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Pros and cons to using your own car vs rental?

Discussion in 'New York City' started by Vishnu643, Nov 18, 2017.

  1. Vishnu643

    Vishnu643 Well-Known Member

    Location:
    NYC
    Driving:
    UberX
    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.
     
  2. Reynosoj23

    Reynosoj23 Active Member

    Location:
    Bronx
    Driving:
    UberX
    Thats alot for insuranse, I pay $311 liability and $259 full cover, I got an 2017 accord sport
     
  3. Vishnu643

    Vishnu643 Well-Known Member

    Location:
    NYC
    Driving:
    UberX
    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).
     
  4. K.O.N.Y

    K.O.N.Y Well-Known Member

    Location:
    Mount vernon
    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.
     
    Reynosoj23 likes this.
  5. Uberinian

    Uberinian Well-Known Member

    Location:
    Astoria Queens
    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.
     
    Last edited: Nov 18, 2017
    Reynosoj23 likes this.
  6. Lenny_yellow_cab

    Lenny_yellow_cab Well-Known Member

    Location:
    Nyc
    Driving:
    UberX
    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)
     
  7. Attockpak1

    Attockpak1 Well-Known Member

    Location:
    Nyc
    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.
     
    K.O.N.Y and Lenny_yellow_cab like this.
  8. michael7227

    michael7227 Well-Known Member

    Location:
    New York City
    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
     
    Last edited: Nov 18, 2017
  9. Frankyfiggs

    Frankyfiggs Well-Known Member

    Location:
    Brooklyn
    Driving:
    UberX
    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.
     
    ffran347, michael7227 and K.O.N.Y like this.
  10. maximumuber

    maximumuber Well-Known Member

    Location:
    New York City
    Driving:
    UberX

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

    Uberinghonda Well-Known Member

    Location:
    New York
    Driving:
    UberX
    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.
     
  12. neteX

    neteX Well-Known Member

    Location:
    New York
    Driving:
    UberX
    My full coverage is 379$ a month.
    And my TLC insurace is 225$
     
  13. Vishnu643

    Vishnu643 Well-Known Member

    Location:
    NYC
    Driving:
    UberX
    I'm under 3 years driving experience

    Making that much is easy breezy. Wow, your doing good.


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

    Salvi Well-Known Member

    Location:
    Queens, NY
    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 ****) and u don't really care because at the end of the day it's not really ur car
     
  15. Frankyfiggs

    Frankyfiggs Well-Known Member

    Location:
    Brooklyn
    Driving:
    UberX
    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
     
  16. Ahmed Nafis

    Ahmed Nafis Active Member

    Location:
    New York
    Driving:
    UberX
    Which Insurance company..?
     
    Vishnu643 likes this.
  17. Vishnu643

    Vishnu643 Well-Known Member

    Location:
    NYC
    Driving:
    UberX
    Would that also apply to just driving in general?
     
  18. rookie10

    rookie10 New Member

    Location:
    NYC
    Hi buddy planning to finance a car, could u me explain me the whole process. Thx

    Hi buddy planning on financing a car, could u explain to me the whole process. Thx
     
  19. AllDayChevrolet

    AllDayChevrolet Active Member

    Location:
    NeWYoRKCiTY
    Driving:
    UberSUV
    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.........
     
  20. Vishnu643

    Vishnu643 Well-Known Member

    Location:
    NYC
    Driving:
    UberX
    ...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.
     
    Last edited: Nov 20, 2017

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