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So You Wanna be a Rich Uber Driver?

lowcountry dan

Well-Known Member
I feel ya. I just had a $1400.00 repair. A fan blade went through my radiator. Tow bill and dead battery to boot. However, I have the average amount of miles on my car for it's age (for now anyway) and I have to chalk it up to normal repair. I've owned two Hondas and at some point you have to put money into them. Excessive miles will increase your likelihood for repair, no doubt. All the best to the drivers out there.
 

UberchickATL

Active 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? 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.

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

Seamus

Well-Known Member
Like most newbies, when I started I way underestimated the amount of miles I would put on my car. My first year driving PART TIME I put 36,000 on my van. I was surprised at the true mileage and ground and pound on the van. I drove a Honda Odyssey back then and started with 160,000 miles already on the van! At 227,000 miles its still going strong but not used for rideshare anymore.
 

Taxi2Uber

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? 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.

We pay a lot of money for the privilege of driving around a bunch of entitled, rude, cheapskate people.
After 200,000 miles, you should have earned about $200,000, so no need for a car loan. Just pay cash.
 
@reg barclay absolutely, I agree 100%. However, it’s to be expected. It shouldn’t be newsworthy that our cars need cleaning, maintenance, and repairs more than the average car.
And also the manner in which we drive plays a significant role too.
 

touberornottouber

Well-Known Member
So many drivers completely delude themselves about expenses. Many seem to be of an attitude such as "Oh, well I'd have to make my car payment anyway" (yeah but that car will be junk before you finish paying it off due to rideshare) or "Well I'm only going to be doing this six months so it won't matter" (I'd say an extra 20k-40k miles does matter...a lot) or "I do most repairs myself so maintenance expense will be near nothing" (Yeah so you know how to do an engine swap and have all the tools for it?).

Then something like this happens and they learn.
 

reg barclay

Well-Known Member
Moderator
@reg barclay absolutely, I agree 100%. However, it’s to be expected. It shouldn’t be newsworthy that our cars need cleaning, maintenance, and repairs more than the average car.
And also the manner in which we drive plays a significant role too.
It may be obvious to you and me. But I think you'd be surprised how many drivers think their main expense is gas. They view whatever they made after gas as profit, so they don't expect or set aside money to cover the costs of maintenance and repairs. Nor do they realize how depriceation works, and that driving 40k miles a year means that in 5 years their brand new car might be a POS worth scrap value. I'm sure they're aware that repairs and maintenance happen, but they probably think those things just pop up randomly every now and again, regardless of how much they drive. TBH I might have thought that way myself when I was much younger.
 

touberornottouber

Well-Known Member
Yes, but parts become more likely to fail or need replacing the more a car is driven. It's pretty certain that someone driving their car 40k miles vs 10k miles a year, will spend more on maintenance/repairs.
What often gets drivers too is that while their car is new or near new they might hardly need any repairs. Then after a year or two of driving they start to get above 100,000 and all hell starts breaking loose with the repairs.

You see this with people driving newer cars who try to figure their actual costs. They think that the costs in years 0-3 of ownership are going to be the same in years 3+ of ownership after doing rideshare full time. Welp, NOPE! Your costs in the later years of that car's life might be ten times what they were in year 1 easily.
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It may be obvious to you and me. But I think you'd be surprised how many drivers think their main expense is gas. They view whatever they made after gas as profit, so they don't expect or set aside money to cover the costs of maintenance and repairs. Nor do they realize how depriceation works, and that driving 40k miles a year means that in 5 years their brand new car might be a POS worth scrap value. I'm sure they're aware that repairs and maintenance happen, but they probably think those things just pop up randomly every now and again, regardless of how much they drive. TBH I might have thought that way myself when I was much younger.
Real life example here:

I bought my current Corolla used with 9,000 miles on it in October 2016. Today it has about 104,000 miles on it.

If I didn't do rideshare with it I would only put on about 5,000 miles a year.

So if I never signed up for Uber/Lyft my car would only have about 25,000 miles on it right now. All in all I would probably have been able to keep the car for another ten years easily. But now in doing rideshare I'm probably going to have to get a new car in 2021 or so.
 

Seamus

Well-Known Member
This is one area where many newer drivers just fail to comprehend. They don't think the mileage will have the affect it actually will have. A smart business plan is to budget for car repair and replacement so when the day comes they are ready. A separate bank account for repair/replacement is a good idea. I know some experienced drivers such as @oldfart have posted about this and actually budget for it. I suspect many don't have the discipline and don't actually do it.
 

UberLAguy

Active Member
What often gets drivers too is that while their car is new or near new they might hardly need any repairs. Then after a year or two of driving they start to get above 100,000 and all hell starts breaking loose with the repairs.

You see this with people driving newer cars who try to figure their actual costs. They think that the costs in years 0-3 of ownership are going to be the same in years 3+ of ownership after doing rideshare full time. Welp, NOPE! Your costs in the later years of that car's life might be ten times what they were in year 1 easily.
Post automatically merged:



Real life example here:

I bought my current Corolla used with 9,000 miles on it in October 2016. Today it has about 104,000 miles on it.

If I didn't do rideshare with it I would only put on about 5,000 miles a year.

So if I never signed up for Uber/Lyft my car would only have about 25,000 miles on it right now. All in all I would probably have been able to keep the car for another ten years easily. But now in doing rideshare I'm probably going to have to get a new car in 2021 or so.
Say you drive 200000 miles on the car. Day you make $200000 from the car. Can you at least give back $1600 to the car that helped you ?
 

nouberipo

Well-Known Member
I’m sorry you’re having to endure this, but cars fail whether you are using them for ridesharing or not.
Your logic is really warped. I presume, based on the comment, you either work for Uber or are outsourced to post on these boards to try and make the company look better than it is
 

FLKeys

Well-Known Member
I have budgeted/saved $5,000 for future major car repairs, this does not include maintenance items like brakes, tires, oil changes, etc, and also continue to set a side money for a replacement car. Unlike most I fell I have really given this side gig some thought.
 
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