Want to know how much depreciation you have suffered on your vehicle driving Uber?

Tedgey

Well-Known Member

Bobby Flay

Well-Known Member
So if you make 30k in earnings, you got to take off maybe 5k for gas then looks like another 2.5k for depreciation. Not including oil changes, brakes, etc.

I'd say you make about half of what is listed on your payout statement if you drive for Uber a year.
 

UberLaLa

Well-Known Member
  • Thread Starter Thread Starter
  • #4
So if you make 30k in earnings, you got to take off maybe 5k for gas then looks like another 2.5k for depreciation. Not including oil changes, brakes, etc.

I'd say you make about half of what is listed on your payout statement if you drive for Uber a year.
I think the .54 cents a mile that IRS allows is easiest, of course it's a generalization, but makes for a solid reality check to most drivers.
 

Tedgey

Well-Known Member
I think the .54 cents a mile that IRS allows is easiest, of course it's a generalization, but makes for a solid reality check to most drivers.
But that's a total operating expense estimate for taxes. I dunno but $.07/mile is less than I expected
 

Flarpy

Well-Known Member
That's not bad at all $.07/mile
OP loses $180 per month in vehicle depreciation. Even if he never plans on selling his vehicle, this is the increased speed at which his car is dying and will have to be replaced.

And actually, the depreciation is likely greater. Because if you're trying to sell a car that's, say, 5 years old and has 200,000 miles on it, people will do the math and know that it's been driven into the ground doing rideshare and will pay even less than the KBB value.
 

agtg

Well-Known Member
That's nonsense. Look at the rental car agencies for an accurate estimate. Whatever they lease your car at for a day is what your appreciate per day would be as a driver.
 

UberLaLa

Well-Known Member
  • Thread Starter Thread Starter
  • #10
Correct. Let me run another number I am curious about....stand by....
I checked a 2016 depreciation and it was similar (20k/70k miles). Now if someone purchases a new car to drive Uber, that's an entirely different story. This thread assumes driver already has a car or purchases used.
 

groovyguru

Well-Known Member
I factored mine in using uBer math. Car cost $32,000 (bought back when uBer brand was hot and life looked good) earned about $40,000 in 7 months, spent $3,000 on repairs, met VC's in Santa Monica willing to put in $900,000,000 to my next project (of which I have yet to develop) used that theoretical nine hundred million to calculate $62,000,000,000 valuation for a medical process that will never happen, purchased mansions, yachts, and autos worth multiples of ten + more than I paid for them on paper, enabling me to borrow ten times their value and end up with $32 billion in a Swiss account. So my car made me $31 + billion. Did I miss something?
 

UberLaLa

Well-Known Member
  • Thread Starter Thread Starter
  • #13
OP loses $180 per month in vehicle depreciation. Even if he never plans on selling his vehicle, this is the increased speed at which his car is dying and will have to be replaced.

And actually, the depreciation is likely greater. Because if you're trying to sell a car that's, say, 5 years old and has 200,000 miles on it, people will do the math and know that it's been driven into the ground doing rideshare and will pay even less than the KBB value.
The losing $180 a month is a good way to put it....
 

casino777

Well-Known Member
I laugh when I see this stuff. Maybe it's just my mindset. Idk. But a car is just a big asset they does not gain value. You can drive a 100 miles a month for 5 years and it's still gonna be worth 60% less than what you paid for. If you drive for fun or business it's going to loss value. Just take care of it. Do the check ups, oil changes, brakes, etc. Treat your car well and it well last. Either way new cars each year get better with miles and technology.
 

Adieu

Well-Known Member
OP loses $180 per month in vehicle depreciation. Even if he never plans on selling his vehicle, this is the increased speed at which his car is dying and will have to be replaced.

And actually, the depreciation is likely greater. Because if you're trying to sell a car that's, say, 5 years old and has 200,000 miles on it, people will do the math and know that it's been driven into the ground doing rideshare and will pay even less than the KBB value.
Dunno, I bought mine at 5yo/130 on the clock...doesn't look like ex-rideshare based on the localization of wear and tear


And I consider it pretty much fully depreciated, the dang thing would sell for like 60-70% of price totalled and at a salvage auction....

It all depends on the utility fun or image factor of the vehicle.

A tinted out sport sedan, all options n stuff, biggest engine, will sell pretty high if properly detailed and waxed up.... Some kid will always want a flashier car than he can afford

A pickup truck with maybe 5-10% of life left in its odometer still has value...


A Hyundai Accent, not so much
 

Digits

Well-Known Member
the good thing is that depreciation slows down drastically after a point and then crawls to a stop. Before that happens the car becomes ineligible on the Uber platform.
 

Adieu

Well-Known Member
Some ballpark numbers. Let's say you bought a new car for $25,000, drove it 200,000 miles, then sold it for $5000. That's $20,000 depreciation over 200,000 miles --> 10 cents a mile. Depreciation is why new cars do not make sense on UberX.
10 cents a mile depreciation is crazy CHEAP


More often its like dude buys a $30k Ford, runs it 100k miles on fuber,and finds out that its now worth ....$4k

26 cents per mile, 52 cents per passenger mile...before gas and maintenance. WHOOPS
 

Digits

Well-Known Member
A brand new car devalues the moment it rolls out the dealership. It loses its value much more rapidly the first year of its life. That's a net loss to the driver Ubering with a brand new car.
 

UberLaLa

Well-Known Member
  • Thread Starter Thread Starter
  • #19
This thread is purely about Apples to Apples comparison of already owned used car's depreciation for the extra miles put on driving Uber. Not talking wear&tear, maintenance, fuel costs, etc.
 
Top