Ridshare Costs Vs. Cost To Lease Your Own Personal Vehicle
 |
Auto Central July 10, 2019; With growing chatter that we might be seeing a fare increase from Rideshare services, how might this impact the decision for those who contemplate Rideshare as their mode of transportation over leasing a vehicle? National lease marketplace Swapalease.com recently conducted an estimated cost analysis to show what the average transportation costs would look like.
Assumptions:
10,000 miles traveled annually (lease)
25 miles per gallon / $3.00 per gallon (lease)
Average number of Rideshare trips per week: 17
Avg. Rideshare fare of $12.95
monthly cost: $953.58
Monthly lease cost: $490.00*
Difference to Rideshare: +$463.98
Avg. Rideshare fare of $14.25 (10% increase)
monthly cost: $1049.38
Monthly lease cost: $490.00*
Difference to Rideshare: +$559.38
Avg. Rideshare fare of $15.54 (20% increase)
monthly cost: $1144.78
Monthly lease cost: $490.00*
Difference to Rideshare: +$654.78
*Includes $75 per month for parking, $100.00 for fuel, $15 for maint., and $50.00 for insurance
"Ridesharing services have completely transformed the way millions of people commute for both work and leisure, and will continue to grow in popularity especially in larger cities," said Scot Hall, Executive Vice President of Swapalease.com. "However, from a personal finances perspective, even when taking parking, fuel and maintenance into consideration, the costs associated with leasing continue to be lower than Ridesharing as a primary mode of transportation. If the media chatter proves true and these costs rise further, consumers will need to take a harder look when considering these options for personal transportation."
matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.
Cost To Lease vs Cost To Rideshare
| Overall Assumption & Variables | |
| # of weeks in a month | 4.3 |
| # of work weeks in a year | 50 |
| annual miles traveled | 10,000 |
| average miles per gallon | 25 |
| average price per gallon of fuel | 3.00 |
| Ride-Share Assumptions & Variables | 10% Increase | 20% Increase | 30% Increase | ||||||||||||
| average cost per ride | $12.95 | $14.25 | $15.54 | $16.84 | |||||||||||
| Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | ||||
| # of rides weekly work related | 10 | 43.3 | 500 | 10 | 43.3 | 500 | 10 | 43.3 | 500 | 10 | 43.3 | 500 | |||
| # of rides weekly life related | 4 | 17.3 | 200 | 4 | 17.3 | 200 | 4 | 17.3 | 200 | 4 | 17.3 | 200 | |||
| # of rides weekly discretionary | 3 | 13.0 | 150 | 3 | 13.0 | 150 | 3 | 13.0 | 150 | 3 | 13.0 | 150 | |||
| total rides | 17 | 73.7 | 850 | 17 | 73.7 | 850 | 17 | 73.7 | 850 | 17 | 73.7 | 850 | |||
| total cost | $220.15 | $953.98 | $11,007.50 | $242.17 | $ 1,049.38 | $12,108.25 | $264.18 | $ 1,144.78 | $ 13,209.00 | $286.20 | $ 1,240.18 | $14,309.75 | |||
| Lease Assumptions & Variables | 10% Increase | 20% Increase | 30% Increase | ||||||||||||
| Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | ||||
| miles traveled | 192 | 833 | 10,000 | 192 | 833 | 10,000 | 192 | 833 | 10,000 | 192 | 833 | 10,000 | |||
| estimated fuel cost | $23.08 | $100.00 | $1,200.00 | $23.08 | $100.00 | $1,200.00 | $23.08 | $100.00 | $1,200.00 | $23.08 | $100.00 | $1,200.00 | |||
| lease payment | $57.69 | $250.00 | $3,000.00 | $57.69 | $250.00 | $3,000.00 | $57.69 | $250.00 | $3,000.00 | $57.69 | $250.00 | $3,000.00 | |||
| insurance payment | $11.54 | $50.00 | $600.00 | $11.54 | $50.00 | $600.00 | $11.54 | $50.00 | $600.00 | $11.54 | $50.00 | $600.00 | |||
| maintenance expense | $3.46 | $15.00 | $180.00 | $3.46 | $15.00 | $180.00 | $3.46 | $15.00 | $180.00 | $3.46 | $15.00 | $180.00 | |||
| parking expense | $17.31 | $75.00 | $900.00 | $17.31 | $75.00 | $900.00 | $17.31 | $75.00 | $900.00 | $17.31 | $75.00 | $900.00 | |||
| $113.08 | $490.00 | $5,880.00 | $113.08 | $490.00 | $5,880.00 | $113.08 | $490.00 | $5,880.00 | $113.08 | $490.00 | $5,880.00 | ||||
| Lease/Ride-Share Comparison | 10% Increase | 20% Increase | 30% Increase | ||||||||||||
| Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | Weekly | Monthly | Annually | ||||
| Savings lease over ride-share | $107.07 | $463.98 | $5,127.50 | $129.09 | $559.38 | $6,228.25 | $151.10 | $654.78 | $7,329.00 | $173.12 | $750.18 | $8,429.75 | |||
