Rideshare News

Rideshare Revolution: Lyft Offers Cost-Effective Alternative to Car Ownership

As I test rideshare companies and consider their drivers in the area I am seeing great improvements in Lyft over the past year. Not only have they lowered their prices making their service more affordable than their competitors, one of the top rideshare drivers in the Cookeville area drivers primarily for Lyft. He bought a brand new car for this particular line of work and maintains a top driving record. He is friendly to customers and even helps them if they are having trouble with the App.
 
At a time where the cost of living escalates, local consumers are reassessing their relationship with personal vehicle ownership. With rising insurance rates, escalating gas prices, and hefty monthly car payments averaging $748, the allure of driving one’s own car is fading. Lyft’s recent analysis highlights the financial weight of owning a car compared to ride sharing services, a shift that holds significant implications for small business owners.
 
Lyft’s insights bring forth a staggering reality: the average yearly cost of car ownership can range between $11,008.80 and $20,200.80. This encompasses not only the glassy monthly payments but also hidden costs like maintenance, repairs, parking fees, and depreciation—expenses that many small business owners may overlook when evaluating their transportation needs.
 
With the adjustments in rideshare fares being lowered in the past year, Lyft leaves their competitors in the dust while quality drivers still exist. Using Lyft eliminates these costs:
 
❌ Insurance premiums

❌ Winter tires or oil changes
 
This alone can save you time to do other things that you may have put off.
 
For small business owners examining their transportation options, (and others) the implications of Lyft’s findings are clear. Ride sharing could represent not just a financial boon, but also a strategic advantage in a competitive environment.