Carian
The Sharing Economy Hits the Road: Why Car Sharing is A Wheel-y Convenient Alternative to Buying a Car.
June 16, 2023 marissa-nadiar-mohammad

Buying a car, new or pre-loved, is a major commitment — but a fairly straightforward one. You’ll just need to spend several months researching and cross-comparing various brands and models, before negotiating with dealerships for your final pick. Then, you proceed to examine the state of your finances to prepare for the down payment, cry for a few minutes (if needed) and begin looking for a second job to bolster up your savings for any potential expenditures, like emergency repairs, breakdowns (yours and the cars’), etc. 

This is followed by the loan application process, which is again, extremely straightforward. You just need an NRIC, a valid license, your payslip and your bank statements from the last three months (how else will the bank know if you’re reliable?), and an income tax or Employees Provident Fund (EPF) statement. See? Totally easy…NOT.

We’ll be honest, there’s no harm in purchasing a car of your own, brand new or otherwise. But what if there was a less permanent, more wallet-friendly alternative? The kind that lets you enjoy all the perks of owning a car, with minimal downsides? What about sharing a car??

SHARE a car??? Why would I do that?” you might ask. We can think of five reasons why — and here they are;

  • Cost savings: Buying a car can be a significant financial commitment, especially if you don’t have the cash upfront. Car sharing, however, helps save money because you avoid the upfront costs of purchasing a car. Ongoing costs such as maintenance, repairs and insurance won’t be a concern for you either — all you need to pay for is the time you need the car for. With only a fixed sum to pay, you can enjoy significant cost savings, especially if you only need a car for a short period of time.
  • Flexibility: There’s a whole world of vehicles out there, and they’re all yours to explore! When you opt to share a car, you’re not committed to a single type of vehicle  — instead, you can customise your choices to suit the occasion, the better to ensure you have the right vehicle for your needs. For example, you can opt for a larger car or SUV for road trips, but if you’re just commuting to work, then you can make a smaller, more fuel-efficient car your pick instead. 
  • Avoiding depreciation: Accountants and former accounts students alike, you might be familiar with this. With new models rolling out every year or so, cars are an asset which depreciates — and quickly. A car’s value depreciates the moment it is purchased — and its resale value is often very much lower than its purchasing price. This means that in addition to a fixed fiscal commitment, the depreciating value of your car becomes a significant financial burden to you. By car sharing, you can sidestep this issue — can’t worry about a depreciating asset when it’s only yours temporarily!
  • No maintenance and repair costs: Car sharing means that maintenance and repair costs are no longer yours to worry about. Instead of considering extra overtime (or extra jobs) the next time you’re faced with car trouble, all you need to do is give the car-share company a call (or call your friend and let them know that their wheels are at risk) and — poof — problem sorted. (A lot better than belt-tightening until your next salary comes in due to unforeseen car trouble, kan?)
  • Convenience: Car sharing also wins in terms of convenience, especially if you’re travelling to a new city or country. Instead of struggling to navigate unfamiliar public transportation or relying on expensive taxi services, car sharing lets you explore on your own terms. Travel from point A to point B stress-free in comfort and ease in your new wheels for the day.
  • Privacy: Car sharing (in the sense of borrowing it) can provide a sense of privacy and control over your personal space — a sense that is not always possible with other transportation options. Rather than worry about who you’ll need to travel with, or how you’ll need to navigate transport options, car sharing allows travel from point A to point B stress-free in comfort and ease in your “new” car — for as long as you need it.
  • The Eco-Conscious Alternative: Move sustainably with car sharing. Car sharing offers significant environmental benefits, like reduced carbon emissions, as well as resource conservation. Shared vehicles mean fewer cars are on the road, which lowers greenhouse gas emissions from manufacturing and exhaust gas pollution. Car-sharing services also decrease the demand for raw materials, energy, and water resources associated with car production, contributing to resource conservation and minimising the environmental impact of car manufacturing.

Overall, car sharing can be a smart choice for many reasons, especially if you’re looking for a convenient and cost-effective way to get around. If you’re in Malaysia, you may want to consider checking out car-sharing platforms like SOCAR or TREVO, which offer a wide range of vehicles at affordable rates. For example, SOCAR offers rates as low as RM6/hour, and with over 2000 cars and 36 different models to choose from, it’s easy to find the right car for your needs. 

They offer several benefits over traditional car ownership — including perks such as easy fuel reimbursements, alongside access to over 1000 zones spanning major cities like KL, Penang, Johor, Selangor, Ipoh, and Seremban — making your travel plans a breeze. So, instead of buying a car, why not head down the road less travelled and enjoy the many benefits of shared mobility with SOCAR or TREVO?

About SOCAR

SOCAR is Malaysia’s No.1 car-rental app that aims to change the landscape of Malaysian transportation by bringing in a new era of multiflex mobility with 2,000+ cars comprising more than 35 different models in over 1,000 locations in Selangor, Kuala Lumpur, Penang, Johor, Ipoh, Melaka, Seremban, and Kota Kinabalu. SOCAR Malaysia strives to give people the convenience of driving a car without the commitment of owning one. With its mobile application, SOCAR makes car-sharing convenient for everyone by allowing members to book and unlock cars on its platform with just a few taps.

About TREVO

TREVO is a peer-to-peer car-sharing marketplace where guests can share any car that fits the needs and wants for the trips they are taking, from the nearest hosts in the TREVO community. TREVO aims to provide more mobility choices that fulfil the travel needs of the users (Guests) whilst providing car owners (Hosts) the opportunity to earn extra income to offset the cost of car ownership, thus improving both lifestyle quality and enriching experiences for both Guests and Hosts.

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