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Pros and cons to using your own car vs rental?

Vishnu643

Well-Known Member
So I been crunching numbers and thinking this over for a while now, and I've decided to come nearly to the decision that owning/financing is better than renting (leasing I'm sure is a monster all by itself and I won't bother with that). Here's what I've deduced thus far.

Owning
  • I don't have to wait hand and foot on the rental company (buggy) to take forever to change the oil (two hours for a 20 minute job). Also I can use better oil than the crap stuff that can't last for more than a month and is still failing.
  • I can do the maintenance mysef instead of being forced to travel 45+ miles just to change a light bulb (I'm not joking folks. Buggy does not under most circumstances allow the driver to do work on the car unless it's an emergency).
  • The cost of insurance and note vs rental per month is vastly cheaper.
  • I'm not stuck with just liability insurance.
  • I can keep the car once I'm done with Uber

Cons
  • I have to pay my own insurance.
  • I have to pay for my own maintenance
  • The car is my responsibility.
----

I crunched the numbers and since I have good credit, I can get a certified pre-owned vehicle with a car not as expensive as $200/mo. That includes interest. Talking with Lonestar, they gave me an estimated full coverage insurance for $700/mo. So together combined that's a maximum total of $900-$1K/mo. I know that sounds like a lot, but with buggy, I pay $469/week. That's $1876/mo. And the insurance is only liability AND the company uses the cheapest maintenance materials on the car.
For example, I had my passenger low beam headlight out and had to get it replaced. If I did it myself it would have costed me $20 for a high quality bulb (part cost, self labor) that is actually bright. Instead I got a bulb that just barely looks like it's on. And I had to wait 50 minutes for the change. 30 minutes was spent waiting in queue. A cop thought the light was out while I was on the highway.

Yes oil costs $30 every 3 months, but I don't have to waste gas to have someone else do it and I can use the good stuff. Same can be said about the brakes, capillars, etc (barring engine and transmission work).

Plus more money in my bank account.

Now I'm sure there are some cons of owning I'm missing. Finding another job isn't hard so that's not an issue. But if you gents have some issues that I'm missing, please feel free to let me know. I'm always down for some more knowledge.
 

Vishnu643

Well-Known Member
  • Thread Starter Thread Starter
  • #3
Thats alot for insuranse, I pay $311 liability and $259 full cover, I got an 2017 accord sport
For TLC? Damn that's amazing for TLC insurance. I was told the least people got was $400/mo. Perhaps because I'm less than 2 years driving. Though I want an older year because it's easier to self maintenance for me (for now lol).
 

K.O.N.Y

Well-Known Member
Im paying $402 liability and full coverage Go to the Greenlight hub they'll find u cheaper insurance if your driving record is clean.

Make sure u get a warranty. If the dealer or finance company tells u "no warranties on Uber cars" walk out the door.
 

Uberinian

Well-Known Member
I rented for 6 months and owned for 2 years+

Renting:

The money you spend renting the car for a whole year (let's just say $18,000.00 a year which equates to $375 a week), you could have spent buying a car yourself. Not just 1 car, but TWO used model 2013-2014 cars

Owning:

Its your car, your baby. Only thing you really have to pay is maintenence and even that you can do on your own. Don't have to pay weekly fees... Just have to pay tlc application, and insurance. Even then it's WAYYYYYY cheaper than renting.
 
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Attockpak1

Well-Known Member
I'm an owner operator but I have a little twist to my setup...

Paid off camry

476 insurance 2 drivers liability only.
I collect 300 per week I drive day shift weekends...

Do my own oil change.

Registration and tlc fees added.

New tire set every year.

Preventative maintenance don't on time.

Car paid off by drivers payments, it's now cash flow for me.

FYI I rent to a family member so we have a understanding he doesn't abuse the car.

Tldr: owning is not just cheaper but profitable.
 

michael7227

Well-Known Member
2016 sonata

$219 monthly (60 mos)

$4200 annual liability, $983 full cover (sonata depreciates like nobody's business)

$500 gas monthly $12 in car washes, fresheners etc

Love the car...

I work all three apps U L J, something always coming thru...

Almost to my goals with rideshare but might continue driving because the nasty passenger/traffic thing is solved by morning driving/picky afternoons...

If I HAD to do nights I would quit no question...

cons: any clunk or bang by pax in back make me want to hurt them.

have to accept the best car decision in my life is a work car in NYC and WILL get damaged
 
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Frankyfiggs

Well-Known Member
700 a month for insurance? Little high, you must have something bad on your record.

I did the same thing last year, financed an Altima after renting for 2 months


It's not rocket science, and maintenance saves you alot. Most livery drivers are lazy ignorant slobs tho, so explaining all this is useless, and the smarter ones already know how to budget.
 

maximumuber

Well-Known Member
Seriously owning is way cheaper.

F... the rental companies.

I do the oil change myself and spend $33 on synthetic oil and $7 on honda oil filter.

I bought a 17 accord

$476 monthly payment (60 months)
$330 monthly liability
~$400 monthly in Gas
—————
~$1200 a month (not including, maintanence, tlc fees, miscs...etc)

Since its a 2017, dont you have free maintenance for 2 years or 24k miles?
 

Uberinghonda

Well-Known Member
My full coverage is 3500 for 6 months. I change the windshield wipers, air filter, cabin filter, headlights, license plate lights, and reverse lights by myself for my car. I calculated that for all that including oil change my car wash, tolls,gas , tire change, wheel balance, wheel alignment, and other maintenance I need to make a minimum of $125 each day.
 

Vishnu643

Well-Known Member
  • Thread Starter Thread Starter
  • #13
700 a month for insurance? Little high, you must have something bad on your record.

I did the same thing last year, financed an Altima after renting for 2 months


It's not rocket science, and maintenance saves you alot. Most livery drivers are lazy ignorant slobs tho, so explaining all this is useless, and the smarter ones already know how to budget.
I'm under 3 years driving experience

My full coverage is 3500 for 6 months. I change the windshield wipers, air filter, cabin filter, headlights, license plate lights, and reverse lights by myself for my car. I calculated that for all that including oil change my car wash, tolls,gas , tire change, wheel balance, wheel alignment, and other maintenance I need to make a minimum of $125 each day.
Making that much is easy breezy. Wow, your doing good.


With such positive responses, why so many people are against financing for Uber?
 

Salvi

Well-Known Member
The only pro about renting is a pax cud throw up all over the car like almost flood it with vomit (or even take a shit) and u don't really care because at the end of the day it's not really ur car
 

Frankyfiggs

Well-Known Member
Nope. I got less than one year licensed tlc driving. Premium is 450 liability and full coverage. So you got a bad record or your getting ripped off
 

rookie10

New Member
So I been crunching numbers and thinking this over for a while now, and I've decided to come nearly to the decision that owning/financing is better than renting (leasing I'm sure is a monster all by itself and I won't bother with that). Here's what I've deduced thus far.

Owning
  • I don't have to wait hand and foot on the rental company (buggy) to take forever to change the oil (two hours for a 20 minute job). Also I can use better oil than the crap stuff that can't last for more than a month and is still failing.
  • I can do the maintenance mysef instead of being forced to travel 45+ miles just to change a light bulb (I'm not joking folks. Buggy does not under most circumstances allow the driver to do work on the car unless it's an emergency).
  • The cost of insurance and note vs rental per month is vastly cheaper.
  • I'm not stuck with just liability insurance.
  • I can keep the car once I'm done with Uber
Cons
  • I have to pay my own insurance.
  • I have to pay for my own maintenance
  • The car is my responsibility.
----

I crunched the numbers and since I have good credit, I can get a certified pre-owned vehicle with a car not as expensive as $200/mo. That includes interest. Talking with Lonestar, they gave me an estimated full coverage insurance for $700/mo. So together combined that's a maximum total of $900-$1K/mo. I know that sounds like a lot, but with buggy, I pay $469/week. That's $1876/mo. And the insurance is only liability AND the company uses the cheapest maintenance materials on the car.
For example, I had my passenger low beam headlight out and had to get it replaced. If I did it myself it would have costed me $20 for a high quality bulb (part cost, self labor) that is actually bright. Instead I got a bulb that just barely looks like it's on. And I had to wait 50 minutes for the change. 30 minutes was spent waiting in queue. A cop thought the light was out while I was on the highway.

Yes oil costs $30 every 3 months, but I don't have to waste gas to have someone else do it and I can use the good stuff. Same can be said about the brakes, capillars, etc (barring engine and transmission work).

Plus more money in my bank account.

Now I'm sure there are some cons of owning I'm missing. Finding another job isn't hard so that's not an issue. But if you gents have some issues that I'm missing, please feel free to let me know. I'm always down for some more knowledge.
Hi buddy planning to finance a car, could u me explain me the whole process. Thx

Seriously owning is way cheaper.

F... the rental companies.

I do the oil change myself and spend $33 on synthetic oil and $7 on honda oil filter.

I bought a 17 accord

$476 monthly payment (60 months)
$330 monthly liability
~$400 monthly in Gas
—————
~$1200 a month (not including, maintanence, tlc fees, miscs...etc)
Hi buddy planning on financing a car, could u explain to me the whole process. Thx
 

AllDayChevrolet

Active Member
You guys are committing to 60mo/5yr loan for a taxi,... that's crazy, I drove 70k miles last year,... I wouldn't taxi a car more than 200K miles,.... all cars japanese or domestic need expensive/extensive repair @100k miles like water pumps, catalytic convertors, all oxygen sensors, AC parts..... AC repair is expensive!....... hopefully the transmission holds past 100k,....... stay the F$#k away for german crap! stay focused you are buying a taxi!
Buy the cheapest possible car $10-14K with the lowest mileage possible 15-25K miles that you can get diamond stickers for 4 years, put a few grand downpayment, work hard the first year, pay the car off in a year, then the rest 2-3 years will be payment free and only liability insurance.........
 

Vishnu643

Well-Known Member
  • Thread Starter Thread Starter
  • #20
You guys are committing to 60mo/5yr loan for a taxi,... that's crazy, I drove 70k miles last year,... I wouldn't taxi a car more than 200K miles,.... all cars japanese or domestic need expensive/extensive repair @100k miles like water pumps, catalytic convertors, all oxygen sensors, AC parts..... AC repair is expensive!....... hopefully the transmission holds past 100k,....... stay the F$#k away for german crap! stay focused you are buying a taxi!
Buy the cheapest possible car $10-14K with the lowest mileage possible 15-25K miles that you can get diamond stickers for 4 years, put a few grand downpayment, work hard the first year, pay the car off in a year, then the rest 2-3 years will be payment free and only liability insurance.........
...none of us does diamond. I sure as heck never will. But what if you can do your own repair? What I consider extensive (any garage, whether certified or otherwise, makes everything expensive) is engine/transmission work.
 
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