Transportation has seen a sea change in recent years due to ride-hailing services like Uber and Lyft. The effects on car ownership are one of the most noticeable shifts. In this paper, I will analyze the pros and cons of ride-hailing services for individual car ownership.
The decline in vehicle population is the most striking result of ride-hailing services' competition with private car ownership. Many people have decided not to buy cars because they can obtain a ride whenever they need one through a smartphone app. As a result, there is less pollution and traffic in our cities. The convenience of ride-hailing services to get to and from transit hubs has also contributed to a rise in ridership on public transportation.
The reduced financial burden is another advantage of ride-hailing services compared to personal vehicle ownership. Significant recurring expenses, including insurance, maintenance, and parking, follow the initial investment in a car. Contrarily, ride-hailing systems can be both adaptable and cost-effective. As a result, many people have opted to forego car ownership in favor of using ride-hailing services on an as-needed basis.