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How Much $$$ Did I Lose Ubering?

scrurbscrud

scrurbscrud

Well-Known Member
For the math challenged Uber drivers, can you determine the correct answer to these driving equations?

A.
Trip from the airport. Edge of city. Trip out of city into a rural area where no possibility of return trip or a complete waste of time waiting for that remote possibility.

Distance to pickup: 3 miles
Distance to destination: 45 miles
Return distance: 48 miles to original driver starting point
Fare: $65

Cost assumption using IRS mileage deduction for costs at 57 cents a mile.

How much money was lost by the driver on this trip?
 
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Actionjax

Actionjax

Well-Known Member
scrurbscrud said:
For the math challenged Uber drivers, can you determine the correct answer to these driving equations?

A. Trip from the airport. Edge of city. Trip out of city into a rural area where no possibility of return trip or a complete waste of time waiting for that remote possibility.

Distance to pickup: 3 miles
Distance to destination: 45 miles
Return distance: 48 miles to original driver starting point
Fare: $65

Cost assumption using IRS mileage deduction for costs at 57 cents a mile.

How much money was lost by the driver on this trip?
Click to expand...
How much was the tip? :smiles:

You may want to help some people out by giving them your rates. And do you seriously always come back empty? That would suck.
 
jiwagon

jiwagon

Well-Known Member
Say you accumulate 100,000 miles from Ubering in a $17k car. You can deduct $57,000. So if you make $57,000, with your logic, you made nothing really. Another logic would say you made $40,000. The real problem is, with low fares you will make more like $20,000 and then start subtracting maintenance costs. Basically you end up with a low compensation for driving that much.
 
scrurbscrud

scrurbscrud

Well-Known Member
  • Thread Starter Thread Starter
  • #5
jizzwagon said:
Say you accumulate 100,000 miles from Ubering in a $17k car. You can deduct $57,000. So if you make $57,000, with your logic, you made nothing really. Another logic would say you made $40,000.
Click to expand...
There is an answer to the math equation. Do you have the answer given the specifics in the question?

The opening post also shows that the answer is a LOSS, meaning not zero, but less than zero, a LOSS.
 
jiwagon

jiwagon

Well-Known Member
scrurbscrud said:
There is an answer to the math equation. Do you have the answer given the specifics in the question?

The opening post also shows that the answer is a LOSS, meaning not zero, but less than zero, a LOSS.
Click to expand...
Ok the answer according to your logic is you lost 3.52
 
Actionjax

Actionjax

Well-Known Member
If there was logic to the thread I wouldn't calculate my operating cost at $0.57 per km. But then again if I was running proper insurance I think I would be calculating things at about $1 operating cost per km up here.

Personal insurance in Canada full coverage $200 per month 2 drivers.

Commercial insurance in Canada $700-$1000 per month (any driver licensed to operate the vehicle)

I know you are paying to make sure you are insured properly so you will always be at a loss on stuff like that.
 
scrurbscrud

scrurbscrud

Well-Known Member
  • Thread Starter Thread Starter
  • #9
Actionjax said:
If there was logic to the thread I wouldn't calculate my operating cost at $0.57 per km. But then again if I was running proper insurance I think I would be calculating things at about $1 operating cost per km up here.

Personal insurance in Canada full coverage $200 per month 2 drivers.

Commercial insurance in Canada $700-$1000 per month (any driver licensed to operate the vehicle)

I know you are paying to make sure you are insured properly so you will always be at a loss on stuff like that.
Click to expand...
Really doesn't have anything to do with the question. And it's 57 cents per MILE, not KM. But we have a winna! hoo ray!

The next question will be more interesting in regards to fixed overhead such as commercial insurance, so put your math hat on and get with the program.
 
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scrurbscrud

scrurbscrud

Well-Known Member
  • Thread Starter Thread Starter
  • #10
B.
-Driver runs 2 phones. One for Lyft app. One for Uber app. Both best of breed with high speed feeds. Cost $160 per month.
-Driver has commercial insurance that runs $315 per month more than previous std. personal auto policy.
-Driver drives enough TNC miles to guarantee going through one new set of Michelin's for XL ride per year which cost $1200 to replace.
-Driver drives enough TNC miles to require one oil change per month on the XL at a cost of $100.

If Uber's min. fare is $4. how many minimum fares must the above driver drive PER MONTH to cover the fixed costs above, not counting any other costs?
 
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TwoFiddyMile

TwoFiddyMile

Well-Known Member
scrurbscrud said:
B.
-Driver runs 2 phones. One for Lyft app. One for Uber app. Both best of breed with high speed feeds. Cost $160 per month.
-Driver has commercial insurance that runs $315 per month more than previous std. personal auto policy.
-Driver drives enough TNC miles to guarantee going through one new set of Michelin's for XL ride per year which cost $1200 to replace.
-Driver drives enough TNC miles to require one oil change per month on the XL at a cost of $100.

If Uber's min. fare is $4. how many minimum fares must the above driver drive PER MONTH to cover the fixed costs above, not counting any other costs?
Click to expand...
168.75 trips which round up to 169 trips.
hint; more short jobs trashes your brakes far quicker.
 
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