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Vehicle leasing vs. ridesharing, by the numbers

July 26, 2019
Dealerships might hear pushback from potential leasing customers who say that using ridesharing services could be more cost effective rather than taking on a lease contract.
Now, the analyst team at Swapalease.com ran the numbers — taking into consideration that costs for ridesharing services are climbing — and recently shared an estimated cost analysis of what the average transportation costs would look like to lease and to rideshare.
All of sudden, leasing a vehicle became much more attractive, according to the Swapalease.com figures. First analysts used these assumptions to generate the full-cost breakdown.
• 10,000 miles traveled annually (lease)
• 25 miles a gallon/$3.00 a gallon (lease)
• Average number of rideshare trips per week: 17
 
Here are some scenarios Swapalease.com uncovered:
 
Average rideshare fare of $12.95:
Rideshare monthly cost:    $953.58
Monthly lease cost:    $490.00*
Difference to Rideshare: +$463.98
Average rideshare fare of $14.25 (10 percent increase):
Rideshare monthly cost: $1,049.38
Monthly lease cost:    $490.00*
Difference to Rideshare: +$559.38
Average rideshare fare of $15.54 (20 percent increase):
Rideshare monthly cost: $1,144.78
Monthly lease cost:    $490.00*
Difference to Rideshare: +$654.78
 
*Includes $75 a month for parking, $100 for fuel, $15 for maintenance and $50 for insurance
 
Swapalease.com executive vice president Scot Hall examined the entire data report the site generated and concluded: "Ridesharing services have completely transformed the way millions of people commute for both work and leisure, and they will continue to grow in popularity especially in larger cities. "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 (ridesharing) for personal transportation."
 
 

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