Owning an automobile is falling out of favor in cities around the world as ride-hailing and other new transportation options proliferate and concerns over gridlock and pollution spark a reevaluation of privately owned wheels.
A decade ago the auto industry predicted annual global vehicle sales would top 100 million by now, but they’ve stalled instead, falling to 94.2 million last year, down 1 million from 2017.
“I would never go back to owning a car,” says Larry Kim, chief executive officer of MobileMonkey Inc., a Facebook Messenger marketing platform, who says he’s recovered an hour a day by not driving. “Your time is not free, right? Your time is worth more than $20 an hour. So in my case, why not spend $15,000 to $20,000 a year to get all of that time saved?”
Read the article at Bloomberg.