Assuming you drive just under 10,000 miles per year, does it truly make more sense to Uber everywhere compared with car leasing?

There has been some debate over this recently; Below are some cost comparison breakdowns from national car leasing marketplace, Swapalease.com, that show leasing may be better for your wallet.

This example in the link says you would pay $12,744 for Uber when needing 9,500 transportation miles per year. According to Swapalease.com, a lessee would pay the following under similar utilization circumstances:

• Car lease monthly payments: $400 p/m ($4800 per year and this includes taxes)
• $1,344 in calculated fuel (assuming 9500 miles per year at $3.50 per gallon and a 12 gallon car)
• $344 for insurance (per the article’s numbers)
  • The article says insurance fees would be $344 for the year; In a lease that number may average $1,300 for the year
• $355 for maintenance (per the article’s numbers)
• At this rate the lessee would pay only $7,775 (using the higher insurance costs) per year compared to $12,744 for Uber.

*Even when calculating in average parking fees of $1,300 according to the article’s math you’re still at $9,077 per year in costs for the lessee.

“There are some instances where Uber could be an attractive alternative, but in general leasing a car today is an extremely affordable means of transportation,” said Scot Hall, Executive Vice President of Operations for Swapalease.com.