Keeping track of $/mi. earned

dshanepi

New Member
Does anyone keep track of $/mile earned?

I use a spreadsheet that is very accurate and also lets me know how much I net per hour so that I can estimate how many hours I need to work to reach my money goal.
 

ncnealncn

Active Member
When I started I made a spreadsheet and kept track of everything. I find 2 kinds of people on here. One is analytical and can tell you accurately how much they make by using spreadsheets and the more common quote gross without real data. I remember my dead miles were about 43% of the total and my after expenses and depreciation estimates my actual dollars per hour were much less than gross. What do your numbers look like if you don't mind posting?
 

Roger in Canton

Well-Known Member
I put everything in a spreadsheet, calculate mileage, fuel cost, depreciation, everything. I mostly drive Friday nights and special events. In 2018 driving mostly X, (got XL in November), earnings were $13.11/hr and $8.48/trip. Profits were $7.14/hr and $4.62/trip. So far in 2019 (40-50% XL) $16.95/hr earnings and $9.50/trip. Profits $10.71/hr and $6.00/trip.
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Going to XL definitely helped!
 

Roger in Canton

Well-Known Member
Profit per mile was $.32 last year, $.44 this year. That includes deadhead miles (from time I leave home, till I get home). Remember, this year includes XL. Most of my trips are 5 miles or less. Profits per mile would be less if trips were longer.
 

0x3imf3

Active Member
I use a python script and CSV and my figures are accurate to the hundredths.. Not sure how using bulky software suites makes the numbers any better..

Gas: I use avg. MPG I got off my car's sensors over time against gross miles per week against taxed gas prices off receipts averaged.

Wear: I just deduct taxed maintenance purchases I don't try and predict major failures

Food: I deduct using taxed sum off receipts

Idle Time: I don't bother it's taken care of when I average my net each weak against my hours

Not sure why anyone would try and factor other things like depreciation.. A 2020 bought today off a lot loses at least 1/4 it's value when you take it home, and cars are losing value while they sit in your driveway.. You don't make enough to even think about factoring inflation..
 
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0x3imf3

Active Member
So.... A car (pick any make/model) built in 2012 with 100K miles is worth the same as the same car with 200K miles?
Not if you buy it post-auction on some small used financing lot where it's going to be way above blue book with high APR and fees. Buying it through a classified yes..

Quick example: Go to CL or FB-marketplace and compare a 180k+ 2011 civic to one that's got 120k or less... All were around $5,800 in my area 115k, 117k, 180k, 210k.. The low-income people buying your used wares don't care if you tracked the car worth to the thousandths of a dollar..

Not saying there are not savings, but you're lucky to net 10/hr in the current gig economy unless you're some socially entitled guy building an eight-hundred dollar deck for three-thousand... Not sure how you plan to cover "depretiation" on your property barely making more than a McDonalds worker and selling to people who are buying used cause they don't have a bunch of cash..
 
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Roger in Canton

Well-Known Member
I use Edmunds or KBB to appraise vehicle. Most Honda's have about $.04/mile depreciation. That equates to about $4000 difference when you go from 100K miles to 200K. My previous vehicle was about $.10/mile. I'm keeping my depreciation at $.10 just so I have money set aside for unplanned maintenance, like deductible for accidents, etc. I also set aside $.05/mile for normal maintenance like, oil, tires, shocks, breaks and wheel bearings.
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I actually net about $10/hour with my formulas.
 

ncnealncn

Active Member
I'm not sure how someone could do this gig and not think about or calculate the depreciation of their asset.

I have 3 vehicles and they are depreciating at different rates.
 

0x3imf3

Active Member
KBB... Oh yes that book where lot prices are around 13% over it's "Excellent" figure before you even sign papers and pay taxes for a cash buy..

Wait till you see what auction bidders and classified buyers do with your KBB value.. A manufacturer lot sure isn't going to give you the "Excellent" value on a trade-in..
 
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dshanepi

New Member
  • Thread Starter Thread Starter
  • #12
The stats I calculate for others as of 07/31/2019 are as follows for Uber and Lyft combined: X not XL

$8.31/trip avg., $0.66/mile gross, $14.41/hr., $0.41/mile net.

Lyft now has a .35/mile gross for miles driven to rider as well as during their ride. Will be interesting to see if this is better or a rip off!
 
I agree....numbers don’t lie!
.144 & .328 VS .112 & .608
It’s not rocket surgery!
Drivers are getting screwed....but only if you DRIVE for Lyft.
My apps “on”....and I get a laugh out of each ping I ignore as I hear it in my earpiece.
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I agree....numbers don’t lie!
.144 & .328 VS .112 & .608
It’s not rocket surgery!
Drivers are getting screwed....but only if you DRIVE for Lyft.
My apps “on”....and I get a laugh out of each ping I ignore as I hear it in my earpiece.
I used Raleigh numbers but Charlotte numbers suck worse.
 

Roger in Canton

Well-Known Member
Do any of you track your miles driven? In Canton I run X/XL and do about 50/50. On an average night I earn about $.60/mile not counting tips. So if I use your figures, driving mostly city/suburban, I would earn about $.60/mile if I park where I drop off to wait for next ping? That's not even counting Plus rates. Sooo.... looks like a wash to me. But, of course I don't know what our rates would be.

Currently I profit about $10/hour with tips. So just over minimum wage!
 

dshanepi

New Member
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  • #17
You should keep track of your own numbers using a spreadsheet because of the many variables to include vehicle type, mpg, maintenance, driving habits, mileage, gas price, etc... You will also need to track your expenses and revenue to calculate your actual profits. I use Quickbooks which makes it very easy at the end of the month.
 

Lessthanminimum

Well-Known Member
Wow all these people keeping spreadsheets to net $7 to $10 bucks an hour. Seems like it'd be less time-consuming to get a job at McDonald's. They put your amount per hour right on the check and I'm sure it would be that much. And a bonus you just saved all the time you wasted on spreadsheets.
 

dshanepi

New Member
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  • #19
It's well worth the time to know exactly what you net especially being self employed. Some drivers are under the false impression that they actually make what the rideshare companies tell them which can be over inflated in their favor.
 
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