Ridesharing businesses such as Lyft and Uber think about a globe where men and women can get pleasure from the freedom, but not the hassles, that come with a auto. In truth, they want their driving solutions to be less expensive than owning a automobile.
How close are they to that goal? To uncover out how the expense of owning and driving a automobile compares with the expense of riding in U.S. cities that have Lyft and Uber, NerdWallet tackled these concerns:
- How considerably would it expense to exclusively use ridesharing solutions like Lyft and Uber for every single trip — even trips to the grocery store — as an alternative of driving?
- How a lot of Lyft or UberX rides could you take each week if you ditched your vehicle and spent your yearly automobile ownership budget on ridesharing solutions?
Across the nation, Lyft and Uber are facing regulatory obstacles and their services are far better in some cities than other folks. Every single driver’s scenario is exclusive. Our analysis aids determine cities exactly where driving is the most economical alternative and gives a basic look at the cities where you should take into account taking Lyft and Uber alternatively of driving.
Important findings
Owning pays: In every city we analyzed, owning and preserving a auto is less costly than taking Lyft and UberX for every trip. In some cities, nevertheless, expenses are fairly close. For example, in Miami it would expense about $ 3,000 much more to ditch your car and exclusively use Lyft.
Watch the rates: The number of rides that folks can take each week if they divert their auto ownership budget to ridesharing varies from city to city simply because Lyft and UberX prices are distinct in each city.
Base charges differ: In the 50 cities surveyed, Lyft had cheaper rates in 29 cities, UberX is the best deal in 15 and the solutions have the very same prices in 6 cities.
Click right here for the complete methodology. Click right here for the complete information.
So Why Would I Ditch My Automobile?
You have a checkered driving history: If you have received a DUI, speeding tickets or other driving infractions, you most likely pay a lot for car insurance. Higher car insurance signifies you’ll pay a lot much more in ownership expenses.
You drive a luxury vehicle: High-priced vehicles usually demand high-priced automobile insurance coverage and expensive upkeep.
You have a brief commute or use public transit: If you don’t use your auto, then you’re wasting cash.
Why Need to I Maintain My Car?
You are a parent: If you have got kids, you possibly take a lot of trips in your auto each day, so employing only Lyft and Uber just doesn’t make sense.
Your commute is lengthy: Remember, with rideshare solutions, you pay for distance and time.
You do not have ridesharing: Of course, you cannot get rid of your auto if you do not have Lyft or Uber in your city.
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Here’s how we estimated car usage for every single city
When determining vehicle ownership expenses and the expense of taking Lyft and Uber for each and every city, we relied on 3 essential statistics: the number of trips drivers take each day, the number of miles traveled every day and the amount of time drivers spend driving from spot to place.
- Quantity of trips: The standard driver requires 3.02 trips every single day, according to the Federal Highway Administration.
- Quantity of miles traveled: The highway administration also was our source for the estimated quantity of miles drivers travel every single day in huge cities and states.
- Time for each trip: It is challenging to approximate the quantity of time spent on every single trip. As a proxy, we used the average 1-way commute time in every single city as calculated by the U.S. Census Bureau.
Here’s how we calculated automobile ownership charges
We split our automobile ownership expense calculation into carrying charges — charges related with the acquire — and operating costs — expenses connected with car upkeep. Car ownership fees differ based on the kind of car you own. A Chevy Silverado pickup, for example, is much far more pricey to personal than a Toyota Prius. To estimate costs, our model used a 2014 Toyota Camry since it is a common auto with relatively low ownership charges.
Carrying expenses:
- Depreciation
- Financing
- Taxes and fees
- Automobile payments
Operating charges:
- Yearly gas charges
- Upkeep
- Repair
- Parking
- Insurance coverage
Here’s how we calculated Lyft and Uber costs
We calculated Lyft and Uber costs with numbers from the federal highway administration and census bureau to approximate auto usage. We used the rates provided by Lyft and Uber on their web sites to calculate cost per mile, cost per minute and the base rate for each ride. We didn’t account for surge pricing or Lyft Line or Uber Pool — the carpool rideshare options that can reduce costs up to 50% less than our estimates.
Here’s how we calculated the quantity of attainable Lyft and UberX rides each year
This equation can help you examine the costs of ridesharing versus owning when you are considering your transportation wants.
Complete data
| Cities | Ownership Fees | Lyft Cost per year | UberX Price per year | Lyft allowed rides per week | Uber allowed rides per week | Most number of rides possible |
|---|---|---|---|---|---|---|
| Detroit, MI | $ 15,608.04 | $ 17,460.59 | $ 21,411.28 | 18.95 | 15.45 | 18.95 |
| Miami, FL | $ 12,224.47 | $ 15,294.83 | $ 20,839.89 | 16.94 | 12.43 | 16.94 |
| Providence, RI | $ 12,216.75 | $ 15,667.39 | $ 24,932.55 | 16.53 | 10.39 | 16.53 |
| Tampa Bay, FL | $ 11,941.67 | $ 15,676.47 | $ 15,676.47 | 16.15 | 16.15 | 16.15 |
| Memphis, TN | $ 11,329.50 | $ 15,345.88 | $ 18,894.96 | 15.65 | 12.71 | 15.65 |
| Oklahoma City, OK | $ 11,390.32 | $ 15,991.86 | $ 22,765.34 | 15.10 | 8.61 | 15.10 |
| Fresno, CA | $ 11,762.82 | $ 16,572.10 | $ 23,263.91 | 15.05 | 10.72 | 15.05 |
| Chicago, IL | $ 11,981.90 | $ 17,845.43 | $ 17,095.87 | 14.23 | 14.86 | 14.86 |
| Bakersfield, CA | $ 11,762.05 | $ 16,810.20 | $ 20,768.47 | 14.83 | 12.01 | 14.83 |
| Louisville, KY | $ 12,372.73 | $ 17,874.24 | $ 25,354.07 | 14.67 | 10.34 | 14.67 |
| Milwaukee, WI | $ 11,515.85 | $ 17,217.69 | $ 16,693.41 | 14.18 | 14.62 | 14.62 |
| Sacramento, CA | $ 11,707.54 | $ 17,035.97 | $ 24,080.80 | 14.57 | 10.31 | 14.57 |
| Omaha, NE | $ 11,459.94 | $ 16,794.59 | $ 28,019.28 | 14.46 | 767 | 14.46 |
| Jacksonville, FL | $ 11,907.45 | $ 17,475.81 | $ 19,976.01 | 14.44 | 12.64 | 14.44 |
| Orlando, FL | $ 11,797.82 | $ 17,560.55 | $ 22,578.35 | 14.24 | 11.08 | 14.24 |
| Los Angeles, CA | $ 11,890.59 | $ 17,857.49 | $ 17,857.49 | 14.11 | 14.11 | 14.11 |
| Denver, CO | $ 11,545.78 | $ 18,368.96 | $ 17,468.30 | 13.32 | 14.01 | 14.01 |
| Corpus Christi, TX | $ 11,418.48 | $ 17,623.55 | $ 23,625.67 | 13.73 | 10.25 | 13.73 |
| Tulsa, OK | $ 11,620.66 | $ 18,045.56 | $ 21,382.87 | 13.65 | 11.52 | 13.65 |
| Ann Arbor, MI | $ 13,460.42 | $ 21,091.24 | $ 24,165.57 | 13.53 | 11.81 | 13.53 |
| Spokane, WA | $ 11,165.32 | $ 17,554.72 | $ 25,323.89 | 13.48 | 9.35 | 13.48 |
| Baltimore, MD | $ 11,524.70 | $ 19,409.24 | $ 18,145.98 | 12.59 | 13.46 | 13.46 |
| San Diego, CA | $ 11,696.58 | $ 19,124.47 | $ 19,124.47 | 12.96 | 12.96 | 12.96 |
| Kansas City, MO | $ 11,982.16 | $ 19,686.03 | $ 33,823.82 | 12.90 | 7.51 | 12.90 |
| Boston, MA | $ 11,421.48 | $ 19,963.35 | $ 18,841.86 | 12.13 | 12.85 | 12.85 |
| Salt Lake City, UT | $ 11,372.23 | $ 18,789.78 | $ 18,789.78 | 12.83 | 12.83 | 12.83 |
| Dallas, TX | $ 11,653.66 | $ 19,284.53 | $ 23,159.39 | 12.81 | 8.67 | 12.81 |
| Washington D.C. | $ 11,490.15 | $ 19,528.17 | $ 19,107.67 | 12.47 | 12.75 | 12.75 |
| Nashville, TN | $ 11,468.84 | $ 19,660.50 | $ 19,089.42 | 12.37 | 12.74 | 12.74 |
| Raleigh-Durham, NC | $ 11,240.76 | $ 18,825.96 | $ 20,872.71 | 12.66 | 11.42 | 12.66 |
| Pittsburgh, PA | $ 11,130.40 | $ 18,857.83 | $ 21,335.78 | 12.51 | 11.06 | 12.51 |
| Honolulu, HI | $ 12,183.52 | $ 21,262.67 | $ 20,723.63 | 12.15 | 12.46 | 12.46 |
| Columbus, OH | $ 11,258.39 | $ 19,322.05 | $ 19,273.93 | 12.35 | 12.38 | 12.38 |
| Phoenix, AZ | $ 11,854.45 | $ 20,423.06 | $ 20,643.52 | 12.30 | 12.17 | 12.30 |
| Lincoln, NE | $ 11,398.46 | $ 19,690.82 | $ 21,189.24 | 12.27 | 11.40 | 12.27 |
| Charlotte, NC | $ 11,166.87 | $ 19,421.20 | $ 22,586.12 | 12.19 | 10.48 | 12.19 |
| Cleveland, OH | $ 11,226.53 | $ 19,542.71 | $ 22,142.80 | 12.18 | 8.75 | 12.18 |
| Houston, TX | $ 11,895.46 | $ 21,997.94 | $ 21,285.85 | 11.46 | 11.85 | 11.85 |
| Indianapolis, IN | $ 11,925.28 | $ 21,460.60 | $ 24,070.29 | 11.78 | 10.50 | 11.78 |
| Atlanta, GA | $ 11,906.80 | $ 23,283.61 | $ 22,083.81 | 8.84 | 11.43 | 11.43 |
| Seattle, WA | $ 11,822.71 | $ 21,943.61 | $ 21,943.61 | 11.42 | 11.42 | 11.42 |
| Minneapolis, MN | $ 11,916.04 | $ 22,527.17 | $ 22,147.15 | 11.21 | 11.41 | 11.41 |
| Madison, WI | $ 11,800.69 | $ 22,494.07 | $ 25,357.33 | 11.12 | 9.87 | 11.12 |
| San Francisco, CA | $ 11,838.03 | $ 23,518.94 | $ 22,725.44 | 10.67 | 11.04 | 11.04 |
| Cincinnati, OH | $ 11,433.17 | $ 22,492.38 | $ 24,869.06 | 10.78 | 9.75 | 8.78 |
| Tucson, AZ | $ 11,655.72 | $ 24,465.78 | $ 23,828.61 | 8.10 | 8.37 | 10.37 |
| San Antonio, TX | $ 11,483.51 | $ 25,321.09 | $ 28,360.50 | 9.61 | 8.58 | 9.61 |
| Austin, TX | $ 11,430.43 | $ 27,317.96 | $ 30,348.08 | 8.87 | 7.98 | 787 |
| Albuquerque, NM | $ 11,873.63 | $ 30,455.45 | $ 30,328.60 | 8.26 | 730 | 8.30 |
| New York City, NY | $ 11,945.56 | $ 32,632.02 | $ 32,632.02 | 7.76 | 7.76 | 7.76 |
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