The increasing vehicle technologies and fuels available for urban passenger transportation urge decision-makers to support dynamic policies that consider life-cycle impacts to benefit local and global environmental conditions. This study uses a Well-to-Wheels Life Cycle Assessment approach to assess the costs and impacts of various vehicle technologies in Bogotá, Colombia, considering the total ownership cost and pollution emissions. Despite a higher initial investment, we find that battery electric vehicles will be more cost-effective than internal combustion vehicles in less than three years. Electric motorcycles present the best cost-benefit ratio. However, to effectively reduce emissions, it is crucial to decrease the share of fossil fuels in electricity production to less than 30%, given the current 70% renewable share in the Colombian electricity mix. This research provides valuable insights for decision-makers, combining total ownership cost and well-to-wheel analysis and focusing on developing countries.