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Ride-hailing services might seem like a money-saving alternative to buying a car for people who live in urban areas.
But according to a new study, it’s not nearly as cost-effective as you’d think.
AAA - Foundation - Traffic - Safety - Services
The AAA Foundation for Traffic Safety found that using ride-hailing services like Lyft and Uber as a primary mode of transportation works out to be far more expensive than owning a car – even with fuel, insurance, parking, and the vehicle itself considered.
According to the new AAA study, relying on ride-hailing services could cost a person roughly $20,118 per year.
Study - Settings - Environments - Cars - Ride-hailing
The study focuses on urban settings, which are the only practical environments where personal cars could be replaced with ride-hailing, AAA notes.
In urban areas, the average driver puts 10,841 miles on their car per year.
Cities - Ride-hailing - Costs - Dallas - TX
Even in cities with lower annual ride-hailing costs, such as Dallas, TX ($16,944), the expense is still much greater than the costs associated with car ownership.
An earlier study by AAA found that the average new car costs a driver $8,469 annually, or $706 per month based on 15,000 miles driven.
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