Shared ownership car programme launched in London
Orto describes itself as a brand-new company that makes it easy for people to own their dream car, and claims its ownership model can cut costs significantly compared to traditional ownership, leasing, car clubs and rental.
Under the Orto model, three to six individuals share the costs of purchase, maintenance, insurance, storage, valet, tax and depreciation of a vehicle. Orto will run the car on their behalf, in exchange for a contribution to the capital cost of the car and a management fee.
Orto co-founder Jules Copeland said: “We wanted to create a unique new way for people to be able to drive the cars they’ve always wanted. Through Orto you can share the costs of car ownership – and the depreciation – as well as completely eliminating the hassle of maintenance.”
The company's other co-founder, Josh Darling, said: “Most Londoners have busy lifestyles, and they’re lucky if they can get out for a proper drive more than one or two days per week. Some people spend years saving money to buy their dream car, then leave it sitting untouched in a garage. Yet they’re still paying all the running costs. Orto is a much smarter way of owning a luxury car.”
Orto claims the total cost of owning of a Porsche 911 Carrera S for two years is around £14,000 for 57 days usage per year, compared to around £26,000 with a supercar club, £28,000 with standard rental, £40,000 for sole ownership and over £64,000 via a lease.
Orto’s fees include comprehensive insurance, servicing, wear and tear repairs, temporary cars in the event of an incident, professional storage for when the car is not booked, valet service, road tax and breakdown cover.