Will Uber and Lyft make car cutting the new cord cutting
More people are turning to services like Uber or Lyft instead of owning a car. Could owning a car go the way of paying for cable television or having a home phone? If this Uber executive is any indication, the answer is a resounding yes. Around 9% of people who sold or traded in a vehicle over the past year decided to forego getting a new car in favor of using services like Uber and Lyft, a poll conducted by Reuters and Ipsos found last May. Robert Farrington, founder of personal finance website The College Investor, is one of those people. When the time came for Farrington to replace his car, which was over a decade old and had more than 100,000 miles, he decided to test his hand at going without his own car.