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10 Reason You Should Use Ridesharing To Save Money

Personal_Finance / Money Saving Sep 25, 2017 - 04:43 PM GMT

By: Boris_Dzhingarov

Personal_Finance

If you’re reading this sentence on a smartphone, then chances are you’ve used a rideshare app before. Over the past couple years, startups like Uber and Lyft have completely disrupted not just the taxi business but the transportation industry in general. Why? Because not only have they made getting a ride much easier, but cheaper as well. And if you’re looking to save, this can be the perfect opportunity. Here’s why:


It’s Cheaper Than A Cab

One of the biggest reasons that companies like Uber and Lyft took the transportation by storm is their low price point. According to a survey conducted by Ride Guru, ridesharing companies are 25-50% cheaper than their taxi counterparts, making them one of the best values when you’re looking for a ride.

Rideshares Help Save On Logistics

A huge benefit of ridesharing apps is their ability to pick you up on-demand. There’s no more requesting a cab or ride in advanced. Furthermore, when you’re in a time crunch, you can actually see where your driver is located to give an accurate ETA, as well as not having to worry about them showing up late. Yes, whether it be running behind for a meeting or trying to make it to a wedding, ridesharing takes care of all the little things to make sure you’re there on time.

The Receipts Are Much Easier To Expense

If you’re a small business owner or travel for work, then ridesharing apps make it much simpler to expense out your trips. This was a godsend for those who’ve always had trouble getting receipts from cabs or keeping track of charges from independent companies. Plus, as an entrepreneur, expenses can be your best friend when trying to fix your credit.

You’re Not Required To Carry Cash

These days, it seems like less and less of us are carrying cash. In fact, according to Bankrate, 69% of adults carry less than $50 in their wallet. However, with ridesharing, paying and tipping can all be handled with the app, saving you both time and potentially money by hefty ATM fees when in a pinch.

There’s More Innovation Geared Towards Savings

Something that ridesharing has been able to capitalize much better than anyone in the transportation industry is carpooling. These work along routes (much like a bus), only at a more expedited rate. As noted in a study by MIT published in Fortune, these services can reduce cars on the road by up to 75%. Why? Because the savings are tremendous while simultaneously giving the driver more bang for its buck.

Ridesharing Is At The Forefront Of Autonomous Cars

The idea of self-driving cars is something that was catapulted into the tech world by the ridesharing community, and that conversation hasn’t shown signs of slowing down. According to BusinessInsider, an estimated 10 million self-driving cars will be on the road by 2020, making it something we might see on the road before we know it. Furthermore, the ridesharing companies have already been working on pricing strategies for when this implements, making it eventually competing with public transportation.

It’s Easier To Split With Friend’s

Sharing rides can be an excellent way to save and considering that all the payments are handled within the app, this can be great ways to split the bill. Both Uber and Lyft allow you to send a request to split with a friend, which makes it convenient and straightforward.

The Cost Is Worth It In Comparison to Public Transit

When assessing time management, taking a ridesharing app can far exceed the cost of public transportation. Apps like Lyft and Uber are much more reliable, not having to deal with repairs, delays, or outdated routes. Additionally, there are no stops but your own, meaning the value of each minute spent on traveling could be much higher for rideshare.

Opportunity For Coupons

Perhaps one of the best ways of saving with Uber or Lyft is using referral codes or keeping an eye out for email blasts with rewards. Not only are they one of the only means of transportation that offers this, but this additionally will always give them an edge over the competition. After all, when was the last time you had a bus offer you a discount code?

You Know The Price Before You Get In The Car

While public transportation has always had a relatively stable price, it was always a crapshoot whenever you entered a cab. However, ridesharing apps not only give you the price but tell you if it’s a more expensive time than normal. This is an incredibly helpful tool in budgeting, as well as saving.

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With how popular ridesharing has become, what’re some ways you’ve seen it help you save? Let us know in the comments.

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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