MyTreasury.co.za, which launched last year, have weighed up the options of owning a car vs using Uber daily.
Chief economist and co-founder of MyTreasury.co.za, Michael Kransdorff, says they made calculations and found that an average person would save as much as R14 000 per year by ditching their car and switching to Uber, if they are travelling less than 50 km daily.
If you are driving less than 50 kilometers a day it makes sense to ditch your car and use Uber.— Michael Kransdorff, Chief economist and co-founder of MyTreasury.co.za
They did their survey based on a Toyota Corolla which costs about R300 000. They looked at the fact that the owner spends money on petrol, maintenance, car wash, insurance and parking.
Most people don't realise that a car is an appreciating asset ... you lose money every year by owning a car.— Michael Kransdorff, Chief economist and co-founder of MyTreasury.co.za
To hear the rest of the interview, listen below: