“Home, James!”<\/p>\n
You may never have had your own chauffeur. In fact, if you\u2019re over the age of 50, you\u2019ve probably always either owned or leased your car.\u00a0\u00a0Yes, you may also have taken public transportation (bus, train, tram, etc.), rented a car, used a ride service like Lyft or Uber, and maybe even used a car sharing company like Zipcar.\u00a0\u00a0But your primary mode of transportation has probably always been a car that you owned or leased.<\/p>\n
Well, it\u2019s time to re-think how you move around.\u00a0\u00a0Have you really thought about what the true cost is?\u00a0\u00a0How certain are you that owning or renting a car is the most cost-effective solution?<\/p>\n
Let\u2019s consider some different transportation options, and their cost.<\/p>\n
OWNERSHIP<\/strong> The costs of owning a car are many, and include: the vehicle itself, fuel, insurance, maintenance, registration and, for many, parking.\u00a0\u00a0Also, unless you buy a collectible, the car will surely depreciate in value while you own it.<\/p>\n LEASE<\/strong> When you lease a vehicle, you are essentially renting it for a period of time.\u00a0\u00a0You pay the leasing company for the use of the car, through monthly lease payments.\u00a0\u00a0You also pay for fuel, basic maintenance (e.g. oil changes) and tires.\u00a0\u00a0You\u2019re also required to insure it.\u00a0\u00a0\u00a0There is no deprecation to worry about, because you do not own the car.<\/p>\n For people who drive less than about 12,000 miles each year, leasing may be less expensive than owning a car.\u00a0\u00a0It can also be attractive for drivers who feel compelled to drive cars with the latest technology and safety features.<\/p>\n SHORT-TERM RENTAL<\/strong> You already know about the traditional way to rent a car.\u00a0\u00a0When you rent, you\u2019re financially responsible for the rental cost (per day, per week, or per month), insuring it and paying for fuel.\u00a0\u00a0The car rental company handles vehicle maintenance.\u00a0\u00a0Because you\u2019re renting, there is no depreciation cost to you.<\/p>\n Another option is Zipcar, which allows you to rent a car for very short-term use.\u00a0\u00a0You pay by the hour, by the day, or by the month.\u00a0\u00a0With Zipcar, you use a membership card that allows you to access their vehicles that are strategically located throughout certain metropolitan areas.\u00a0\u00a0The Zipcar membership includes 180 miles per day.\u00a0\u00a0There\u2019s a special payment card inside the car that\u2019s used to pay for gas.\u00a0\u00a0Zipcar insures the vehicle and provides roadside assistance.\u00a0\u00a0Again, because you\u2019re renting, depreciation is not a factor.<\/p>\n RIDE SERVICE<\/strong> So, you could avoid all of the costs of owning or leasing.\u00a0\u00a0It costs $2 per mile, on average, to use a ride service.\u00a0\u00a0So, if you needed 200 miles of transportation each month, the cost would be approximately $400.\u00a0\u00a0This will likely be much less than you would spend on owning or leasing a car.<\/p>\n DRIVERLESS RIDE SERVICE<\/strong> You would have a subscription for this service, and probably use it for all of your local transportation needs.\u00a0\u00a0You wouldn\u2019t pay for any of the costs traditionally associated with owning a car.\u00a0\u00a0This may sound futuristic, but it will likely be viable within your lifetime.<\/p>\n OTHER OPTIONS<\/strong> For the truly adventurous, you can rent bikes (human-powered and electric), Segways, and skateboards (human-powered and electric) and scooters.<\/p>\n Lastly, you might just decide to walk.<\/p><\/div>\n <\/p>\n <\/p>\n
\nMost Americans own a car.\u00a0\u00a0This is particularly true in the western states, where cities and towns are spread out, the road system is extensive and public transportation is still not as efficient as it is on the east coast.<\/p>\n
\nRather than buy a car, you could lease one. Leases have historically been popular for businesses, because there were tax advantages associated with leasing versus to owning.<\/p>\n
\nPerhaps you don\u2019t need a car very often, because you mainly use public transportation to get around.\u00a0\u00a0But, on occasion, you need one to move your stuff, or you want to make a longer trip out of the area.\u00a0\u00a0You could rent a car.<\/p>\n
\nWhat if you live in a large metropolitan area, and you don\u2019t take long trips out of the area?\u00a0\u00a0If you don\u2019t want to take public transportation, you might consider a ride service like Uber or Lyft.\u00a0\u00a0These services provide on-demand transportation by companies that hire part-time drivers.\u00a0\u00a0You can request a ride from your current location to another in the area, and a car will generally arrive within minutes.<\/p>\n
\nYou may have heard about the next generation of transportation options.\u00a0\u00a0Imagine using your technology device in your hand (often referred to as a mobile phone) to summon a car to your location.\u00a0\u00a0However, instead of being greeted by a \u201cgig\u201d driver from a ride service company, the car is driverless.\u00a0\u00a0You get in, close the door and the vehicle (playing your favorite music) takes off to your selected destination.\u00a0\u00a0When you arrive, you step out, and the service is complete.<\/p>\n
\nWe would be remiss if we didn\u2019t acknowledge that here are still more ways to get around.\u00a0\u00a0They include public transportation, like buses, light rail, trams, street cars, trolleys, and ferries.\u00a0\u00a0You may also one day be\u00a0able to travel by drone or air taxi, though that’s probably still far off in the “Jetsons” age.<\/p>\n