Cable cars are a viable alternative to improve citizens’ accessibility in zones with limitations on urban public transport supply due to the topography. In Latin America, such systems have recently been implemented in zones with high levels of poverty and vulnerability. Although the social implications of their implementation are relevant, individual expectations of these systems and how current changes in travel conditions and quality of life are perceived have not been widely reported in the literature. This paper aims to evaluate users’ expectations and perceptions of a new cable car in the southern periphery of Bogotá (Colombia). We conducted a panel survey before (n = 341) and after (n = 301) the cable car started operations to evaluate the ranking of preferences toward a set of possible benefits of the project. We estimated discrete choice models to analyze the statistical differences between the expectations and perceptions before and after changes. Results suggest that travel time reductions, comfort improvements, and in-vehicle security are the benefits most valued by the users. Even though the project meets expectations of these aspects, it seems to fall short in expectations of reductions of pollution. Individuals’ experience with the cable car shapes their perceptions of the system. We found that perceptions differ between those who have used the service at least once and those who never did. Policy implications derived from this study might be of interest to decision-makers seeking to guarantee the public acceptability of urban projects.