Lol @ people who rent their cars out for rideshare

amibrah

Well-Known Member
Can't help but laugh my arse off at people who rent out their cars for rideshare 🤣

I've seen loads of ads on FB , brand new Camry hybrids being rented for $270-350 a week. I've even considered selling my car and getting a rental because I can flog it driving to work and back, and flog it some more when I drive Friday nights and not worry about the kilometers going up/insurance/repairs/registration/depreciation/wear and tear etc

Can't believe people are buying brand new cars and renting them out

Once you put plates on a brand new car you lose a good chunk of its market value, then some Habib puts 100,000 kms on it, has people puke inside it, wear and tear and vehicle has already lost 25-50% of it's value.

I guess people only see $$$ hitting their bank accounts. Reminds me couple years back when I spoke to a middle Eastern driver at the AP nest and told him about vehicle depreciation. He was like "what depression? mate I don't have depression" 🤣
 

ghrdrd

Well-Known Member
Can't help but laugh my arse off at people who rent out their cars for rideshare 🤣

I've seen loads of ads on FB , brand new Camry hybrids being rented for $270-350 a week. I've even considered selling my car and getting a rental because I can flog it driving to work and back, and flog it some more when I drive Friday nights and not worry about the kilometers going up/insurance/repairs/registration/depreciation/wear and tear etc

Can't believe people are buying brand new cars and renting them out

Once you put plates on a brand new car you lose a good chunk of its market value, then some Habib puts 100,000 kms on it, has people puke inside it, wear and tear and vehicle has already lost 25-50% of it's value.

I guess people only see $$$ hitting their bank accounts. Reminds me couple years back when I spoke to a middle Eastern driver at the AP nest and told him about vehicle depreciation. He was like "what depression? mate I don't have depression" 🤣
Can you send me a link to one of those cars on FB - I want to rent one for a few weeks. Thanks.
 

Hussyboy81

Well-Known Member
Can't believe people are buying brand new cars and renting them out
Let's make some calculations. You rent out the car for average 40 weeks for $300 a week. You get cash inflow of 12,000$ a year. In three years time you recover your original purchase price (let's say 25,000$) plus the maintenance, tyres, Rego etc etc. You continue renting it till 5 years and sell the car at the end of 5 years for 3,000 - 5,000$. Tell me, who is losing the money?

All this for doing literally nothing other than buying, maintaining and selling the car. And most probably the owner collects the rent in cash so avoids tax as well.

I suggest you take the blinds off your alpha eyes and see the world in a different perspective - the perspective that somebody else might be more sensible than you too.

Cheers.
 

Kick poor Ant in guts

Well-Known Member
Let's make some calculations. You rent out the car for average 40 weeks for $300 a week. You get cash inflow of 12,000$ a year. In three years time you recover your original purchase price (let's say 25,000$) plus the maintenance, tyres, Rego etc etc. You continue renting it till 5 years and sell the car at the end of 5 years for 3,000 - 5,000$. Tell me, who is losing the money?

All this for doing literally nothing other than buying, maintaining and selling the car. And most probably the owner collects the rent in cash so avoids tax as well.

I suggest you take the blinds off your alpha eyes and see the world in a different perspective - the perspective that somebody else might be more sensible than you too.

Cheers.
“Alpha eyes”
 

Sleepo

Well-Known Member
Let's make some calculations. You rent out the car for average 40 weeks for $300 a week. You get cash inflow of 12,000$ a year. In three years time you recover your original purchase price (let's say 25,000$) plus the maintenance, tyres, Rego etc etc. You continue renting it till 5 years and sell the car at the end of 5 years for 3,000 - 5,000$. Tell me, who is losing the money?

All this for doing literally nothing other than buying, maintaining and selling the car. And most probably the owner collects the rent in cash so avoids tax as well.

I suggest you take the blinds off your alpha eyes and see the world in a different perspective - the perspective that somebody else might be more sensible than you too.

Cheers.
You forgot PAYG tax, its income
 

amibrah

Well-Known Member
  • Thread Starter Thread Starter
  • #9
Let's make some calculations. You rent out the car for average 40 weeks for $300 a week. You get cash inflow of 12,000$ a year. In three years time you recover your original purchase price (let's say 25,000$) plus the maintenance, tyres, Rego etc etc. You continue renting it till 5 years and sell the car at the end of 5 years for 3,000 - 5,000$. Tell me, who is losing the money?

All this for doing literally nothing other than buying, maintaining and selling the car. And most probably the owner collects the rent in cash so avoids tax as well.

I suggest you take the blinds off your alpha eyes and see the world in a different perspective - the perspective that somebody else might be more sensible than you too.

Cheers.
Typical ant brain. You need to get some understanding of money in vs money out.

Let me crunch some numbers for you

Example

Money out

$30k investment for a brand new Camry hybrid like what private rental businesses are doing nowadays.

Once you put plates on it drive it home, that's $5k you've lost already. Taking the total cost to $35k, 1 year of insurance is another 2 grand. $37k, rego another $800. Servicing and miscellaneous expenses , let's be generous and put $500 for that. That's $38k for the first year in money out.

By this time, assume that the vehicle has driven.a generous 30,000 kms in the first year on rideshare. The kilometers, wear and tear alone would bring it down another couple ks.

Let's talk about money in,.because that's what ants love to talk about.


Assume you rent the car out for $350 x a generous 40 weeks x 3 years, that's 42k before taxes and GST.

At this point the vehicle would have 100,000 - 150,000 kms minimum. Anything above 200,000 kms no one would buy it knowing it was used as a taxi..ever heard the saying "nothing revs like a rental" ?

Assuming you sell the car for 15-20k. That's an income of $6.500 ish per year before GST, TAX, rego, insurance,. roadside assistance and maintenance,.expenses. etc

Time better spent washing dishes at Red Rooster.

@Brownsville some education for you on how the numbers work as you can't contribute anything meaningful to your posts on this forum lol
 
Last edited:

aj1043

Active Member
I know three folks who bought 2015 2016 hybrids driven well under 20k kms for 20 grand from pickles.

Crunch numbers again and now see when transactions in cash, any Dodo can see a profit and then multiply by number of vehicles.
When you are in this business getting anything done is possible, even getting meter kms reading reduced before service.

Just 2 cents for the alpha female here :p
 

amibrah

Well-Known Member
  • Thread Starter Thread Starter
  • #11
I know three folks who bought 2015 2016 hybrids driven well under 20k kms for 20 grand from pickles.

Crunch numbers again and now see when transactions in cash, any Dodo can see a profit and then multiply by number of vehicles.
When you are in this business getting anything done is possible, even getting meter kms reading reduced before service.

Just 2 cents for the alpha female here :p
I get it if you have 10 vehicles, and a lot of money to lose until you get a profitable business up and running

This was in a different context. Can't compare massive rental companies (e.g GoGet) who've got the ball rolling and making massive amounts of $ vs 1 person who thinks he's getting rich renting his Camry out.

Take a look at Facebook marketplace to get an idea. Most of them are by Uber ants who got their Camry registered on CPVV and Redbook inspection done 🤣
 

aj1043

Active Member
I get it if you have 10 vehicles, and a lot of money to lose until you get a profitable business up and running

This was in a different context. Can't compare massive rental companies (e.g GoGet) who've got the ball rolling and making massive amounts of $ vs 1 person who thinks he's getting rich renting his Camry out.

Take a look at Facebook marketplace to get an idea. Most of them are by Uber ants who got their Camry registered on CPVV and Redbook inspection done 🤣
How do you know..i feel for short terms it's good model but with limited value add.
Similarly to your case, you do rideshare to top up income in weekends while end up taking shit from bogans and cleaning the puke while. Folks make money in this way. Depends which scenario is comfortable to whom. I know one ant who drives his hybrid vehicle and got a second one on lease at cheaper rates. And sublets them taking extra 100 a week on top of it, and still has his car booked out from last 2 years.

Hope this makes sense.
 

JamesBond008

Well-Known Member
Can't help but laugh my arse off at people who rent out their cars for rideshare 🤣

I've seen loads of ads on FB , brand new Camry hybrids being rented for $270-350 a week. I've even considered selling my car and getting a rental because I can flog it driving to work and back, and flog it some more when I drive Friday nights and not worry about the kilometers going up/insurance/repairs/registration/depreciation/wear and tear etc

Can't believe people are buying brand new cars and renting them out

Once you put plates on a brand new car you lose a good chunk of its market value, then some Habib puts 100,000 kms on it, has people puke inside it, wear and tear and vehicle has already lost 25-50% of it's value.

I guess people only see $$$ hitting their bank accounts. Reminds me couple years back when I spoke to a middle Eastern driver at the AP nest and told him about vehicle depreciation. He was like "what depression? mate I don't have depression" 🤣
Sum people rent out their bodies/holes. So in the scheme of things, not the best deal, but far worse things to rent out?
 

Hussyboy81

Well-Known Member
that's $5k you've lost already. Taking the total cost to $35k,
Massive LOLOLOL.... You really need to see an accountant, only if things and costs worked that way (you adjust that in the resale value, not add upfront to the cost, as it is not ACTUAL CASH OUTFLOW)

Let's talk about money in,.because that's what ants love to talk about.
Aren't you an ALPHA ant?

Time better spent washing dishes at Red Rooster.
May be for you, cause you wouldn't get even more than 8$ an hour considering your brains and your logical thinking power. Imagine the number of hours you would have to work to even make that $6,500 per year
 

amibrah

Well-Known Member
  • Thread Starter Thread Starter
  • #17
May be for you, cause you wouldn't get even more than 8$ an hour considering your brains and your logical thinking power. Imagine the number of hours you would have to work to even make that $6,500 per year
Oh dear

Sorry burst your bubble .. 6.5k is less than a month's gross pay for me.

In case you don't know what I actually do.

I'm on $84k per year + super (Digital marketing specialist). Pm me if you want a copy of my employment contract.

You probably wonder why I'm on a rideshare forum. That's because I still drive, less than 10 hours a week.

Used to drive Friday and Saturday nights only.

Now I do airport trips (40+ min pings) . It's a nice feeling to come home from work , turn on DF while watching some Netflix and get 5-8 AP trips per week. Bringing in an additional $300-500 to my weekly income.
 

Ubereater

Well-Known Member
I get it if you have 10 vehicles, and a lot of money to lose until you get a profitable business up and running

This was in a different context. Can't compare massive rental companies (e.g GoGet) who've got the ball rolling and making massive amounts of $ vs 1 person who thinks he's getting rich renting his Camry out.

Take a look at Facebook marketplace to get an idea. Most of them are by Uber ants who got their Camry registered on CPVV and Redbook inspection done 🤣
Capitalism means you should grow till you go bust.
Unless you have $$$$$$$$, that's how you start, mate: one car, then 2 cars, 3, 4 etc...you will see some of them will run a large fleet in 10 years, most of them will fail of course and still be driving for peanuts.
 
Top