"Many cash-strapped Americans may be at risk of severely underestimating the costs associated with owning and maintaining a vehicle over time. Undoubtedly, owning a car grants you a degree of freedom that's unmatched. However, Americans will be paying for that freedom, and its value, I believe, is questionable, especially in an era where it's all too convenient to catch a ride on an Uber or Lyft."
"Not to mention it's also worry-free, given there's no need to worry about parking, navigation, and, of course, that dreaded traffic too and from one's destination. It's not just more convenient to go down the path of a ride-hailing service, though. In many instances, it's also the more financially responsible choice, especially for young, new drivers who've already taken a hit to the chin with the car purchase (or financing), driving lessons, licensing fees, and all the sort."
Many cash-strapped Americans severely underestimate the long-term costs of owning and maintaining a vehicle. Car ownership provides unmatched freedom but incurs substantial ongoing expenses that can outweigh its value in many cases. Ride-hailing services offer convenience and freedom from parking, navigation, and traffic concerns. For young or new drivers, upfront purchase costs, financing, lessons, licensing, and steep insurance premiums often make ownership financially imprudent. Owning a car in expensive, congested cities like New York can be particularly costly and stressful. Selling a car and relying on ride-hailing can be a financially sensible alternative, and shopping around for insurance can prevent significant overpayment.
Read at 24/7 Wall St.
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