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Am I crazy to use a new BMW for Ubering?

Markcarl

New Member
I am 54 years old and retiring from my job which has earned me a pension next month. I have never owned a new car or even a particularly nice car before, so I would like to get something nice. I am looking at a new or slightly used BMW X5 which runs about $60,000. I would probably buy it even if I wasn't going to Uber. The question is am I crazy to use a brand new BMW to Uber for some extra cash and something to do in retirement?
 

JimD

Member
congrats..... in my opinion you can easily do this and still take good care of your car if you spend the money to protect it thoroughly........weathertech everywhere.........custom seat covers....... daily cleaning ........ i assume you'll drive mornings and early afternoons - your passengers will be mostly civil, clean and decent..... go out for for 4 hours or so, make some easy money, and soon you'll be making the payment with something leftover for you......
 

jaxbeachrides

Well-Known Member
You'll be losing money for sure thats a given. The cost of the vehicle and fuel alone will exceed your paid mileage, not including unpaid mileage.

Edmunds true cost to own calculator which includes the vehicle, taxes, fuel and maintenance puts it at over $1 per mile to operate. Now you're going to drive it for 60 cents per mile with half of your mileage unpaid, you'll be losing over 50 cents per mile.
 

Frontier Guy

Well-Known Member
I am 54 years old and retiring from my job which has earned me a pension next month. I have never owned a new car or even a particularly nice car before, so I would like to get something nice. I am looking at a new or slightly used BMW X5 which runs about $60,000. I would probably buy it even if I wasn't going to Uber. The question is am I crazy to use a brand new BMW to Uber for some extra cash and something to do in?retirement?
BMW's warranty will give you fits if they find out you use it for rideshare. Neighbor few houses down has a 2018 3 series, fully loaded he uses for Uber/Lyft, at 20K miles, he's already paying out of pocket for dealership repairs because they know he does rideshare with it. Another friend has had to stop doing rideshare with her 5 series because BMW threatened to void her warranty.
 

1974toyota

Well-Known Member
I am 54 years old and retiring from my job which has earned me a pension next month. I have never owned a new car or even a particularly nice car before, so I would like to get something nice. I am looking at a new or slightly used BMW X5 which runs about $60,000. I would probably buy it even if I wasn't going to Uber. The question is am I crazy to use a brand new BMW to Uber for some extra cash and something to do in?retirement?
You hafta ask??????????????????????????????????????? ROFLMAO. jmo
 

RideshareUSA

Well-Known Member
I am 54 years old and retiring from my job which has earned me a pension next month. I have never owned a new car or even a particularly nice car before, so I would like to get something nice. I am looking at a new or slightly used BMW X5 which runs about $60,000. I would probably buy it even if I wasn't going to Uber. The question is am I crazy to use a brand new BMW to Uber for some extra cash and something to do in?retirement?
Try this strategy:
- UberX only.
- 10pm - 4am shift ( especially fri & sat nights).
- Stage near college campuses and your local ghetto/hood.
- Only accept pings from paxs 4.6 and lower.
Enjoy!!!
 

emdeplam

Well-Known Member
Happy retirement! No reason not to Uber. Look, without Uber the car still costs you a bunch per mile. If you listen to the board here, no one should ever buy a new car, phone, house, etc.... The real question is, can you have that dream retirement ride and make Uber pay off the monthly bill....likely so.

So you can look at all the costs to drive agree with those that say owing a car is crazy...or you can be a real American and take to the road as an entrepreneur
 

Fozzie

Well-Known Member
I love my BMW, but there's not a snowballs chance in hell that I'd ever use it to transport passengers for the scraps that rideshare companies pay.

Buy a cheap car that meets the minimum requirements in your area and run it into the ground. Keep the business miles on the business vehicle, and put the personal miles on the BMW.

Keep your good car for your own personal use.
 

mbd

Well-Known Member
I am 54 years old and retiring from my job which has earned me a pension next month. I have never owned a new car or even a particularly nice car before, so I would like to get something nice. I am looking at a new or slightly used BMW X5 which runs about $60,000. I would probably buy it even if I wasn't going to Uber. The question is am I crazy to use a brand new BMW to Uber for some extra cash and something to do in?retirement?
You are retiring and you have pension coming in... so money and depreciation should not be a problem

do the express rental for about 6 weeks, then decide. Get all your mistakes out of the way first .
 

rideshare2870

Well-Known Member
To the OP, I just read a thread where these pax got picked up at a Laundromat. The pax left a fluid that spilled and changed the carpet floor’s color. Imagine if that is your new BMW. Do any of these answers make you change your mind? Even worst, is Lyft wouldn’t pay up for the mess and this is not uncommon. You would need a dash cam to in the feet well to prove that.
 
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MadTownUberD

The Trendy Transporter
Moderator
I used to drive a 2006 325i. Very basic BMW. Horrible for passengers by the way...back seat cramped. But anyway, i drove it for Uber because I only paid $10k for it when it was 8 years old, and I drove it personally for 2 years before Uber.

One time I transported a Trugreen Chemlawn employee. He had like a lunch pail and clunky work boots. On the way in or out he must have kicked the soft synthetic leather interior door panel, which got a permanent nick in it as a result. I 3*'d him and complained to support, but they called it "normal wear and tear".

I also had a small woman who puked a little when she was sitting in the front seat; fortunately it cleaned up easily. And then there was the disrespectful college chick who opened the door way too far, straining the hinges, and promised "a really big tip" in the app that never materialized.

So as long as you don't mind "normal wear and tear" like dents, nicks, scratches, door slamming, dirt, pet hair, crumbs, liquid, and bodily fluids, and fender benders...go for it. Otherwise keep it for just you to enjoy.
 

I_Like_Spam

Well-Known Member
You will lose money driving a $60,000 car on Uberx. For you it isn't a source of income at all.

If you love to drive, and you don't need the money because of your considerable pension, volunteer for a hospital to take old ladies to their doctor appointments or deliver Meals on Wheels to them. Then you can deduct part of the cost of driving as a charitable contribution, and reduce your taxes. Probably be better off financially as well.
 

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