Analysts at Deutsche Bank took a look the cost of driving a mile in 20 major U.S. metropolitan areas. Market Watch staffer Claudia Assis reports on this analysis, which was done as a broader report on the future of driving.
The New York metro was the most expensive at $1.53 a mile, just about even with the average cost of Uber or Lyft, which came in at $1.54 a mile in most cities. Deutsche Bank predicts that while these car services - and eventually driverless cabs - will expand, people will not totally abandon cars. However, they make it easier for people in places like New York to forgo car ownership:
New York City had the highest cost per mile for owning a car — $3.10 a mile in Manhattan and $1.53 across the rest of the New York metropolitan area. It’s not surprising that New York City also has the lowest vehicle ownership density of any of the major metro areas, according to Deutsche Bank—less than 1 car per household, compared with a national average of 2.1 vehicles per household.