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Did you know that the price of cars has remained relatively flat in recent years? This is most likely due to an increasing number of families owning two or more vehicles, which is a result of modern households having at least two income earners rather than just one.

To provide some more recent figures, the Daily Mail reported in 2012 that the number of homes with four or more cars has exceeded 50%. Similarly, despite a recent dip, research has indicated that the average American household owns at least two vehicles. European households, in fact, own even more.

However, with this extra material wealth, comes a problem – the cost of owning a car is considerable. Between car insurance, the ever-fluctuating price of gasoline, the expense associated with regular upkeep, owning a lot of automobiles can be a financial drain. Furthermore, owning extra cars, or depending on your life circumstances, owning any car at all, may become totally unneeded.

After all, with the advent of ridesharing services, provided by companies such as Lyft, Uber, and Sidecar, getting to work, grocery stores, retail establishments, or other locations by hailing a ride via an app is incredibly cheap and convenient.

In fact, a study released by the University of Michigan Transportation Research Institute has found that ridesharing services are drastically reducing the number of cars being sold today. Other research suggests that as few as 20% of Americans will own a car by the year 2030! In turn, this will likely shrink the size of the used car market in the future, and promotes a very serious question – what to do with the extra vehicle in your driveway?

Should You Rent Your Car Instead of Selling It