The best way to determine the best option is by carrying out cost analysis. A brand new car costs about Rs 4.78 lakh. If it is purchased through a loan, the required down payment is Rs 47,800, a loan interest of Rs 66,232 courtesy of a 9.55% interest rate distributed over a period of three years.
The average cost of running the vehicle on a yearly basis is Rs 12,000, thus bringing the total cost to Rs 36,000 for the whole 3-year duration. Taxes for the three years amount to Rs75,000. The annual maintenance costs. The vehicle is expected to travels about 1000 kilometers. The gas mileage provided for the vehicle is a18 km per liter. When combined with fuel prices of Rs 60.7 per liter, the running cost should average Rs 3368.85 per year or Rs 1.21 lakh for the three-year duration.
When hiring Uber services, the base fare is Rs 40 per minute including an assumed distance of 33.3 km. Hiring Uber Go costs Rs 400 per day, and the total cost is 4.32 lakh for the 3-year duration. Uber, therefore, allow savings of Rs 1.86 lakh without a chauffeur for the three years or Rs 6.18 lakh with a chauffeur.
Using the services provided by Uber and Ola will be pocket-friendly but there are other advantages that come with having a car such as a sense of ownership and convenience.