To help cut down on driving, car sharing has been very popular. The reasons individuals choose to participate in car-sharing are varied – everything from cost-savings to reduced environmental impact. Car sharing isn’t really accessible in every city across the nation yet, though. A good option may be making your own car sharing but keep a few things in mind.
1 – Who will own the vehicle?
The first thing that needs to be decided is who’ll ultimately be responsible for the vehicle. Unless you start a company or LLC that will own the automobile, someone will need to be ultimately responsible for the money, maintenance and management of the automobile. At least a basic contract should be drawn up and signed by all individuals sharing the vehicle.
2 – Insurance
As a part of the car-sharing group, the head person should make certain that the insurance will cover the car, no matter who is driving it. If the car can be shared more than 30 to 40 percent of the driving time, you will need to check with the laws of your state. If you don’t share with your insurance business the car is regularly used by others, that could end up not getting you your money. .
3 – Costs of the car-sharing
Figuring out the costs of car-sharing is one of probably the most difficult things for a car-sharing group. The monthly payments, if the car is not paid for, should be kept separate from the operating costs of the car. You are able to split the monthly payment as a monthly fee of sharing the car. The operating costs of the vehicle are the other consideration. One option is to sit down and add the maintenance, fuel, and insurance costs for the car together. Divide that total by either the number of people sharing the car – or by the number of miles you are expecting to drive the car. The car should have “per mile” rate. The U.S. federal government sets the per-mile cost of automobile use at 50 cents per mile. The price will likely be around 50 cents and up to $1.
Although it takes just a little work, figuring out the costs of car sharing is worth it. Until ZipCar, Hertz Go, or some other car-sharing network starts a business inside your city, it can be a great way to reduce your cost and reduce your environmental impact.
