🚗 Car Ownership Costs

💰 Purchase & Financing

Car Purchase Price ($)

Total cost including taxes and fees

Loan Term (years)

Length of financing

Interest Rate (%)

Annual percentage rate

⚙️ Operating Costs

Annual Insurance ($)

Full coverage insurance

Annual Maintenance ($)

Service, repairs, tires

Fuel Cost per Mile ($)

Based on MPG and gas prices

Annual Miles Driven

Your estimated yearly driving

🚕 Rideshare Costs

🗺️ Ride Details

Average Cost per Ride ($)

Including tips and surge pricing

Rides per Week

Average weekly usage

🚗

Car Ownership

per year

🚕

Rideshare

per year

Cost Comparison Analysis

How The Calculator Works

This calculator is designed to give you a comprehensive comparison between the long-term costs of owning a car and the regular expense of using a ridesharing service like Uber or Lyft. Here's a breakdown of the costs we consider:

Car Ownership Costs

Purchase & Financing: This includes the full purchase price of the car, the term of your loan, and the interest rate. These factors determine your monthly car payment.

Operating Costs: This is where the ongoing expenses of car ownership are factored in. We include annual insurance premiums, estimated maintenance costs (for things like oil changes, new tires, and unexpected repairs), and fuel costs based on your driving habits.

Depreciation: While not a direct out-of-pocket expense, depreciation is the loss in a car's value over time, and it's one of the biggest costs of owning a car. Our calculator implicitly accounts for this by considering the full purchase price over the loan term.

Rideshare Costs

Per-Ride-Cost: This is the average amount you spend on each Uber or Lyft ride. It's important to be realistic and include tips and potential surge pricing in your estimate.

Frequency: We ask for the number of rides you take per week to get a clear picture of your annual rideshare spending.

Factors to Consider

The numbers are important, but they're not the whole story. Here are some other factors to consider when making your decision:

Convenience: How important is it to have a car available at a moment's notice?

Lifestyle: Do you frequently take long road trips or need to transport large items?

Location: Is ridesharing readily available in your area? Is public transportation a viable option?

Environmental Impact: Consider the carbon footprint of owning a car versus using ridesharing services.

Stress: Don't forget to factor in the stress of driving in traffic, finding parking, and dealing with car maintenance.

Frequently Asked Questions

What's the biggest hidden cost of car ownership?

Depreciation is often the largest and most overlooked cost of owning a new car. A new car can lose 20% or more of its value in the first year alone.

Is it ever cheaper to own a car?

Yes, if you drive frequently, have a long commute, or live in an area with limited ridesharing options, owning a car can be more economical in the long run.

How can I save money on transportation?

Consider a hybrid approach! You could own a less expensive, more fuel-efficient car for essential trips and use ridesharing for other occasions. Also, don't forget about public transportation, biking, or walking.

Car vs. Uber Calculator