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2018 Total an Analysis

Discussion in 'Minneapolis' started by Uberbuddy123, Jan 14, 2019 at 6:00 AM.

  1. Uberbuddy123

    Uberbuddy123

    Location:
    Mn
    1. So our friend made $70k plus- let us assume the $ amount is $72,000 with Cash tips// to earn it he drove online miles of 93,354 miles (57,724+35,630)- so his gross mile per earning is about 77 cents per mile. Assuming his dead miles is about 20% - his dead gross miles are about another 18,670 miles. So his dead- miles gross is about 64 cents Per miles ($72,000/(93354+18670)). IRS Deduction is about 54 cents so his mileage deduction is about $60,492 -and his other expenses for break and tires for the 112k miles could be another $1k- so for taxable income is about $11k- he need to pay SS and Medicare on this-> that would be another 15.3% so after SS-Medicare income is about $9.3k ( $11K-$1.6K @ 15.3% SS and Medicare). Taxable income is $9k folks

    2. Our friend has driven a total 5,836 rides- so his earning per ride is about $12.33. Nothing flashy about this- most of us average $11-$12 per ride on any given date. The $12.33 also includes tips and promotions-> none of these are guaranteed income. If we take 10% for App and Cash Tips and 15% for promotions then amount will be about $9.25.

    3. Our friend has not told us the total number of hours he worked in 2018-based on his screen shot for earlier weeks- it seems he is usually on line 65 hours a week- on 52 weeks he should be on line for 3,380 hours on line- based on his reported earnings of $72k- his gross hourly wage comes out to be about $21.30// He also have driven about 112k miles- at 35 miles per gallon and at $2.30 per gallon – his fuel cost will be about $7,361- his other costs for brake and tires will be $1,000-and employment tax of SS and Medicare$1.6k will be $62,039($72k-$7.2K Gas-$1k other)// so his net-earning per hour based on 65 hours working FOR 3,380 HOURS -> $18.35//

    4. If I take the car depreciation into account which will be about 4.44 cents per miles -( assuming he bought a car for $10k and will be able to drive 225k miles). The depreciation of car will cost his net at point 3 to be reduced by another $4,929 (112,024 miles*.044 Per Miles)= His net after depreciation is now $57k ($62.2K-4.9K)= so his net-earning per hour based on 65 hours working FOR 3,380 HOURS -> $16.89

    5. So my friend are you really killing it like you believe // You are working 7 days a week –to earn $16.89 an hour- please face it –the quicker you face it – the better of we all are.
     
    Last edited: Jan 14, 2019 at 6:06 AM
    AlexCom likes this.
  2. Thanks for posting. I take it and the freedom of no boss and own hours over 15/ hour
     
    25rides7daysaweek likes this.
  3. Uberbuddy123

    Uberbuddy123

    Location:
    Mn
    What freedom- we have a boss for every ride- and a rating system that is neither fair not square
     
    Smoke likes this.
  4. He can't claim any car expenses if he's using the Mileage Deduction.

    Instead of using depreciation, which is subjective, he should actually be using the replacement cost of a car. Depreciation would also be included in the mileage deduction.

    On paper, like all companies, he makes less after deductions.

    But his cash flow is what he should look at, which is why I think he should take into account the replacement cost of a car, not the depreciation.
     
    Smoke likes this.
  5. of you do the job properly you'll have high ratings...

    if you do the job well you'll have good ratings. so really why even care about them?
     
    Immortal likes this.
  6. AlexCom

    AlexCom

    Location:
    Minneapolis
    Uberbuddy123Uberbuddy123 , after more than 10k rides I've learned that you never "assume" .
    Although your post is very informative and entertaining you are far from reality "in my particular situation"
    Everyone has its own expenses wich can vary significantly depending on the car you use.

    The only reason why I would have to replace my prius is if I get in a serious wreck, totaling the car.
     
    dctcmn likes this.
  7. Uberbuddy123

    Uberbuddy123

    Location:
    Mn
    Offcourse-denial is a powerful thing- you keep on doing it- It is proven reasonable doubt that your gross $ per mile is 77 cents- a losing proposition to begin with -
     
  8. Immortal

    Immortal

    Location:
    Minneapolis
    I don’t put much stock in Uberbuddy posts. They are typically layered with sarcasm. Even the “Our friend” beginning of each paragraph directed towards Alex. He claims to be helping and getting drivers “out of denial” but he’s just here to attack the highest producing drivers in this forum from what I’m observing.
     
    YukonDew and dctcmn like this.
  9. Uberbuddy123

    Uberbuddy123

    Location:
    Mn
    77 cents/ gross miles and 64 cents/net miles cannot and should not be the result of a high producing driver-can it be?=> let us assume the $ amount is $72,000 with Cash tips// to earn it he drove online miles of 93,354 miles (57,724+35,630)- so his gross mile per earning is about 77 cents per mile. Assuming his dead miles is about 20% - his dead gross miles are about another 18,670 miles. So his dead- miles gross is about 64 cents Per miles ($72,000/(93354+18670)). // Lastly $18 gross hour cannot be the result of a high producing driver-can it be? Again- you may not like my sarcasm- but can you disregard the data?
     
  10. Mpls55345

    Mpls55345

    Location:
    minneapolis
    Driving:
    UberX
    This post concerns me. To make $70k gross and profit $9k? To drive 90000 miles to do this? The government does not give you anything for free. That $.54 deduction is real. You basically use your car up and have $9 to replace it. Some can pretend to drive a $4000 car and be just fine. 90000 in a $4000 car is prison. No bluetooth. Used up and not comfortable. Anyway, this post is why they will pay us less and less and get away with it. Its why only 4% stick it out more than a year.

    You find he is being sarcastic? The taxi industry needed to be destroyed, but there was/is a need for regulation in it. I have always read and heard taxi drivers say the fare is for car upkeep, gas, and so on, and to replace the car. Tips are for living, for food, entertainment, health insurance. Sure, you can say they said that to get extra tips. But doing this for $.61 I can tell you $2.50 a mile is what you need to take care of everything to do with the car, including depreciation and replacement. High producing drivers are not special, they are stupid for putting that much time into doing this. I am stupid for doing this for 15 hours a week. But I have fond myself in a place where I have to bend over and take it from Uber because of bad choices I made financially. Get a clue.
     
    Smoke and AlexCom like this.
  11. Merc Man

    Merc Man

    Location:
    Minneapolis
    I don’t really think Alex drove 93,354 miles. Or are those miles just the miles with a passenger/s in the car? If that’s the case, I feel bad for him. That’s the thing about rideshare, full or part time, there’s not enough money to save for a replacement car. If you’re using anything more than a $10k car, you won’t show a profit.
    Also, if you’re using the mileage deduction, you cannot also write off depreciation, gas, tires, car washes. Nothing that has to do with the operation and maintenance of the car. You can write off insurance and registration fees.
     
    Mpls55345 likes this.
  12. Immortal

    Immortal

    Location:
    Minneapolis
    You’re missing the point of my post. Have you read other posts from Uberbuddy? Have you seen his smart ass remarks? I simply tune out his posts no matter if there is some relevant data in then because he rarely can have a professional discussion. I’ve got over 7k rides under my belt and understand how this business runs. I definitely have a clue, thanks for the input.
     
    Last edited: Jan 14, 2019 at 11:45 AM
  13. Mpls55345

    Mpls55345

    Location:
    minneapolis
    Driving:
    UberX
    As I have said ad nauseam, I do ride share in a stupid manner so I hit 2.5, even 3 miles for every $1 I make. But I have done this bar rush, mid after noon, "take me where you want Uber as long as its within 5 miles from where I am at" way, I almost always hit 2 miles per $1 made. From my door, back to my door. So it does not matter what we can write off......mileage takes care of it all. Maybe XL where your rate is higher mileage does not work. But even doing this XL full time is STUPID. Limo's used to get what, $50, $100 an hour? Charging also time to and from the customers house back to thier home garage. Someone other than I needs to step up in this country and unionize and regulate this (and I hate most unions that exist and that are necessary today). Great concept, and all current taxi companies deserve bankruptcy, but Uber takes it too far. And to top it off they publicly are spending the money they do not pay us on technology to replace us.

    I was not attacking you by quoting you, and I know you are not saying I was. Whatever your history with Uberbuddy is, his post is relevant. (edit; well, if you feel you have a clue and feel doing this is a "business" and smart I suppose I did attack you. Not a moderator type attack though where I need to be deleted)
     
    Smoke likes this.
  14. Moonbatty

    Moonbatty

    Location:
    WI/MN
    Driving:
    UberX
    OP went through a whole lotta effort to stick it to "our friend."
     
    rideshareMN and Immortal like this.
  15. Immortal

    Immortal

    Location:
    Minneapolis
    Yeah that’s fine, I’m choosing to receive info from different sources than him is all. There are plenty of break downs of this business that I’ve seen over time from other posters. No doubt there are some relevant points.

    Yes you understand what I’m saying. I don’t think Alex even sees that. Or doesn’t care whatever it’s really no biggie, just tired of the Uberbuddy attitude lol.
     
  16. Merc Man

    Merc Man

    Location:
    Minneapolis
    Why do the taxis deserve bankruptcy?
     
  17. Mpls55345

    Mpls55345

    Location:
    minneapolis
    Driving:
    UberX
    No. Not at $.61 a mile. No. There are no relevant post. There is plenty enough reason for this forum to exist other than profitability being one of them. It is not profitable. In no way. $.61 a mile? At the end of most rides in any other universe would you do what you just did for $3.37? $5? Minneapolis to Minnetonka for $13? Do you feel good at the end of that $13 trip and feel good because you got $13? I do and I get home and think "why do I feel good about it"?

    Because before Uber they did not think of using the cell phone the way Uber has. Because you would call for a taxi and more often than not it would be quoted at an hour to get to you and it would be 2. The cars smelled and were not kept well. and everyone who worked for them including most drivers were rude.
     
    Smoke likes this.
  18. Immortal

    Immortal

    Location:
    Minneapolis
    Sigh. I’m saying I’m sure he has some relevant points. Dude, there are a ton of breakdowns on other posts about this business not being profitable. It’s been gone over MANY times. There is no argument here on that.
     
    Mpls55345 likes this.
  19. Moonbatty

    Moonbatty

    Location:
    WI/MN
    Driving:
    UberX
    And I think it's also important to keep in mind how this gig fits into our lives. If it was something I did to pay my mortgage and feed my kids, a breakdown like this would be important for me so that I knew whether or not I was wasting my time when I could be making more elsewhere.

    For me, I have income from being a shareholder that covers all that, and a husband who works and provides health insurance. I've gotten new or newer cars regularly, so depreciation and wear and tear really never was a factor in the first place. The only expense I bother to factor in is fuel. I'm not even bothered by the 1-hour each way commute to the Cities as I don't have anything else to do anyway.

    So what I'm getting at is that it may be a grind that barely gets one by in life, or it could be just extra money for folks. It's relevant to nitpick only as to how it fits into our own, unique lives. Also, I'm fairly sure "our friend" didn't ask, or need, a full-on breakdown on what OP thinks is relevant to his life and his own unique situation. In my neck of the woods, we'd consider that quite an ******* move.
     
    YukonDew likes this.
  20. Immortal

    Immortal

    Location:
    Minneapolis
    Amen
     
    YukonDew likes this.

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