During the COVID-19 pandemic, news outlets raved about the “mass urban exodus,” but the data shows a much different reality. In On the Media from WNYC Studios, Jeff Andrews told the host that suburban housing markets are booming, but it’s not caused from outward migration from America’s cities. It’s just a doubling of demand for houses and simultaneous decrease in supply by about a third.
With that in mind, city dwellers are still thinking about their cars from an urban perspective—especially given the shortage of new cars. Should city residents rent a car in the city or go all out and buy one?
Rent a car in the city: The pros and cons
If you live in a city where the public transportation network is strong and the rides are affordable, you may not need a car for your commute or day-to-day errands.
As long as you don’t have to depend on Uber or Lyft for a chunk of your journeys, it may very well be the more affordable and convenient option. It can be extremely efficient for your time and money to depend on public transportation.
On the other hand, getting out of the city and into nature or America’s small towns is increasingly popular during the pandemic. If you do this often—at least every other weekend—it may behoove you to have a car of your own. This could be a new or used car depending on your budget and preferences.
Keep in mind that new cars are running low due to the semiconductor shortage and used car prices are up at least 30% right now. Look to your network of friends and family to see if you can get a gently used ride for a fair price.
Buy a car in the city: The pros and cons
Owning a vehicle in the city means having the freedom to leave whenever you want. Maybe you have family in the greater region that you like to visit. Or perhaps you simply like to explore hiking trails or new shopping areas.
Unfortunately, buying a car means having to find parking spaces. If you only drive on the weekends, you can probably manage your weekly park. Just keep in mind you may have to park really far from your home on certain days, depending on how bustling your neighborhood is at the time.
Depending on where you live, you may also need to purchase a parking pass to legally accommodate your vehicle.
Rent vs. buy a car: What should you do?
In the rent vs. buy a car debate, ask yourself these key questions:
- How drivable is your city?
- Is it easy enough to find parking spaces where you live?
- Can you afford a parking pass if need be?
- Are you able to find a new or used car in your budget right now?
- How often do you leave the city for hiking, visiting family, exploring, or any other reason?
Whether you buy or rent a car in the city depends on your answers, but these questions will guide you toward the solution that’s right for you. Owning a vehicle can be empowering, but renting a car may actually give you the freedom to live your life without worry.