Own the Car or Share Your Ride?

By Amari Martin


Ride-sharing and car ownership are very convenient when getting from place to place, but which option saves you the most money? There are varying amounts of money spent in different areas when it comes to ride-sharing and car ownership. Depending on how much ride-sharing costs, as well as how much one ride-shares, it may be just as costly as car ownership.


"I think you will spend more money using ride-sharing apps, because you are paying for the distance you are traveling. A full tank of gas usually lasts me a week, and with ride-sharing, you are paying money for everywhere you want to travel.” says Kiara Hardin, a car owner.


Not only does having a car cost a good deal of money, ride-sharing can also cost a lot. According to CNBC (2018), the average amount of money spent on ride-sharing in the past month in Chicago is $66 for Uber and $52 for Lyft. A recent NerdWallet study compared the costs of rides-haring and car ownership in 50 U.S. cities. It found that while owning a car is cheaper than ride-sharing for the average driver in all the cities surveyed, there are still some drivers who believe ride-sharing is a good alternative to car ownership.


“Ride-sharing is the optimal choice when you are in need of a ride. Ride-sharing is very convenient in different situations such as when parking is non-existent”, says Ahmasi Martin, a proud user of ride-sharing. According to citylab.com, more people are using ride-sharing apps and the percentage of teens getting their driver’s license continues to decline.


So, are you going to share your ride or own your ride? Track your spending to determine which transportation option, including public transportation, is best for you!

©2020 by On the Money Magazine Online

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