, and a monthly pre-paid commitment- just like phone credit. The only costs you incur are:

  • membership fee
  • hourly/daily rate
  • additional kilometres (usually a low fee for more than 150km per day)
  • an excess if you cause an accident whilst driving
  • cleaning fee if you return it excessively dirty
  • no petrol, no insurance, no registration, no maintenance.

5. Need a ute? Or a small truck? What about a mini-van? No problem. Say goodbye to the hassle of renting a utility vehicle for moving. Most car sharing communities have a range of vehicles to choose from.

*The three main car sharing schemes are: