Should I Buy A Car To Drive For Uber?
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- Should I Buy A Car To Drive For Uber?
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She can do Uber eats with her old car. No year requirement .
Seen that picture of a guy taking a deuce while having an uber eats bag on the floor in front of him? Yeah, no.
They won't require an inspection, but they do have a year requirement. Was 1998 or newer earlier this year. Although the year requirement may vary on state and it's possible it might not be a thing anymore.
@@VlogginTherapy where I live you need a 10 year or newer car to drive people . Uber eats can be older than 10 years. I think 15 but don't quote me ...
She's not interested in Uber, just wants a newer car
I tried to add my 2003 Camry and was denied due to age of the car. I dash and occasionally postmates instead.
Gas, maintenance, wear n tear = hale naw
Do you factor all of that into your salary at your current job? I'm guessing no..
she won't even break even. stupid idea
Like I said in my other comment, it matters greatly what city she's driving in. if she's near the Bay area then it's a great idea. I drive Uber in Redding California and it usually pays less than minimum wage once I deduct the gas I put into it.
@@dawsonsschittcreek5395 most jobs don't require such wear and tear on your vehicle registration, so it's definitely a factor to consider
@Dawson's Schitt Creek, if the current car is paid off a reasonable amount of wear and tear, such as a 20 mile commute each way 5 days a week, is not a huge concern. Especially in the case of a car that's worth only $2,000. The depreciation is slow on low value cars. You can take a $2,000 car, add 100,000 miles and still sell it for over $1,000.
I had a buddy that did this and I told him not to do it. He had a 2 door with only 2 years left to pay it and he traded it on a 4 door so he can do Uber as a side hustle next to his full time job. He realize he wasn’t making much money ubering and now he started over on making payments when he could of just concentrated on paying his previous car off and have an extra $300 a month afterwards.
Perhaps Uber Eats, Door Dash, Postmates could work as an alternative with your current car
Too many good strategies for side hustles to go spend $3000 on a car just for Uber. It’s just not necessary
Used to do Uber. It doesn't pay anything anymore. No one should be buying a car for it.
suggestions?
@@MiguelRPD Whys Uber getting so bad now? Because everyones doing it? 😂😂
@@Sinful_Survivor Because Uber is losing hundreds of millions of dollars a year and they are going to go out of business unless they figure things out, so they either need to raise prices or they will continue to squeeze the drivers
@@Sinful_Survivor Everyone that is still working for Uber either:
• Lives in a profitable major city
• Has not been around for years to see what the company has become
You are not making a profit for Uber otherwise.
You are actually transferring the depreciation of your vehicle into cash by the rides you complete.
You are making less money than minimum wage. Most people don't know how to calculate their expenses. They do a trip, earn $x amount and think "Oh ! I just made $x!"
Depending on the year of the vehicle you can create an Eats only account with Uber & you dont need an inspection. Dont buy a new car to do any rideshare.
so true...
"I just came into some money. Let's spend it!"
The american way
It's also what many poor folks do. Hey, I have money. I need something...better buy it while I still have the money.
There are other options other than Uber/Lyft with her current car like Whole Foods in-store shoppers/deliveries.
It can be done. You just have to run the numbers in your area and analyze the vehicle you have, what the pay rates are in your area (all areas are different), what tier (Uber X, XL, Comfort, Select, Black, Black XL, etc) you can use your vehicle for, how much you can work, etc.
Some days/nights are much better than others. There is wear and tear on your vehicle to consider. Tax implications as well. It all depends on your area and how much you are willing to drive. This is NOT for everyone, but it can be done. I only do this part-time before and after work (20-35 hours a week “online”) and I do not drive on the weekends. I have made an average of $400-600 a week this year doing this as my side hustle.
Note: I drive for Uber in the VA/MD/DC market. I can pickup anywhere in VA/MD. I can’t pickup riders in DC since I have a WV license (I live there because of my rent savings and other personal reasons).
For Lyft it is the same above but I can also pickup in WV as well.
It can be done but you MUST weigh out the costs, wear and tear on your vehicle, tax implications, vehicle maintenance, time away from family, safety, etc.
I work like no one else full-time and part-time so that later I can work like no one else.
Keep grinding everyone and Merry Christmas to Dave Ramsey and his outstanding team and to all of my fellow Dave Ramsey followers!
yes because if your area SUCKS or is super slow... NOt a good idea
Just came across your comment and noticed your in my area too. Going to start ubering soon around DC Annapolis nova areas and was curious if you've had better luck/money in certain areas. I know lots of factors but just curious about your experience. Any tips are greatly appreciated! Thanks!
You should NEVER drive your own car to earn a living other than driving to & from your normal place of work. I worked for a Canadian firm which included reimbursed use of my own car for travel to & from client sites on the normal per km rate stipulate by the Canadian government of cad$0.56c/km. It took two killed vehicles for me to figure out the harsh reality: Only at cad$1.20/km or more does it make any sense because the REAL cost to drive your own car for work including extra insurance, finance, depreciation, maintenance & fuel here, for a middle of the road, 2 year old car (Hyundai Santa-fe or Ford Escape) is $0.90c/km...
*A lot of people no less about uber and lyft than they think they do* (read comment below for more details)
Wow. Just basic math. Not trying to be mean. Thank you for giving this math advice which I'm using to teach my 8th graders
If your in los angeles you will make about $900 -$1200 per week easy and make sure you get a prius
I did Uber for about 2 years for 1 day a week on one of my off days from my main job. Drove a 2015 Chevy Sonic hatchback and would usually work 3-4 hours until I made my goal of $100. Definitely an excellent side hustle that also gives you the joys of meeting and talking with new people. I’d definitely suggest it to anyone interested. Doordash is fun as well to do with your significant other. Plenty of great ways to make extra income nowadays.
The GearShots actually DD is a bad deal. You use your own gas and DD doesn’t reimburse you for it. You also get coned into accepting deliveries with tips as little as $2.
The GearShots the amount of time you spend driving for those companies instead of learning financial growth is valuable time wasted. You want to make more money? Get a better job. The time off you have with that one job should be used to develop yourself.
@@mikenelson8377yea they manipulate you into thinking you have to accept almost every order but you are under no obligation to do so. Once you know that you can accept the orders that actually pay you well
I've been driving Uber for 3 years, and it gets less and less worthwhile. she would be better off keeping the car she has now and delivering pizzas with it. In most cities, pizza delivery beats Uber. If you're not in San Francisco or Miami or a city like that, Uber isn't paying you peanuts!
I do not wish to invite drunken strangers into my car on a Saturday night.
Agreed. But you also gotta factor in the fact you're not on a schedule and can jump on and off when you feel like it.
If you can stick to a schedule, pizza delivery or really any minimum wage job will probably do better than the food/people delivery gig companies. If you can't, the food/people delivery gig jobs are something to go with and may be worth making less money doing it.
@@lepke1979 Oh ABSOLUTELY! if you cannot adhere to a schedule of any kind, then Uber/gig app of choice can't be beat; however, if you're trying to maximize your side income and don't mind being scheduled...... Go for Pizza delivery, waiting table's or anything that pays a wage plus tips.
I wouldnt consider SF... the city is running its own hustle. No room to park so they punish ride-sharers for double parking which makes sense but my point is its punishing work.
@@meh4062 nah, I've ubered SF for years, and it works just fine!
Don't forget you have to pay your own taxes and depreciation of the car, extra maintenance, GAS, insurance etc. After all that it's at or near minimum wage at best.
Those are all tax write offs, if they keep a log of it all.
Blue Collar Money & Investing Channel the mileage write off is higher than what you are getting paid from Uber. Just have to keep tract of it.
I did Uber for a while and it hardly paid anything, it was kind of addicting getting rides but it’s not worth it, just work somewhere that’ll pay you more and don’t ruin your car
Be prepare to make less than minimum wage when doing uber
She'll be getting a $1000/month handout from the Gov soon tho
I did uber/uber eats for couple of months and because if it I payed my financed car a year early, now its mine
What a negative way of looking at it.
I make between 20-45 an hr everyday I do Uber 🤨 maybe your market sucks or your doing something wrong
Please I make around 65000 a year😂
It all depends on where you live. I'm lucky in that I drive business travelers the majority of the time and I average between $25-$29/hour pre-tax. That's more than I made killing myself in Corporate America! Expenses are a tax write-off. Definitely not something I would do full-time, but it does help cover my tuition for my doctorate's degree and I'm grateful for this. Do your research. There are plenty of TH-cam tutorials and books to help with your decision.
Giovanna Baratto I’m in New York you can make $2k easy a week.
@@bushbomb21b9 Nice! I actually like driving in NYC. I'm planning on getting a NY permit once I trade in my 2006 Outback for a 2016 - Uber Comfort status. Increased income and promotions. And yes, I will have 'at least' half of the cost of the car as down payment!
@@bushbomb21b9 what car is best for Uber,Lyft ?some examples?How does one get started gathering info?Buy a car first?What year does it have to be?
I currently Uber part-time and work full-time. I bought a brand new car last year and I Uber to make my monthly car payments (I pay a about $200 extra on top of my regular payment) and pay my insurance and make some extra for spending money. Everyone's situation is different, but that's how I'm utilizing my new car for Uber. However, I probably would not buy a new car just for Uber. I will probably rent a car to Uber full-time and see how that goes before making my next moves.
Someone I know bought a car for Lyft and I think it was one of the dumbest decisions they made😬. Especially since they don't drive a lot anymore because of health issues.
the only way uber is worth it is if you are going to be driving in that direction anyway. For example lets say someone works at the airport. On the way home every day you flip on the app and check if anyone is looking for a ride from the airport to wherever you live or close by. Since you are driving yourself home anyway regardless, its worth it to pick up a passenger if you can. But in general uber Is a less then minimum wage job when you factor in all costs including vehicle depreciation, maintenance, and risk aka your insurance going up.
Not true. Someone I know makes 50k doing UBER 40h/week
RandyS8410 he or she is lying to you!
RandyS8410 no ones making 50k in a week doing uber
@@DebbieOwusu50k a year 40hr a week headass
@@DebbieOwusu50k a year working 40hrs a week
Dave needs to make a shirt that says.
Im on the Dave Ramsey diet.
Than have a picture of beans and rice
For all of you Uber and Lyft drivers you need to look up your warranty paperwork. For some car companies this would invalidate your warranty
Funny lol driving it more invalidates warranty😭🤣
Let’s not forget the tax deductibility items depending on how you file.....
$00.54 per mile (per business mile traveled)
Car insurance
Gas
Maintenance
If self employed health insurance is deductible
She's better off selling used items on eBay if she's doing it part time. Uber operation costs is very high.
Never mention that she's in danger is a reason why cabs have safety equipment a woman driving around by giving perfect strangers they Ride
From like he said basic ROI and time vs opp cost of that money towards another need, the thing here is invest time and get the Uber car way under marke value like you almost stole it, then the break even comes way sooner and it becomes and income asset tool quick and then it helps
What if someone needs to get a new car regardless? Is it still a bad idea to use the new car for Uber and Lyft. Not brand new but a 2020 year is what I’m thinking. It everyone has an old car that they can use yu know. Also I work for myself at home so any job that requires a schedule will 100% get in the way of my current income. This leaves uber, lyft and door dash as my only options. What do you guys suggest?
Secret: You can depreciate the entire 5k that you spent on the new car. Along with all the expense write off, this is well worth it.
Still not worth it , 2 times a week she’s not gonna make much . Also it’s all pre taxed income .
@@bangladeshirealtor depends on a variety of factors but there's been many weeks I've made $600 in 2 days even after expenses I'm usually left with maybe $400,
Black Vito - Moneyology sure , but you still have to pay taxes end of the year on it . I am not doubting anyone making $ , it’s the overhead to operate is the hinderance . These tech start up gig economy model aren’t set up for the laborers to win .
You’ll make way more driving black car service for a legit company , without any of the risks .
@@bangladeshirealtor depends, i legally paid am effective tax rate of about 1% notwithstanding having a gross income of over $30,000
Black Vito - Moneyology what’s your profit at the end of year on avg vs the time you are driving in the vehicle picking up rides, filling up gas , stopping for breaks etc ?
Working 1 or 2 days a week won't do anything for her
I haven't listened to this call yet so I'm just talking in general . I would never call Dave and ask him a stupid question like "I'm in debt and I wanna know if I should borrow money to buy a rental house to rent out". I know better than that. If I was in debt I might call him and ask him how to handle it..but I would know better than to ask him a crazy question like that lol. I know exactly what I'm doing wrong (not in debt just spending too much) so I wouldn't dare call him. I watch him so he can remind me daily that I'm being an idiot and need to stop spending money out of my savings.
Hi Dave, should I buy a depreciating asset so I can freelance for $7/hr?
I consistently make $30 an hour. Of course that’s before expenses but you obviously don’t have a clue what you can make doing this gig.
More like 20-50 an hr
If you're in a populated city and willing to do this 6 days a week, sure. But spending 5 grand for ride share doesn't work.
No. Cant do it once or twic a week. Need to ride 5 days a week minimum if you going to buy a newer car
Unless you're located in one of the cities that Uber makes good money than I would not recommend doing it...if u drive on weekends and do it for about 8 hours at twice a week, maybe $200 not including gas, depreciation, etc...honestly I would find a job where you can work from home such as a call center rep from home and work part-time doing that and make more money.
I'd recommend Doordash or Shipt if you're looking for something part time. I do an hour or two a day on and off throughout the week and I make at least $130 without thinking about it. I don't believe there are strict requirements on cars (at least for Shipt). Just needs to be newer than 2000 I think?
I make 2k a week doing Uber and Lyft.
No need for a good/newer car if you are driving UberEats, if you have a more than 10 year old car you can still drive! Just deliver food. I've been driving off and on for the past two years, I don't know if I would recommend it or not though.
Buy a 98 Camry & Do Doordash,Uber Eats or grubhub.
if shes in a big city and does 14 hrs on both Saturday and Sunday she can make about $400 after gas each week.
Not a good idea. Work together with your husband. Pray together. Y'all will be ok. As long as the necessities are met. Just agree and pretty soon you guys will see more money than ever.
90% of small business fail within the first year, I believe the statistic was 93% (don't quote me) of all Uber Drivers fail within the first year (or quit) and end up negative. And that's with already having a vehicle. If you buy a vehicle I don't see a way to make money for the average 7%. ESPECIALLY if you finance.
I can make 8000 dollar minus taxes a month working full time for Uber. If I buy a car for 7000 + monthly insurance of 200 dollars and about 200/month for maintenance + my time. Should I rent a car for 235 dollars a week instead? renting would cost an additional 5000 a year. Buying the car would give me five years of driving for Uber at this point the car would be worthless.
where do you drive and how many hours do you put? 8000 a month with uber seem like unreal. has your earning been the same before and after the pendamic?
@@ArshadAli-uu3hd I drive 12 hours a day. Back in the day I was averaging 250-300 a day. Now the prices went up to 300-450 a day. In Boston.
So true spouses are tooo heavy to drag along !
Here in Colorado Springs i do uber and i average 20$ an hour about 25-30 on weekends
If you do it by the miles i get about 1$ a mile from start to finish by the end of the night
I currently drive for Uber and I would not buy a new car to do this. I put 60,000 miles a year on my car to make $50,000. I have a 12 year old Toyota Prius that I drive with 200,000 miles for me. it makes sense because the car is paid off and I have liability insurance so yes I would buy a car it really really.
Great call!
I got a loan for a vehicle for $7,500 which was stupid but hear me out my car payments are $160 a month and I can make that easily in one week doing Uber 2 nights... so yes it is worth it depending on your area
Do you mean a lease? Your car will depreciate and you'll have to pay that so you won't actually be ahead. Also 160 a week? How much is gas, and how long. What does it work out per hour. Im sure if you really get into this math it's not worth it.
No, do not lease! You'll go WAY over on miles.... $20 an hour roughly.... it's about $0.01 per mile for oil changes, I get about 27mpg and I only usually work 4 hours a day and I might spend 10-$15 in gas.... I've done the math
$160 that's already taking out gas and wear and tear... I've already broken down tires, oil changes, transmission oil changes, tire rotations, tune ups.... i also live in a smaller city.... for a side job its great!
@@cryptomagnet8204 I'm glad you did the math and it's not as bad as I thought if your wear and tear calculation is correct. However 160 in a 20 hr work week is about 8 an hour. Still doesn't seem worth it to me.
The only time you should drive for Uber is when you're driving to and from work. Otherwise you should develop a skill that pays more and do that on the side.
You make less than $3 bucks per hour after expences and wear and tear on your car... neither Lyft or Uber are worth it.
I made 7000 dollars in 6 months part time . Bought the car for 5 thousand I put 20 thousand miles on it . Sold it for 4500 . Uber is worth it just not full time . And don’t buy car more then5 thousand .
Drive Uber Eats or DoorDash. Uber Eats is 19years or less car. You can make $15-20 an hour on a busy night. Less insurance and risk. The problem is taxes, maintenance, and gas. Get an Uber card for gas discounts and save 20% of the income for tax and maintenance. They will report you and you don’t want to owe $300 in taxes from your earnings.
Buy a used Toyota Prius it’s good on miles save you a lot of funds.
I would say its a no go. Lets be honest. You will pay 3k for a car in alright condition. ive heard people can make $100 per 4-5h night. Then subtract gas which could be $10-15 if your in a suburban area. So your taking home $85 a night. So you are looking at 35 nights to pay off 3k. Not to mention the extra maintenance, repairs and nights that are a wash or of low income. And the reality is that after All this and you are just breaking even.
If you need the money I would work as a waitress or something that does not involve an investment on your part besides time.
Personally speaking, uber is only effective is big city’s with a car that is already payed off with no obligation.
great advice.
It is heavy to drag someone not on board
No, the math doesn't make sense!
You can literally make $20 an hour , the math is actually well worth it
@@number1seabee82 Not when you put a large sum of money into a depreciating asset to then earn $20 an hour... There are way too many other good options to make money to do this.
Driving a 3000 dollar car for uber will get you aweful ratings. No one i saw driving for uber drove a vehicle that cheap. On top of that, when I drove for Uber it was enough money to basically keep the car afloat due to expenses in maintenance and gas, plus maybe an extra couple hundred dollars from there. This was from working 40 hours a week for uber. Easily not worth it. Now you know.
DON'T DO IT!!!!!
3-4 years ago, there was a ton of money to be made, not anymore. When I first started, I was able to make 4-5 hundred dollars per night working bar rush for a couple hours. Today, you'll work the maximum 12 hours and barely get over $150. Also no one realizes the amount of gas, oil changes and miles it takes doing it all day and the added expense of commercial insurance. Doing Uber today, there's no surge, no bonuses and hardly any tips. It's not worth it.
You won't make much from Uber. Not worth it.
Driving strangers around is a very dicey and dangerous profession. If you value your life don’t do it.
I'm missing something. Why would paying off the credit card NOT motivate the husband?
Better off being a Shipt shopper.
They’ve done studies on Uber drivers...you actually LOSE money most of the time you’re driving....way better off delivering pizzas.
Yayy Areaa there are many factors to consider and this is not necessarily true in all cases.
Don't need studies.
Just doing basic math will do.
I did uber for a moths make 1000 in a month but miles and maintenance (BMW X5 ) it didn't work for me
That’s not true at all unless you’re getting 10 miles per gallon and live in an area where gas is more than $3.50 per gallon. I always made profit but it wasn’t a lot
@@blackworldtraveler3711 Ok - let's hear your mathematical breakdown.
I was thinking of doing Ubereats or eat street. No people getting in and out of my car, just their food lol
Check Reddit forums.. it might not even be worth the trouble.. not to mention it could be dangerous.
Maybe join an Uber forum in her area 💕✨
Just use the car you have
This a good one
Driving ride share will wreck ur car..🤮
Especially if you wreck your car and you don't have it insured as a business vehicle.
Another option -- Uber will let you drive a car they own and will take some $ from your payout.. They did this to allow people with no cars to drive for them.
She doesn't want to drive Uber, only wants newer car
I can make 1400 a week doing uber if I hustle hard
1-2 times a week? :-\
She is trying to justify a newer car by driving Uber twice before giving it up
NO. Uber does not pay enough anymore. You actually make more being a pizza driver (no joke).
Or working at McDonald's.
If you're only going to drive twice a week, Uber probably isn't going to be financially viable.
Doing overtime at work would always be better than Uber lol. Even if you do bare minimum of extra 8 hours
Yea, I get paid double for overtime
The proposal is to spend your own money, out of your own pocket, to provide the capital equipment to become a part-time taxicab driver. And the financial payoff is marginal at best. Sounds absurd. What happens when she has to deal with a couple of drunken thugs looking for a ride on Friday night? You can ask any cop or EMT: the behavior of drunken bar patrons on a weekend night is scary.
Nine hours a week should get you about four to $500 a month
Jermaine Blalock it’s different in every market, and even in same market, it’s totally dependent on which nine hours you work. If you work 10a-2p in Dallas five days a week, you’ll be lucky to see $200 in a month. Work 5a-10a, you’ll be at $700 by the end of the week.
You have a point. I live in Philadelphia and that is one of the busiest places for Uber
Baby sitting or dog walking or pet sitting is easy good fast money
Hi Dave (and fellow watchers),
I'm hoping someone here can give me some advice. My parents (59 and 46) are in over $300,000 in debt. This includes probably 120k in credit cards, maybe 50k in vehicles, and I believe they have 2 mortgages on our home.
My dad is in extremely poor health and is looking to either retire or be let go from his job due to his medical condition. He would qualify for full disability benefits. He is the only household income and makes about 75k a year.
They've been putting everything off for over a year and I don't know what to do or say to help them move towards facing problem and tackling this.
I know I should get involved, but they're my parents and I love them dearly.
Please help!!
Rebecca Olsen call in to the show, he won’t answer in the comments.
Fact she open in a accident settle no she wants to drive more.
You’ll be enslaved and committed to drive for uber while under that finance.
Get a real job. Uber, Lyft or Instacart is a joke.
Adulting fail.
Just get a bike and do deliver with uber eats on the bike. :)
All these comments are strange...Ive been doing uber and I average 40 an hr and easily pay all of my monthly bills.
I do live in phoenix where it is ALWAYS high demand so maybe that's why. Idk. The huge downside is all the wear and tear on your own vehicle.
Just go deliver pizzas. Not worth doing uber
Uber is NOT a good way to earn extra $. Go wait tables or something.
she just wants an excuse to buy a nicer car, Dave saw right through it and destroyed it with math.
I’m doing Uber/Lyft full time as a bridge while I study for the AWS Certified Solutions Architect exam. I’m grossing between 1200-1700 every week. It’s a brutal schedule and I wouldn’t advise it unless you have a very specific goal in mind. I financed a Toyota Highlander specifically to do this and it more than pays the bills. That being said, I live just outside of Dallas, so the money might be a lot more here than other places.
So true spouses are tooo heavy to drag along !
In Austin with a car payment of 600 a month I do $2,200 avg week.
After expenses total is $1385
I served 8 years in the army and every 2 weeks as a SSG (w/ Child S of $1100) I was doing $1700
The car would take forever to pay for itself only Ubering once or twice per week. Not worth it imo. Throw it at the debt and get a different side hustle.
Don't do it.
I do Uber and Lyft. The only reasons I make money is
#1 I fix and maintain my car
#2 I own my car.
#3 I don't care that my car has lost all of it's value due to the miles I have put on it.
If you can't achieve these things, don't do it! You will lose money.
What car is it? Not American?
@@wannabecarguy 2011 Ford Taurus
Drove for uber in Fairfield county CT. It will take you forever to break even. Lot of rides net you $5-$8. After gas it’s like $4-7. In this scenario, it will take her about 545 rides to break even. That doesn’t include the extra oil changes, break pads, car cleaning, scent products, etc that you will spend so we can call it about 580 rides. If you are doing it twice a week and do 10 rides a day, it will take you 7 months to break even. So unless you get a hybrid car, it’s really not worth it. Only plus here is that you’ll be driving a slightly better car.