SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
NRW Holdings Shares Surge After Securing Major Rio Tinto Contract and New Project Wins 
Denso Cuts Profit Forecast Amid U.S. Tariffs and Rising Costs 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Qantas to Sell Jetstar Japan Stake as It Refocuses on Core Australian Operations 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Boeing Signals Progress on Delayed 777X Program With Planned April First Flight 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
CK Hutchison Unit Launches Arbitration Against Panama Over Port Concessions Ruling 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
SEATTLE, April 11, 2018 -- QuoteWizard, an online insurance comparison marketplace, today released a report on projected future costs for car ownership and ridesharing. https://quotewizard.com/news/posts/self-driving-cars-will-make-owning-a-car-unnecessary
By combining proprietary data with outside sources, QuoteWizard found that car ownership costs are dropping, while the price of ridesharing will drastically shrink with the introduction of driverless cars. Current trends show that relying solely on ridesharing will cost less than owning a car in 2027.
After using Uber and Lyft to commute every day for two months, we found that the average price of a rideshare trip is $19.89 in Seattle and $19.59 in Denver. By our data, travelling exclusively with Uber or Lyft for a year currently costs $13,963 in Seattle and $13,755 in Denver. Compare that to $8,469, the average cost to own a car in 2017 according to AAA.
With Uber CEO Dana Khosrowshahi recently stating that he expects his company to have self-driving cars in their ridesharing fleet by 2027, the cost of ridesharing is expected to decrease dramatically. Experts estimate a 35 cent per-mile fee for driverless rideshare vehicles, versus the current $1.35 per mile fee in Seattle and $1 per mile fee in Denver.
Based on our experiment, in 2027 autonomous ridesharing will cost $6,943 per year in Seattle and $5,679 in Denver, compared to an estimated car ownership cost of $7,598 per year.
Methodology
To establish Lyft and Uber rates, we had a Denver based employee and a Seattle based employee commute with rideshare for a month. We combined our rideshare rate data with AAA car ownership costs and estimated autonomous rideshare costs from experts.
About QuoteWizard
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
Contact: Adam Johnson Content Manager [email protected]
