Car Ownership becoming a heavier financial burden for Canadians, Turo study finds Français
TORONTO, May 1, 2025 /CNW/ -- The fourth annual C ar Ownership Index, a benchmark study from Turo, the world's leading peer-to-peer car-sharing marketplace, shows Canadians' views on car ownership are evolving from it being a symbol of freedom to becoming a financial burden.
The study, conducted in partnership with Leger, found that despite 70 per cent of Canadians saying their monthly car costs are higher than they'd like, 78 per cent of Canadians say it would be impossible for them not to have a car, reflecting how deeply ingrained car ownership is in the country's social and economic fabric.
Compared to 2024, car ownership costs have increased 9 per cent, rising from $5,025 to $5,497 annually, forcing more than half (55 per cent) of Canadians to make adjustments to reduce these car-related expenses, and 42 per cent sacrificing their spending in other areas of life because of car ownership. This financial pressure on Canadians is expected to worsen, with proposed tariffs potentially inflating these costs by an additional 25 per cent — forcing many Canadians to reconsider whether they can afford vehicle ownership at all.
"With life getting so much more expensive, Canadians are looking for more ways to save on car expenses and supplement the cost of ownership. That's why alternative options like car sharing continue to grow in popularity," said Bassem El-Rahimy, Vice President, Turo.
The study finds that a growing number of Canadians are leading the way in adopting alternatives to traditional car ownership.
48 per cent of surveyed Canadian car owners say they'd rather pay for a car only when they need it, given that the average single-owner car (driven by only one person in a household) sits unused for almost 95 per cent of the day (22.5 hours).
41 per cent wish they had better transportation options to avoid needing a car altogether.
It's clear from the study's findings that Canadians heavily rely on their cars and don't want to give them up, even with the rising cost of living. This explains why more people are considering car sharing or leasing a vehicle to afford it.
87 per cent of those who have tried car sharing say they would use it again (up 8 per cent in the last 18 months).
The main reasons for choosing car sharing include affordability and convenience.
Key use cases for car sharing include domestic travel, errands, business trips and international travel.
"Car-sharing services like Turo allow owners to earn additional income to supplement their vehicle expenses by simply letting others book their vehicle when it's not in use. We see a dramatic spike in rentals in the summer months, with Turo hosts earning on average more than $3,500. Canadians looking to offset their increased costs of living, should consider listing their cars before the summer to take full advantage of this increased demand. It's a win-win for owners and guests alike who enjoy the convenience and lack of long-term financial commitment that car sharing provides," said El-Rahimy.
For more information and to download the full report, visit the Turo website.
About the study:
The survey was conducted by Leger for Turo in Canada, from December 4th to 14th, 2024. It consisted of a representative sample of 1,500 English and/or French Speaking Canadians 25 years of age or older. Only the official analysis report, from which this press release is inspired, is endorsed by Leger.
About Turo
Turo is the world's largest car-sharing marketplace, where you can book the perfect car for wherever you're going from a vibrant community of trusted hosts across the US, UK, Canada, Australia, and France. Flying in from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky, you can skip the rental car counter and choose from an extraordinary, totally unique selection of nearby vehicles shared by local hosts. Entrepreneurs can take the wheel of their futures by becoming hosts and building car-sharing businesses on Turo, leveraging our established platform to scale their businesses to meet their goals.
With an unwavering mission of putting the world's 1.5 billion cars to better use, Turo unlocks the hidden value in idle and underutilized assets, empowering anyone to get in the driver's seat. Find your drive® — Turo.
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