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Should I Buy a Car to Get around in the Big City?

Many of America's major cities would be less congested with traffic if more people were aware that it’s actually cheaper to take ridesharing services such as Uber and Lyft than to shoulder the many costs associated with owning a car, according to a 2018 report assembled by Silicon Valley venture capital firm Kleiner Perkins. The report found that owning a car in New York City, Los Angeles, Washington, D.C., or Chicago was more expensive than regularly taking a ridesharing service. The costs of vehicle maintenance, insurance, gas, and parking were examined, while also looking at average commuting distances, even from the suburbs to the city center. Of course, if you're really trying to save money, using public transportation is usually the most affordable option.

Gridlock? There's an app for that:

  • According to the report, the average cost of owning a car in New York City is $218 USD per week, versus $142 in Uber rides. This weekly savings of $76 topped the list, making the Big Apple the best bet for trading in your wheels.

  • In Chicago, the average cost to own was $116 per week, vs. $77 to call for an Uber. In Washington, D.C., you could save $34 a week by not driving, and in Los Angeles the savings would be $27.

  • However, if you live in Dallas, hang on to those car keys -- vehicle ownership is more affordable than using a ridesharing service there, with Dallas-based car owners paying an average of $65 per week and Uber riders spending about $181.

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More Info: TechCrunch

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