What to Know
- A study by AAA analyzed the costs of owning your own vehicle versus relying on ride-sharing apps like Uber and Lyft for transportation.
- The study found that in Dallas, it would cost nearly $17,000 a year if you only used ride-sharing services for transportation.
- That number is nearly twice the amount it would cost to own your own vehicle, even when you factor in paying for gas, insurance and parking.
A new study released by AAA this week said if you think using ride-sharing apps like Uber and Lyft is cheaper than owning your own car, think again.
The AAA's annual Your Driving Costs study found that due to the popularity of those ride-hailing companies, people are using them as an alternative to buying their own vehicle, but that's not the best thing to do if you're trying to save money.
The study found that in Dallas, it would cost nearly $17,000 a year if you only used ride-sharing services for transportation. That number is nearly twice the cost of owning a personal vehicle, even when factoring in paying for gas, insurance and parking.
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The data showed that the average cost to own and operate a new car, is only $7,321 for 10,841 miles of travel annually.
Of course, drivers who live in urban areas have to account for parking costs. However, the study results showed that even with an average parking cost of about $2,728 per year, it's still cheaper to own your own vehicle then relying on the ride-sharing companies.