• UberPeople.NET - Independent community of rideshare drivers. It's FREE to be a person and enjoy all the benefits of membership. JOIN US! CLICK HERE

So you think you’re making money?

UberchickATL

Well-Known Member
People don’t look at the big picture as to how much ride share actually COSTS us as drivers. If you plan on driving full time, or close to full time, plan on about 50,000 miles per year. After 4 years, what’s your $20,000 car with 200,000 miles on it worth (if your car even lasts that long)? Plus factor in all the repairs and maintenance during that time.

Oh and what lender will offer you a car loan when your main source of income is rideshare? Only predictor lenders so plan on paying a crazy amount of money for your next car.

Don’t even get me started on the weight gain and associated health costs with sitting for hour after hour, day after day.

We pay a lot of money for the privilege of driving around a bunch of entitled, rude, cheapskate people.
 

BigRedDriver

Well-Known Member
People don’t look at the big picture as to how much ride share actually COSTS us as drivers. If you plan on driving full time, or close to full time, plan on about 50,000 miles per year. After 4 years, what’s your $20,000 car with 200,000 miles on it worth (if your car even lasts that long)? Plus factor in all the repairs and maintenance during that time.

Oh and what lender will offer you a car loan when your main source of income is rideshare? Only predictor lenders so plan on paying a crazy amount of money for your next car.

Don’t even get me started on the weight gain and associated health costs with sitting for hour after hour, day after day.

We pay a lot of money for the privilege of driving around a bunch of entitled, rude, cheapskate people.
First mistake. $20K car.
 

Invisible

Well-Known Member
After 4 years, what’s your $20,000 car with 200,000 miles on it worth (if your car even lasts that long)? Plus factor in all the repairs and maintenance during that time.

Oh and what lender will offer you a car loan when your main source of income is rideshare? Only predictor lenders so plan on paying a crazy amount of money for your next car.
I didn’t buy a $20,000 car, but I was able to get a loan, not at high interest. The finance company knew I did Uber and other apps f/t. I’m not with a predatory lender. If your credit is high, you can get an auto loan. Maybe not an exorbitant one, but I’d never do that.
 

UberchickATL

Well-Known Member
  • Thread Starter Thread Starter
  • #4
First mistake. $20K car.
OK. Buy a car for $5,000. Don’t forget to add interest if you get a loan. It will probably already have 100,000 miles on it. What’s your car worth in 2 years with 200,000 miles on it? Again, if it even lasts that long. Plus all the repair costs?

No matter how much you buy a car for, you are paying a portion of your own wages from the depreciation of your car.
 

OldBay

Well-Known Member
People don’t look at the big picture as to how much ride share actually COSTS us as drivers. If you plan on driving full time, or close to full time, plan on about 50,000 miles per year. After 4 years, what’s your $20,000 car with 200,000 miles on it worth (if your car even lasts that long)? Plus factor in all the repairs and maintenance during that time.

Oh and what lender will offer you a car loan when your main source of income is rideshare? Only predictor lenders so plan on paying a crazy amount of money for your next car.

Don’t even get me started on the weight gain and associated health costs with sitting for hour after hour, day after day.

We pay a lot of money for the privilege of driving around a bunch of entitled, rude, cheapskate people.
The key to making money on rideshare is being able to do the work yourself.

A 10K car, 2K in repairs, 150K miles. Make a dollar per mile.

At a dollar a mile, cost of car and repairs is < 10%.

Even if you cant do the repairs, cost of car and repairs < 20%.

Rideshare is worth it if you can pull 22-25/hr in app and keep your total expenses at or below 20%.
 

BigRedDriver

Well-Known Member
OK. Buy a car for $5,000. Don’t forget to add interest if you get a loan. It will probably already have 100,000 miles on it. What’s your car worth in 2 years with 200,000 miles on it? Again, if it even lasts that long. Plus all the repair costs?

No matter how much you buy a car for, you are paying a portion of your own wages from the depreciation of your car.
I pay cash. I find the cheapest, well maintained car, 13 years old or newer. This one I paid 2K for. Next one? Likely a bit more. I’ve put 35,000 on it and could get 2.5K for it today.

I do my own work on it.

Not being argumentative. Unless you have these abilities, no one should expect overall profitability.

Period.
 

oldfart

Well-Known Member
I put my car into rideshare when it was 7 years old with 70000 miles 18 months ago. I estimated it’s value then to be $18000

I expect to drive it another 18 months at which time it will have 300000 miles and be ready for the junk yard

So that’s a $6000 a year expense item for the car. I’m burning gas at the rate of $10000 a year and I budget $3500 a year for maintenance and repair. Add insurance and other misc expenses and I’m spending $25000 a year. I expect to gross $5000 a month so net income will be about $35000 a year but I don’t worry about the car expense because I have money set aside for a new one (used) when the time comes and I haven’t spent everything I’ve budgeted for maintenance. So my rideshare cash flow is closer to $42000

Don’t misunderstand me. I’m not saying that’s good, by any means, but added to my social security and retirement I’m able to pay the bills
 
Last edited:

Ssgcraig

Well-Known Member
People don’t look at the big picture as to how much ride share actually COSTS us as drivers. If you plan on driving full time, or close to full time, plan on about 50,000 miles per year. After 4 years, what’s your $20,000 car with 200,000 miles on it worth (if your car even lasts that long)? Plus factor in all the repairs and maintenance during that time.

Oh and what lender will offer you a car loan when your main source of income is rideshare? Only predictor lenders so plan on paying a crazy amount of money for your next car.

Don’t even get me started on the weight gain and associated health costs with sitting for hour after hour, day after day.

We pay a lot of money for the privilege of driving around a bunch of entitled, rude, cheapskate people.
Remember that you claim depreciation on your car and $.58 a mile, 4 years of tax benefits should be saved.
 

brentb31

Well-Known Member
I pay cash. I find the cheapest, well maintained car, 13 years old or newer. This one I paid 2K for. Next one? Likely a bit more. I’ve put 35,000 on it and could get 2.5K for it today.

I do my own work on it.

Not being argumentative. Unless you have these abilities, no one should expect overall profitability.

Period.
This right here. Go find you a buddy with a buyer pass to auto auction for dealers. I picked up my car 2014 Ford Focus with 87K miles on it for a little under 4K. Paid cash and do my own maintenance.

I gross approximately $20-22/hr driving X. I put aside 15% of weekly pay to maintenance budget. Granted I only do part time weekend and big events, but I cleared about 9K last year driving weekends only and about 19K in miles.

You are your own business, run it like one.
 
OK. Buy a car for $5,000. Don’t forget to add interest if you get a loan. It will probably already have 100,000 miles on it. What’s your car worth in 2 years with 200,000 miles on it? Again, if it even lasts that long. Plus all the repair costs?
No matter how much you buy a car for, you are paying a portion of your own wages from the depreciation of your car.
@UberchickATL when someone buys a car outright they are not concerned with car depreciation. When I buy a car for $5k I’m grinning like a Cheshire Cat that it lasts 100k miles and then I’ll just go buy another. As plenty others have stated I also subscribe to the thought process of new/newer car and rideshare does not belong in the same sentence. At least not if you intend to do basic rideshare services (i.e. UberX/XL).
 

amazinghl

Well-Known Member
My 2000 Honda Insight with 146k mile cost me $1500 to buy. I did the maintenance on it and use it for food delivery. Depreciation doesn't matter to me as I intend to repair and fix whatever mechanical.

I know I am making money as I have a spreadsheet tracking my car expense and money I get paid.
 
Last edited:

oldfart

Well-Known Member
OK. Buy a car for $5,000. Don’t forget to add interest if you get a loan. It will probably already have 100,000 miles on it. What’s your car worth in 2 years with 200,000 miles on it? Again, if it even lasts that long. Plus all the repair costs?

No matter how much you buy a car for, you are paying a portion of your own wages from the depreciation of your car.

That’s exactly right We use cars in our business. This isn’t news. That you think it is; is insulting
 

Illini

Well-Known Member
I agree that some people do not consider the cost of the vehicle to determine if this is gig is profitable, but if you can find the right inexpensive vehicle, it should be easy to turn a profit driving 50K miles per year. As far as health related costs, I work out several times per week and have been doing so for many years. I got more exercise now getting into and out of my car than I did when I was sitting at a desk all day.
 

losiglow

Well-Known Member
The key to making money on rideshare is being able to do the work yourself.

A 10K car, 2K in repairs, 150K miles. Make a dollar per mile.

At a dollar a mile, cost of car and repairs is < 10%.

Even if you cant do the repairs, cost of car and repairs < 20%.

Rideshare is worth it if you can pull 22-25/hr in app and keep your total expenses at or below 20%.
This guy's got it figured out. :thumbup:

It's still going to be possible to make a profit by purchasing a nicer car or having a mechanic do all the work but it would really eat into profits. I always tell pax that are interested in driving to KEEP TRACK OF YOUR EXPENSES! As was stated, too many drivers don't consider this. They're practically paying Uber/Lyft to drive.

My expenses are closer to 25% due to driving a "non-ideal" vehicle (25mpg, premium fuel, expensive tires) and not separating out U/L driving from personal driving. Having said that, I couldn't do this gig in a boring car. I admire you folks in Toyota Corolla's and Nissan Versa's but I don't have it in me to drive that kind of car around for hours on end.

In reality, my expenses are likely around 20% after subtracting personal use but it's gets too muddy to keep track of all that. I just pile all driving expenses together and call it a day :confusion:
 

Donshonda

Well-Known Member
Weekend warrior here. 4 years under my belt. 4,000 rides, and have grossed $ 40 k total from Uber since I started. (Just wanted a side gig to supplement my 9-5) Had just purchased a '15 Honda Pilot for family use 3 months before I started. now has 100,000 miles. The Honda has only needed brake pads and rotors, oil changes with filters and 3 sets of tires, the entire 4 years I've owned it.. My vehicle is now still worth $3,000 More than what I owe on it.

Is that math wrong? I don't seem to be in the hole that much???
 

UberchickATL

Well-Known Member
  • Thread Starter Thread Starter
  • #17
.58 includes the depreciation so no you cannot claim depreciation separately if you are using the .58 write-off
Right. We get paid 60 cents per mile. So tell me again how profiting 2 cents a mile is wonderful? For those that can do their own oil changes and repairs, or have a “connection for cheap cars or repairs, I understand. But for anyone else it’s something to consider before thinking you can make a living wage doing ride share.
 

Syn

Well-Known Member
I bought a brand new car for $15,500. Paid it off with part driving in 1 year. So lets say that I made $0 my first year.
Car has 120,000 miles now. Not a single issue. It should last me at least another 100,000 miles.

In the last 2 years I saved $43,000 from part time driving. I don't use ride sharing money for regular living expenses - my full time job covers that. I only use to for a trip to Europe once per year (which usually costs me around $5,000). So before my car is due to a replacement, I should be able to save another $40,000 from it.

So in 3 years, even after paying my car off, taxes, maintenance, etc + taking annual trips to Europe - I still have $43,000 saved in a separated bank account from doing part-time ride sharing. So yes - I'm making money.
 

APettyJ

Active Member
Right. We get paid 60 cents per mile. So tell me again how profiting 2 cents a mile is wonderful? For those that can do their own oil changes and repairs, or have a “connection for cheap cars or repairs, I understand. But for anyone else it’s something to consider before thinking you can make a living wage doing ride share.
$.60 per mile, plus the time rate. I actually make over a dollar a mile every week, though the mileage rate here is $.69.
 

Jay Dean

Well-Known Member
There are tons of car parts that could need to be replaced you would never think about for instance I had to get my door actuator exchanged and one of 3 of the engine mounts called a dogbone. These parts I would not even consider as part of driving, fact is you ware out every part, hundreds of parts and unless you are mechanic, you are losing money or not realistic to having to have to replace every part of the vehicle WITH labor costs. I have to get a wheel berring replaced this week, few months back it was all engine coils that ignite the pistons. If I were to pay a shop alone just to fix those issues alone I would easily be looking at 2k, since my mechanic friend can do it, 200 bucks. Trust me these same parts are wearing out at every turn doing rideshare and you ARE losing money at these rates having anyone fix all parts on a car by a professional.

If you drive a car knowing it is going to the junk yard doing this that is one thing, for people to think it can also be a car that lasts is another, plus good luck selling the car, if a dealer knows it was used for rideshare he would run from it like the plague
 
Last edited:
Top