Discussion in 'Advice' started by Newbie3477, Sep 13, 2018.
Potentially there could be a benefit to leasing. But not if you're going to use the IRS figure of 54.5c per mile for your deductions. If you want to track the maintenance costs, etc, and use an "actual" cost figure, then leasing gives you a fixed cost per month for the expense if acquiring the car.
I don't think the dealership limits the mileage on a leased car. But the leasing company effectively does. That's because any mileage over a certain figure when you turn the car back in comes out of your pocket.
You spent 30k on a car to drive Uber and limited yourself to 1 Tier (X) in a market where that tier pays .80 cents a mile. ???
Well unfortunately, a Prius gets excellent gas mileage and all other hybrids claim to have good numbers on paper but from experience the Prius get better mileage then any other hybrid out there. So let's get down to driving for Uber full time. How many miles did you average on your last car per month? Figure you will do about the same. So you have to see what does the owners manual say about services? How often do you have to change the oil, in miles? You will be doing hard driving so for you it will be sooner. Whatever you do do't tell the dealership you're driving the car for Uber, just say you drive alot. ( They can ask you what you do with your car, they may get suspicious of the miles, but you don't have to tell them anything. Don't get me started on dealerships, and the crooked games they play.)
Tires, brakes will be a common expense etc etc. Seriously if you take care of your car it will last and Honda's go well over 200000 miles. If you never get into an accident, you should be fine. I had to replace a few things on the body myself driving for Uber but I know how to fix many things on my own car, which saves me labor. Pot holes, idiot drivers who can't stay in their lane, or that can't read the direction sign in the parking lot, or who are texting and driving or whatever not looking out the windshield while the car is moving. These have always been the biggest hazards I've come across driving.
Just don't neglect any maintenance on the car, and don't get into an accident. Uber doesn't like it when theres a scratch on your car and a rider reports it BTW, they do things like suspend your account until they get proof that the damage doesn't exist or was fixed. ( Ahhh that was fun) But you know I drove for a few fleets before Uber, and there's always some jackass who hits you eventually , and tells you it's your fault, and then when it's a fleet vehicle you may get crap from whoever your boss is. When it's your car, you had better have that deductible in hand, and then the paint never matches perfectly, and you're down a week when it's getting fixed. Oh and a dash cam, a good dash cam in the proper place has saved my ass from crooked people who've hit me and said it was my fault, dash cams don't lie, people do. Dash cams speed along insurance inquires too. Just my experience.
You will have the car for less time if you had just driven it to an office and back daily, but TBH the resale value of a car is a joke, and most people trade out after a few years. A Honda Insight is a nice car, but isn't going to be a collectors car ever, so it's not like you're driving a Civic Type R, ( for UBER LOL) or anything else that may be a car that is sought after in 20 years by collectors. It's going to end up sold used, and eventually end up scrapped and turned into soda cans or other cars one day. So enjoy your car while it lasts, have fun rolling the dice, just have a back up plan in case your car gets totaled.
Has it been PUKED IN YET ?
you mean baptized?
Newbie3477 Truth is, you won't get the truth on this site, and you won't have three years. Self driving taxis will be in almost every major U.S. city within 2 years.
You do realize these are real people you're talking to, making real life decisions they have to live with for years, right?
I'd be fine with it if they are. But I'm figuring it'll be more like 5 to 10 years.
With any luck, it'll happen before I can't see well enough to drive for myself.
I’m new member here. I have Honda Insight 2019 as well and I do uber/lyft in my spare time (I have full time job), for about 3 months almost.
The rates are quite low here in NJ. If you are planning to do full time uber/lyft then buying new car doesn’t sound like a good idea. It seems the money gain from driving uber/lyft is not great.
Asking for civil behaviour on this forum is like expecting uber and Lyft to pay its drivers better
Pretty much only lower monthly payments. Yes, leases have a mileage cap, which you will probably hit very fast. When the lease ends, you would probably want to buy it out due to the miles.
I think it’s great for a part time gig. I do it to unwind from my day job and meet different people.
Insurance is a total scam specifically for this reason.
Make sure u save 4 repairs. For every 1000 miles you drive, try 2 save at least 100 dollars.
1000 miles equals 100
2000 miles equals 200
3000 miles equals 300
Well IMO, its not the wisest decision to by a brand new car for Uber. But if you are going to, you cannot go wrong with a Honda or Toyota Hybrid. We have a 2014 Accord Hybrid that is coming up on 100,000. To this day we still average about 45 mpg combined on the thing. And if you don't count the scratches and partially broken side view mirror (all due to my wife's driving), the only thing that it has needed up to this point is new tires. Everything passed with flying colors on it's 90,000 service. It needs nothing at this point.
I would recommend trying to find some more stable employment though. There is a chance that during the period of time you are paying off the car, any of these things could realistically happen:
1) deactivated for something beyond your control
2) your replaced by a self-driving car (this is the least likely, but if Uber had any say, it would be any day now)
3) you lose your ability to drive (accident, drunk driving arrest, etc...)
4) Uber goes under
It's wise to try and make Uber a side-gig at best if you can.
Other than that, enjoy your Insight. It's actually a really nice looking Hybrid and on my radar for the future.
Now that you have the obligation of a loan get a real job ASAP. Uber is like a Payday loan scam, your earnings will be equal to your expenses combined with depreciation. You get a **little** money in advance but the real cost bite you in the back end, down the road. It is NOT a profitable business. There used to be a very small margin of profit provided by surge and other bonuses. Uber is doing away with any surge for the drivers, although they will continue to charge the passenger surge rates. PLEASE get away from Uber NOW, get a real job. Things to consider, pukers in the car, violence against drivers , a friend of mine was car jacked nearly beaten to death, continuing pay cuts, car accidents..... all for negative earnings!!
^^^^ this comment is on this site; therefore by your own logic what you say about SDC within two years cannot be true.
You might find driving for food delivery services a bit easier on your car's wear and tear. Look to Grubhub, Door Dash, etc. Also, stay in school, go for a professional occupation.
I do only start out in the wealthier areas of town, the people are simply more civilized and will be more careful with your car. If I'm ending up in a hood, at the start of the ride I set "last ride" and DO NOT ACCEPT ANOTHER RIDE FROM UBER. Beat it out of that hood as fast as you can. Avoid schools, they're 99% of the time underage riders and that may be illegal in your state/town. Plus, they tend to be short rides and those little f'ers will one star you in a hot minute, just because you can. Avoid colleges too for basically the same reason, but the latter might puke in your car.
Why people are afraid to buy a used car is amazing to me, especially considering their new car is instantly a used car once it's driven off the lot. With that said the suggestion that you need to save 10% of your earning for repairs is kind of crazy. I have a 6 year old Civic with 140,000 and the only thing I have put into it have been regular maintenance (oil changes, radiator flush) brakes and tires.
Look into a security company called Securitas. It starts out $11 per hour, but for the most part still more than rideshare because you have no expenses other than the gas to get to work.
Full electric is not such a great idea when you don't always have access to a charger. Realtor friend of mine couldn't go out of town to a client because he didn't have enough charge to get there and back to town. At least having a gas option would have made him mobile at any time.
Is your insurance commercial/rideshare?
That warranty might be voidable if they find out you're ubering. Check with the company before you rely on any warranty for your car, it may be a waste of money.
I've said this elsewhere, but don't know if you'll catch my recommendation. Being a senior and having the door slammed in my face right and left, I was happily surprised to be snapped up by a security guard company (Securitas in my case) and LOVE the gig. The pay is $11 per hour, which is far more than I ever made with Uber/Lyft before expenses. Caveat: no drug use and clean record... but otherwise, they want you!
I bought barf bags on Amazon (they are called Emesis Bags). I keep a couple in front of each back seat. Just in case. Because it is nearly impossible to get the stench of vomit out of your car. PS: I think a Kia Soul would be a great Uber car.
Every Word True!
In my market, it is .65 per mile.
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