New study: Cost of ridesharing outweighs cost of car ownership

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With the growth in and around Nashville comes more and more rideshare options. 

“It’s so much more convenient,” said Uber driver Matt Graczyk. 

But is ridesharing compared to driving a personal vehicle putting more of a dent in your wallet than you may think? 

According to a new report by the American Automobile Association (AAA), Nashville takes the number two spot, just behind Boston, when it comes to the highest cost of ridesharing services for customers. 

According to AAA, the average annual cost of ride-hailing in Nashville is $26,397. 

Compare that number to the cost of owning and operating a vehicle  — estiimated at $7,321 a year. 

AAA says ridesharing can cost about 3.5-times more.

But rideshare companies, like Lyft in Nashville, said the numbers in the study are flawed. 

“It’s highly unlikely that personal vehicle ownership is a more cost-efficient option than ridesharing,” said Lyft Nashville General Manager Sam Nadler in a statement to News 2. 

Nadler went on to say, the report fails to “examine shared rides, which comprise of one-third of Lyft rides in cities like Nashville,” and “did not look at multi-modal transportation,” considering research suggests “95.5-percent of weekly rideshare riders utilize public transit.” 

Graczyk said a majority of his customers are visitors, but the remaining quarter use rideshare as their main mode of transportation. 

He said the draw is the price of parking. 

“It’s just like, ‘Oh my gosh! $175 to park a month?” said Graczyk. 

Graczyk says that’s money and time riders can save with ridesharing. 

“You don’t have to search around circling block after block after block trying to find parking or pay high prices for parking,” said Graczyk. 

Click here to read the full study

News 2 tracks the historic growth in Middle Tennessee with our special Nashville 2018 reports. Click here to learn more.

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