Running The Numbers: Auto Ownership Is Still Way Cheaper Than Ride Hailing

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If you live in an urban area and rely on ride-hailing services like Uber and Lyft, you may have sheer convenience on your side, but you could pay twice as much or more to get around than if you owned a personal vehicle

Photo: © Depositphotos.com/peus

That’s according to a recent study conducted by the AAA Foundation for Traffic Safety in Orlando, FL.

Based on data culled from 243,838 economy-level, single rider trips taken in 20 U.S. urban areas, the AAA determined that city dwellers who depend on ride-hailing pay, on average, $20,118 annually (including the occasional use of a rental car for longer excursions). The average user pays $13.15 per trip to travel a typical 6.66 miles.

By comparison, the AAA’s latest Your Driving Costs report estimates a new car costs an average of $7,321 annually, with 10,841 miles driven (which is the average among those living in urban areas). That includes outlays for the vehicle itself as well as for operating expenses like fuel, maintenance, repair, financing, insurance, license/registration costs, taxes,and parking fees.

One factor that can skew the equation, however, is what urbanites have to pay to park a car. The cheapest big-city parking in the nation, according to AAA data, is in Phoenix, AZ, with an average annual cost of $708. On the other hand, if you park a car in New York City, expect to pay a whopping average $8,088 for the privilege. The national rate is $2,728 per year. Needless to say, car owners who have access to free parking come out ahead big time on the deal, paying three times less than ride-hailers for their daily transportation.

“Whether you own a vehicle or not, ride-hailing services are a convenient transportation option,” says John Nielsen, AAA’s managing director for automotive engineering and repair. “However, with the average American city-dweller driving nearly 11,000 miles per year, a personal vehicle is still the more cost-effective choice.”

For those keeping score, the AAA says those living in Boston, MA face the highest average ride-hailing costs in the nation at an annual $27,545. Nashville, TN comes in second at $26,397 a year, with Seattle WA at $23,951, and Philadelphia, PA at an average $23,201. Urbanites in Dallas, TX pay the least among the 20 busiest U.S. cities for ride-hailing at $16,944 per year.

According to the AAA ’s data, owning a small sedan is the cheapest way to get around town at an average $5,492 to drive the aforementioned 10,841 miles, And even motorists who choose to test the parking gods by owning a big pickup truck in a big city will come out ahead over ride hailing at an annual average of $7,266 to travel the same distance.

“For those who travel a very limited number of miles annually, or have mobility issues that prevent them from driving a personal vehicle, ride-hailing can be a viable and important option,” Nielsen says. “But, for everyone else: the car is still king.”

Jim Gorzelany, Contributor
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