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Pay by the mile? | |||||||||||||||||
I wonder what would happen if automobiles were financed for a reasonable down payment and then the monthly payment was based on the number of miles driven that month? Would it lower automobile payments? Would it reduce gasoline consumption dramatically?
tomdifran, Sep 18 2003
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I think this was tried in Japan and failed. It sounds like Britain is considering something like this as well called "Road Pricing" : http://www.sme.org/downloads/vdi/2003/tl27.pdf
I think this is actually not a bad idea... maybe rental car fleets could utilize this model?
What benefit would it really serve? Perhaps it would be a good idea for people who lease a car in order to measure just how much they are depreciating the value of it, but even that's deceiving (highway miles are easier on a car than stop and go traffic).
What would happen? Rampant odometer fraud most likely.