Car Owners Burdened by Increased Costs and Heightened Risk of Repossession
April 28, 2023

Zipcar Relieves Car Owners Running on Fumes

According to Edmunds, the monthly cost of car payments totals a record $1,000+ (not to mention the additional costs of insurance, gas, maintenance and parking) and interest rates have hit their highest level since 2006. This is a hefty price tag that most Americans cannot sustain. In fact, more Americans are at risk of car repossession. For some, cars are a necessity, we know. But for those living in the city, there are convenient and affordable options: public transportation, biking, walking, and car sharing. 

We know that car sharing can save our members $900 on average per month, especially when factoring in the additional costs of insurance options, parking, gas and maintenance, all of which are included in the cost of a Zipcar membership. 

Car ownership is the second biggest cost to households (after a mortgage or rent) and yet, this costly possession sits unused and parked 96% of the time. As the challenging economic environment persists throughout the United States, many people continue to re-evaluate their everyday expenses (especially younger generations), with 1/3 of Americans saying one of their New Years’ Resolutions was to build an emergency fund (source).  

According to Zipcar’s 2022 North American Transportation Survey, members take purpose-driven, multi-modal trips – a walk to the park, transit to work, rideshare to a restaurant and carshare for errands, for example. Car sharing enables 45% percent of Zipcar members with a household income of less than $75,000 to access wheels when they want them for errands, appointments, grocery runs, and visits to family and friends, and because of affordable, convenient access to vehicles, 76% of Zipcar members with incomes of $100,000 and below say Zipcar has improved their quality of life.

So, why stress about the costs of car ownership when you can own the drive and not the car?