According to a new 2018 internet trends report published by venture capital firm Kleiner Perkins Caufield Byers, taking an Uber everywhere could actually end up being cheaper than owning a car in some cities in America.
In four of the five largest cities in the United States, New York City, Los Angeles, Washington D.C., and Chicago, using services like Uber and Lyft is more cost-effective than paying the overall costs of owning and driving a car.
When figuring the total cost of vehicle maintenance, insurance, gas, and parking, the average cost of owning a car in New York City is $218 per week versus $142 for Uber rides. In Chicago, the average cost to own a car is $116 per week versus $77. In Washington D.C., it’s $130 to $96, and in Los Angeles it costs $89 a week to own a car versus $62 to use ride-sharing services.
The study also found that people are holding on to their cars longer than in previous years. For example, the average car’s lifespan in 1995 was eight years. In 2017 that number climbed to 12 years on the road.
Among the other discoveries they made in their 2018 internet trends report are…
• At 3.6 billion, the number of Internet users has surpassed half the world’s population.
• Adult users of the internet spend an average of 5.9 hours a day online — up from 3.2 hours in 2010.
• 60 percent of everday transactions are now made digitally.
• 49 percent of consumers begin their shopping searches on Amazon.
• Time spent on social media per day has grown from 90 minutes to 125 minutes.
• Relative household spending on shelter, pensions and insurance, and healthcare are rising.
• Relative household spending on food, entertainment, and apparel are falling.
• Average home size in the United States is now 1,500 square feet versus 1,015 in Japan, 990 in the U.K., and 725 in South Korea.
• The market value of the top 20 worldwide internet leaders has grown from $1.429 billion in 2013 to $5.788 billion in 2018.
Check out the rest of the study here and watch video below to learn more.