Sorry Uber, Owning a Car in L.A. Is Still Cheaper
Have you ever fantasized about ditching your car forever and just using Uber, Lyft or another ride-share service for your point-A-to-point-B needs?
It's tempting. In an era when cars have become appliances (hello, Prius), a DUI case will cost you more than $15,000, and L.A. traffic remains the worst in the nation, we wouldn't blame you if you hung up your key fob for good.
But stop and think for a minute, because owning a car in Los Angeles is still cheaper than using an app:
The consumer website NerdWallet crunched the numbers and concluded that if you used ride-share apps full-time in L.A., you'd spend about $6,000 more on transportation than if you maintained a personal vehicle.
According to a statement:
Owning a car is still the cheapest option in L.A. at approximately $11,890 each year. Using a ride-share service exclusively costs approximately $6,000 more annually.
That's a lot of cash. Consider that the per-capita individual income in L.A. is a lowly $27,900, and you'll realize that the average Angeleno would be spending nearly half her paycheck on Uber if she rode full-time.
If you wanted to calculate how many Uber rides you could get with the same money it takes to have a car, don't waste your time. NerdWallet did it for you:
For the cost of owning a car in L.A., you can take up to 14.11 Lyfts or Ubers per week, or approximately 734 each year.
(In New York, the site says, that latter number would be 400 rides per year).
In every major city NerdWallet looked at, owning a car was deemed to be cheaper than using a ride-share service like UberX or Lyft.
In some cities, however, the difference is close (Uber costs $3,000 more in Miami, for example).
In any case, ride safe, however you ride.