The idea of sharing a car has become a reality thanks to connectivity, cheap sensors, and platforms to foster trust.
A highly influential and tested stat notes that private cars sit idle 95% of the time. It makes sense to figure out a way to efficiently shuttle cars between users and there’s a wide consensus that most people will someday participate in car sharing as opposed to owning their own vehicle.
Sharing cars changes a lot of things about the car industry, such as the car buying model. It also affects infrastructure including where people build garages.
But how will the sharing programs themselves measure success? If they are private companies, then profits will matter, but what are the metrics that matter when it comes to generating profits? Is it the cost-per-ride? Wait time? The member-to-vehicle ratio offered above? Right now, we’re not sure. Even Uber apparently doesn’t turn a profit, since it has those pesky humans in the mix.
What if governments decide that car sharing is a public good or service that should be taken over as part of a city’s infrastructure? On-demand cars become a public resource much like public transit is today. In that situation making money to cover the system’s costs matter, but a better measurement of success might be wait time or the ratio of cars to riders.
Deloitte has written a report covering the future of mobility as a service that questions the right models for this looming future and how cities are thinking about their role in this shift. So read past the egregious use of the phrase “user-centered mobility paradigm” and dig into the meat of this report.
Owning your own car has its advantages. For example, if you have a bad credit score and need money quickly, you could consider taking out a logbook loan. A logbook loan is a specific type of secured loan where logbook lenders require security in the form of a bill of sale. Essentially, your vehicle is held as a security deposit for the loan you have taken out from your lender. Ultimately, where loans are concerned, it’s always a good idea to weigh up your options before making any commitments. However where there are advantages, there are also disadvantages. For example, owning a car can be costly, especially if you’re buying new. This is why most people recommend purchasing second hand cars. Be sure to check the local laws in your state, for example the Pennsylvania Lemon Law or the laws somewhere closer to you. This legally ensures that cars are sold honestly, so the buyer is fully aware of the history of the vehicle and any problems, potentially saving you money in the long run. However, car sharing is a much more economical plan which also helps the environment. Make sure you choose the right option for you.
I was actually just thinking about this after you mentioned it in your last podcast… Wouldn’t it be awesome to have a service like Air B&B only for your car? You own an automated car that would take you to and from work, and during the day and even overnight you can have it rented out to a service that would used your car as a taxi service. You could be working or sleeping while your car makes you money and reduces the need for so many personal vehicles.
That’s the idea, although it’s unclear if you would make the money or the company that sells the car would.
I’m not sure if you all know, as this comment is being made 4 years later, but there is a company that is essentially Airbnb for cars (Turo).