Is It Worth Owning a Car in NYC?
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- čas přidán 8. 07. 2024
- Is It Worth Owning a Car in NYC? Learn More: www.hauseit.com/owning-a-car-...
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Have you ever thought about owning a car in New York City? We’ll demystify the topic of car ownership in the Big Apple in this video.
I’m Nick at Hauseit. Check out our website www.hauseit.com to learn how to save money on commission when buying and selling real estate in New York City, Long Island and the Hudson Valley. So let’s get started!
So, why Own a Car in NYC?
NYC’s proximity to the Hudson Valley, Long Island, the Hamptons, hiking/outdoor areas, farms and numerous beaches in New York and New Jersey provide for a plethora of day and weekend trips which are less than two hours from the city.
These types of trips are particularly appealing if you’re tired of the repetitive drinking and eating scene in NYC.
For the more adventurous, there are several other great destinations a bit farther away, such as Lake George in Upstate New York which is approximately a 4-hour drive from NYC.
It’s also possible to drive to other major cities such as Philadelphia and Baltimore which are two and three hours from NYC, respectively. A car can also be used in the winter for weekend ski trips and for apple, berry or pumpkin picking during the warmer months.
Owning a car makes it considerably easier to go on spontaneous trips or book things last minute compared to renting a car, which is a major turn-off and source of stress for many New Yorkers who would otherwise love to leave the city from time to time.
How Much Does it Cost to Own a Car in NYC?
The cost of owning a car in Manhattan with garage parking is roughly $500 a month for parking, $200 a month for insurance, plus your actual car or lease payment. Leasing an entry level BMW such as a 228xi for $400/month means your monthly cost would be $1,100, or $13,000/year, excluding gas, tolls, registration, inspections and maintenance.
If you opt to lease a less expensive car, such as a Mazda CX-30 for $275/month, your total cost would be $975/month or $11,700/year.
Manhattan residents receive a small discount on parking through the Manhattan Resident Parking Tax Exemption.
But if you’re looking for even bigger savings, you may want to park your car in Brooklyn. This makes a lot of sense if you live on the East Side of Lower Manhattan, as you can easily take the subway just a few stops across the river or hop on a Citibike, Ebike or electric scooter to cross the Williamsburg Bridge.
If you rent a car to take weekend trips outside the city more than twice a month, the math of owning a car starts to make sense versus continuing to rent cars.
And of course, you can pay considerably less per month than in our examples above by purchasing a beater car and parking it on the street, meaning the only thing you’re responsible for (aside from maintenance, registration/inspections and buying the car itself) is insurance.
Skimping on garage parking is not for the faint of heart, and if you choose to, prepare yourself to spend hours each week moving your car around in the early mornings and fending off Traffic Enforcement officers.
The math of owning a car makes even more sense if you’re part of a multiple earner household or if you already find yourself spending considerable amounts of money on transportation for weekend getaways and other tips outside the city.
Should I Lease or Buy a Car in NYC?
We recommend leasing a car versus buying in NYC. The main reason why it’s better to lease is because you’ll have a newer car which in theory means less time handling repairs and maintenance or dealing with out-of-warranty repairs, particularly if you buy a used car.
Most mechanics are far out in Queens or Brooklyn, so it’s a major logistical headache and time killer every time your car needs work.
An additional benefit of a lease is the fact that you won’t have to deal with selling or otherwise disposing of your car later down the line. Once your lease expires, you simply drive it back to the dealership and hand over the keys.
Moreover, some dealers will forgive small damage or excess mileage if you agree to lease a new car with them.
Trying to sell a used car in NYC can be a huge drain on your time and energy, and the alternative is to use it as a trade-in at a dealer, but dealers will always offer less than a private party.
The other advantage of a lease is that you can upgrade your car every few years. Not to mention, lease payments are generally lower than financing payments.
Save 2% When Buying in NYC: www.hauseit.com/hauseit-buyer...
Save 6% When Selling in NYC: www.hauseit.com/agent-assiste...
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The answer is no. Born and raised here for 33 years. I've owned 5 different cars over my years, currently have two cars. Take public transportation or ride a bike or something. Shit isn't worth it here anymore. Parking is constantly being reduced, costs going up, people who don't know how to park, etc, etc. Oh and insurance is balls.
is car accidents big down there? like huge car accidents.
Is it worth if you have kids ?
If u want to leave the city for a trip out of state or up state just rent a car for the week. It’s less stressful without a car in NYC or even Brooklyn 🚙
Not having a car in ny, especially in Queens and Brooklyn limits you.
What? You can walk or take public transit.
I Can understand it if you live in Queens because Queens is like the suburbs of NYC. But if I was going to Manhattan I would just take the Subway because who wants to pay for parking only to have to walk blocks to your destination?
@nicolaswithoutah1272 to where coney island rockaway ...prospect park or central park ???
I can feed the homeless and junkees as entertainment or play avoid getting pushed ifo the train by the crazy
I see a lot of videos or memes on social media where a pregnant woman gets on a Subway and men won't give up their seats. Someone in the comments always says. "You should have got pregnant by a man with a car." They don't realize how much of a hassle it is to have a car in NYC.
Very informative video! But I am still not sure if owning a car is worth it or not because I don’t plan to pay for the parking yet. 😅
It's definitely possible to park for free in NYC, provided you're willing to invest time studying and complying with the parking signage...and of course, finding and waiting for parking spots to open up =P
@@Hauseit I know it might be a good strategy to double park and wait for the spot to open in the morning. But I am not a morning person at all. Lol So I am still debating if I should sacrifice my sleep and wait for the free parking spot, or give up the idea of having a car in NYC. 😅
Can a SS income be used as an Employment letter when purchasing a Co-Op in New York.
Hi Mara - provided your Social Security income is sufficient to meet the co-ops debt-to-income ratio requirement, this should work just fine!
I’m a Car Guy … it’s my lifestyle … I would never give up the luxury of driving fast expensive cars … I like the gangster lifestyle of treating my mom and my girl like queens … never let them take public trans … how would u not want the privacy of a nice car ? Who wouldn’t want a hellcat ? Like people are weird
NY YES ......... NYC HELL NO
Man im glad my building has parking
😂
I have a car AMA want to move to New York. It’s a Honda Civic 22 that im financing
what about staten island
Yes
Who cares? It's Staten Island. We tried giving them to Florida and joyze lol
No its not waste of money and space and headache
How much is garage parking in Williamsburg?
Great question! Anywhere from $250 to $400. ~Hauseit NYC | www.hauseit.com
400
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Owning a car used to be great ....until the city itself destroyed the infrastructre by giving the woke crowd bike lanes and green spaces ...creating day lighting thus removing parking and installing bus lanes and reducing the speed limit to 25 and installing cameras everywhere god forbid you wanna go upstate or to um a beach other than coney island
Nope none of that for you guys its over
On top of that with 3000 dollar rents low maybe you can get a bicycle or e bike go head leave it outside
Nope you are a prisoner in a 15 minute city a trip upstate to say bear mountains is now a vacation
Lol so go to prospect park or central park ...bring some mace
Or go to coney island ... lay on an ashtray swim in the raw sewage or hang out on a pier .... pay ten buck for a hot dog ...
You are a slave but hey its cool right
Nope im out of here gone signing a lease in Tennesse tommorow ...
Enjoy NYC ill be thinking of yah lmao