CINCINNATI—For consumers driving just under 10,000 miles per year, does it make more sense to use a rideshare service than lease?
A new analysis by Swapalease.com indicates that leasing may be easier on the wallet.
Citing data from published reports that shows consumers on average pay $12,744 for using Uber for 9,500 transportation miles per year, Swapalease.com found an average lessee would pay $7,799 for traveling the same distance under the same circumstances.
Breaking down the leasing cost numbers, Swapalease.com found:
- Car lease monthly payments: $400 p/m ($4800 per year including taxes)
- $1,344 in calculated fuel (assuming 9,500 miles per year at $3.50 per gallon and a 12-gallon car)
- $1,300 for insurance
- $355 for maintenance
Even adding in daily parking fees, which can come in at about $1,300 a year, Swapalease.com said, leasing is cheaper.
“There are some instances where Uber could be an attractive alternative, but in general leasing a car today is an extremely affordable means of transportation,” said Scot Hall, EVP of operations for Swapalease.com.