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Since time immemorial, the mode of transportation has always been dynamic. From horses and horse carriages, to bicycles, trains and eventually the development of cars, the mode of basic transport has evolved tremendously. In today's age of technological advancement, the emergence of ride-hailing applications such as Uber, Zipcar, Lyft and Car2Go have been on the rise. While the ease of commute might be a reason for the popularity of such apps, let's look closely whether it can replace owning your own vehicle, or not.
Hailing a Cab or Buying a Car: A Close Comparison
The major reason why car sharing applications have gained popularity is because you do not have to carry your car around. You get a pick-up and drop service and do not have to search for a parking spot. However, at odd timings, during high demand of the cabs or when you are at a remote location, an Uber may not be able to service you. Also, there is the issue of surge pricing during peak traffic hours. The advantage of owning a car is that you can drive around anywhere, according to your convenience of time or place. You do not have to rely on any mobile application to reach home quickly.
2. Credit Score Improvement
A cab ride will not contribute in improving your credit score. When you buy a car, you not only buy an asset but also showcase your financial strength as it has a direct impact on your credit score. Say, you want to get a mortgage loan or seek out a personal loan in the future, then the credit history reflected through your auto loan will be of great assistance in building your financial stability and getting lower interest rates. Once you pay a good down payment amount and are consistent with your auto loan payments, your credit score will increase and strengthen your credit report in the long run.
If you are riding in an Uber, the route is decided by the application, which maybe unknown to the passenger. And, if you attempt to change the route, you will notice a difference in the fares. The process of choosing the cars that Uber uses and the background checks on each driver are not shared with the passengers. Alternatively, while buying a car, you go through an entire vehicle history report and obtain the necessary documents before proceeding further. Therefore, buying a car will always have an added advantage of knowing what you are going to drive, along with the safety features of the car.
Why should you go for buying a Car over hailing a Cab?
The cab-hailing experience may seem trendy at the moment but it has its own downfalls such as problem in detecting the correct location, dealing with rude drivers and paying additional price during peak hours. Alternatively, a car provides more comfort, safety and a better chance of establishing your credit score. Therefore, buying a car is a wise decision that offers long-term benefits.