DENVER (KDVR) — Given the high prices associated with buying either a new or used vehicle, a lot of Coloradans are turning to car-sharing programs.
This is much different than traditional car rental services like Hertz or Enterprise. People using these programs can simply borrow and rent privately owned vehicles from someone in their neighborhood.
The latest data from Momondo shows the average price to rent an economy-type car this month has been around $64 here in Denver from traditional car rental services.
With these car-sharing programs, you can rent some vehicles for as little as $5 an hour.
These are privately owned vehicles, by regular folks. Because these services offer cheaper options, they’ve been gaining in popularity.
According to data from Getaround, over 30,000 trips have been taken in Colorado since 2019 with over 55 million miles being driven around the state.
For many Coloradans who can’t afford to purchase a new or used car, these services have become a cost-effective way of getting around.
“As more people start to realize the benefits of car sharing and realize that you can have access to the transportation you need without owning a car, it becomes very liberating for folks who live in the community to know you can have affordable and reliable transportation at your fingertips without having to be saddled with a car payment,” explained Nick Tenekedes, with Getaround.
According to data from CARFAX, the average price for a used car is around $28,000 right now. That’s a 47% increase from just two years ago.