The New York Metropolitan Transportation Authority (MTA) has one of the most expensive monthly passes in the nation.
Coming in at $121 per month or $1,452 per year, money spent taking public transportation is money that some people can invest in a quality car that pays off more in today’s modern ride-sharing and gig economy. With options available to earn cash from a car, more New Yorkers are opting for a personal auto and forgoing the long morning commutes on public transportation.
The Costs of Owning a Car in New York
The benefits of owning a car extend far beyond the ability to take trips to Ikea and easily escape the concrete jungle that is Bronx for a weekend upstate. In fact, about 40% of families in Bronx reported owning a car in 2018, according to NYC EDC. While you might have to look into auto financing instead of paying for a new car upfront and even perhaps think about a parking pass, there are other benefits to owning a car that pays off more in the long run. Like purchasing a new or used car in any other state, you will need to factor in maintenance costs as well as insurance fees. What differs about owning a car in New York City has usually been the garage fees. However, Manhattan residents who park in the borough can qualify for an 18.375% parking tax exemption, which adds up to your benefit. It is important to keep in mind that, when discussing these fees, it is considered to be an initial investment. If you are smart about how you use your car, which most residents are slowly learning how to do, you will be able to make that auto investment worth your while.
Earning Cash from a Car
If you are not currently using your parking garage space or want to make use of it while you are away with your own car, you can rent it out for as much as $1,000 per month, making an investment into not only a car, but a parking spot, a great way to earn side cash if you know that you can park your actual car somewhere else. However, due to the rise of the gig economy, Bronx-natives and others from all throughout the Boroughs have found other ways to profit from their car. From signing up for ride-sharing apps to getting paid to deliver food or even to deliver packages, there are many ways in which you can finance your car while still enjoying all of the perks of using it, even in New York City.
The Future of Car Ownership in NYC
As public transportation becomes more congested and fewer people opt to spend their mornings, afternoons and even evenings packed into a hot metro car, people are turning towards unique gigs as a way to own a car and still earn cash from it. The gig economy is here to stay, and that is great news for Bronx natives looking to enjoy the perks of personally owning a car. With a little extra work and hustle on the side, it is possible to have your cake, er car, and eat it too.