Are Rideshares More Cost Effective than a Honda Civic?

With the advent of ride sharing services, many people have begun to crunch the numbers whether it is more cost conscious to use these services completely in lieu of owning or leasing a car. We thought we would break down the cost, comparing a 2020 Honda Civic LX with Uber, Car2Go (using Vancouver numbers) and throwing in Calgary Transit for good measure.

As you can see, the operating cost of the Civic for commutes and weekly use is a fraction of what the cost would be using Uber or Car2Go for the same amount, and is even about half what Calgary Transit would cost. Even factoring in the monthly lease cost, the Honda is still cheaper than Car2Go and far more affordable than Uber! We have even added in a typical monthly covered parking space in downtown Calgary, which evens the gap between Car2Go and a lease/ finance. BUT, our numbers for Car2Go are limited to a few weekly usages, whereas with a lease or finance, you can use your car at will. So while under artificially limited circumstances, a Car2Go and a lease/ finance of a Honda Civic have very similar costs, once you start needing to use a car more than these instances, the value proposition in favour of leasing or owning a Honda Civic becomes much more clear. 

Obviously the Transit pass costs less overall, but factoring in the convenience of one’s own car versus the time and distance from a stop for which one needs to account, and the car is the better overall lifestyle choice.