Owning a Car vs Using Rideshare

No one will be incredibly surprised to learn that owning and maintaining a vehicle will cost them a pretty penny. Gas prices are sky high and going up and it doesn’t look like they’re going to slow down anytime soon. If you can cut down on your car expenses, what would you do?

If you live in the city, saving money will be even easier than you think. Many drivers in Chicago are ditching their cars and taking advantage of rideshare opportunities instead. Some drivers are even making the most of rideshare opportunities and becoming drivers themselves. The latest research tells us that instead of driving, many commuters are saving money by using Lyft and Uber in larger cities like New York, LA, and Chicago amongst others.

Unfortunately, certain people do not feel comfortable using rideshare services due to negative stories that they’ve heard in the news. Some passengers have even suffered from violent crimes at the hands of their drivers. But services like Uber are now introducing safety features to make sure riders are comfortable, safe, and give them the ability to get help if an emergency situation were to arise. This system also lets drivers know they are being watched by a strong authority, so a measure of accountability is now in place.

Using rideshare services in larger cities creates huge benefits. As a driver, you’ll be able to cut down on expenses like auto repairs, gasoline, outrageous parking fees, affordable car insurance, and more.

On the flipside, a few reports floating around say paying for rideshare services will continue to be more expensive than owning a car for at least 10 years. Ultimately, each person has to determine their individual budget and find out what’s best for them.

Some news websites are even sharing calculators to determine if ridesharing is the better option based on your budget. These calculators also factor in the cost of time into the equation. Your time is just as valuable as the things you own, yet we often forget to include this precious commodity in our daily, weekly, and monthly budgets.

Even better, rideshare customers have the opportunity to carpool with others going in their direction, which gives them a chance to save even more money. But remember that this may not be the ideal option for everyone based on a number of factors, but if you’re a regular commuter, this money-saving opportunity could be right up your alley.

With more regular rideshare users, another problem is suddenly springing up. There are now so many cars picking up passengers that it’s creating traffic flow problems, especially in the big cities like Chicago. So local law enforcement has implemented even bigger fines for traffic violations, which is another reason why you may not want to drive.

Between the additional traffic tickets and the outrageous rising gas prices, some drivers are quickly beginning to offer rideshare services themselves. By taking on passengers, it cuts down on rideshare insurance expenses and since big cities like Chicago have plenty of passengers, more and more drivers recognize the value of this opportunity and have jumped on it in an effort to make even more money.

This can create problems for rideshare services finding it difficult to pay their employees. And with a company like Uber, who pays for benefits for their European drivers, these expenses aren’t going to lower anytime soon.

At the end of the day, you may find it beneficial and cost-effective to ditch your car and begin using rideshare services instead. But before making the switch, consider the industry, your personal needs, and other factors that will help you come to the best conclusion. There’s no doubt that the rideshare world is a hot topic at the moment and it doesn’t seem to want to slow down anytime soon.

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