Renting vs Owning: Which Is Better For Lyft & Uber Drivers?
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- เผยแพร่เมื่อ 14 พ.ย. 2022
- Check out the full episode: • Renting Out Cars To Ub...
In this episode, I’m excited to share my interview with Shamus Hayes of RideShare Carz. I think RideShare Carz is very innovative in the fleet owner space, and it’s interesting to see a behind-the-scenes look of how it all works. Shames himself actually gave 4000 rides, too, to understand the driver experience! We’ll talk about the driver experience, types of vehicles that are most popular, and who RideShare Carz is good for.
What's It Like Renting A Car For Delivery In The Gig Economy (Dallas and Houston): • What's It Like Renting... with RSG contributor Elijah's experience of renting a car with Rideshare Carz.
Dallas - Fort Worth and Houston drivers! Need to rent a car? We recommend RideShare Carz therideshareguy.com/go/ridesh... It's affordable for everyone, even for weekend-only drivers. They provide free rideshare training to boost your earnings! We like that they're run by an Uber driver. :) Limited Time: “Rent 5, Get 2 Days Free” on your first RideShare Carz rental! Just say The RideShare Guy sent you
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About The RideShare Guy:
I'm Harry, the founder of The Rideshare Guy. I started driving for Uber and Lyft in 2015 and eventually quit my day job as an aerospace engineer to run The Rideshare Guy full time.
These days, I'm a trusted media expert on all things rideshare and have a number of contributors across the country who are all driving for Uber and Lyft and other gig companies like Instacart, Doordash, and Postmates.
The RideShare Guy has appeared in The New York Times, The Wall Street Journal, CNN, CNBC, NPR, 60 Minutes on CBS TV, The Washington Post, Wired, Forbes, SFGate, and hundreds more.
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Harry also consults for both established corporations and start-ups. - therideshareguy.com/consulting/
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❓ What do YOU think? Renting vs owning with Uber and/or Lyft and why? Let us know 👇
📺 Check out the full episode: th-cam.com/video/MSqi0ep86sk/w-d-xo.html
Dallas - Fort Worth and Houston drivers! Need to rent a car? We recommend RideShare Carz therideshareguy.com/go/ridesharecarz-yt It's affordable for everyone, even for weekend-only drivers. They provide free rideshare training to boost your earnings! We like that they're run by an Uber driver. :) Limited Time: “Rent 5, Get 2 Days Free” on your first RideShare Carz rental! Just say The RideShare Guy sent you
Buying is cheaper always. The people that will rent to you pay all of the expenses that you have to pay plus a profit for themselves. Do yourself a favor and buy a Toyota, no Korean cars, no American cars, no German cars. Only Toyota. Oil change every 10,000 miles, tires once a year, brake pad once a year. That’s it
Every 5k
Shamus Hayes, thank you for sharing your expertise here. Would love to know the oil change/air filter schedule for your fleet vehicles.
Bad advice. Just get an older car like 2012 Nissan Sentra SL for $8000 with around 60,000 to 100000 miles on it. Don't get anything that costs you more than $10000. You can even get good cars for $5000. Don't pay cash but get auto loan. You will be paying less than $250-$150 a month depending on down payment and credit. These cars can go all the way to 200000. Any car similar to that will do while having a good gas mileage. Let's say you put 80,000 miles, made a shit load of money, then sell the car for $2000. You still came out winning. But renting cars and paying $20000 a year is stupid.
Exactly. Something a financial guy told me when I first started. Renting a car should be a last resort but, nothing to look at in the long term.
Owning a Tesla The most annoying maintenance that really started to push my time schedule back times was oil changes
some people waste average $400 to $500 per WEEK renting, that is NO way a good idea...My car note is only $300 per month...Renting can cost you up to $20k per year...do the math!
Facts!
@@MicDropBBQ I dont like that they kinda promoting spending 20k per year renting a car...When you buy, Even if an engine or motor goes out, its gonna gonna cost a fraction on that. Shame on you @rideshareguy
@@Wii602006 it’s 20k a year sure it that’s all included. you’re not accounting how much buying a car with full maintenance, depreciation would cost. Also over a period of 3 years renting will definitely be cheaper as you won’t have to buy a new car and if you’re driving 50k miles on your car you’ll need a to either put up a lot to fix the car or get a new one
@@BIGGOODBOY I purchased my car and it only cost me $20000. Every year maintenance I pay around $2000 which is nothing. Meanwhile next year I know I Won't have another $20000 bill... In 4 years I will have pay around $4000 in maintenance, meanwhile you have paid Is $18000 in the same time...
But as a uber driver u are putting high miles on your car, if u don't mind the miles on your personal vehicle go for it. But unexpected things do happen, that's why alot of my friends who do iber rent their vehicles
My channel basically shows how I do all the maintenance on my 2019 BMW 330i and my 2011 Wrangler. I basically do ALL FOUR BRAKES on each vehicle for around $100/vehicle. And brakes last you about a year and a half before doing the next set (front).
I've also got videos on my channel showing how I pulled my transmission on my Wrangler to put a 400hp clutch on, because I supercharged the engine (another video I did) taking me from 155hp to 370hp, so the stock clutch couldn't handle the engine power after about a year of spinning. $180 for a Stage 3 clutch - and I did all the work.
For people who think MAINTENANCE and REPAIRS are too much apparently weren't raised in a garage like many of us were, in the Midwest. I love working on machines! I love welding and exhaust systems. I love being able to pull my car apart whenever I want - order parts for like $90 - and do all the work in an afternoon. THAT is a hobby to enjoy.
And on top of that, my riders appreciate the builds when I explain how I built the Jeep they're riding in. I show them my TH-cam channel and they realize they're riding in a one-of-one Jeep built by the guy driving it! That is what makes the tips even more appreciated!
I live in the Midwest and have no desire to work on my own car. I do not like manual labor jobs and is why I do gig work instead of factory work.
@@misterliquidcity I used to own a mechanic business in the Midwest. I feel ya on that. After 6yrs of working in the cold winters and humid summers, even profiting over $1000/day wasn't worth it anymore. The Midwest sucks for anything, honestly. LOL! That's just being real. I mean, even life sucks there after a while. It's just a miserable place when you've got rain/mud tracking into every vehicle and house all year long, then snow and slush leaving carpets smelling like mildew when they dry out. Mold when wood finally dries out.
It wasn't the manual job that killed me. It was the sucky life. I prefer palm trees and swimming pools, damn near year round! LOL! Factory work versus gig work ain't the issue. Sucky shit versus sunshine was my issue.
I dont mind working on cars here, but summers suck - which is why most of us have garages here. Other than that, can't really complain about working on my cars.
@@Rational_Driver I believe so, too. Most car engines can last 500k miles before major repairs. I've got 253k on my Jeep. Bought it at 112k. Never been to a shop, nor needed major repair. My Escalade (bought at 80k) is now at 220k miles. Engines last forever, but most people don't know to keep up with maintenance. They'll run an engine with no oil, no coolant, stuck thermostat, breaks squealing down the street, steering wheel pulling right - and be like, "...ain't nothing wrong with my car. It starts up when I turn the key." LOL!
@@Rational_Driver I can't imagine what shops would charge me on my Jeep and BMW. I've done everything from differential fluid changes to oil to transmission fluid changes. Alternator replaced. Brakes at least 3 times on front and once on rear for Jeep. Just differential the BMW brakes all around.
I buy parts and just do it myself. Quicker and I know expensive parts are used when I do it. I don't want OEM nothing! All upgraded parts, including ignition packs and wires. I don't skimp on maintenance. I've never broken down nor been towed in 3yrs of rideshare. Almost 200k miles added and zero issues.
Maintenance is everything. And it's not as expensive as people think when you keep up with it. Ain't like we're replacing engines every 3 months. 🤣😂🤣 It's oil and brakes, that's it.
Just spent 1k on new tires, alignment and oil change.
It all depends on how much it is for to rent a car. Here in Orlando, Avis charges $373.00, which is with the insurance. I think that's ridiculous, that comes to almost $1500 a month. I'll never will put $1500 in maintenance on my own car. It's a rip off.
But if you put $200-$500 a week away. Wouldn't you have the money for the repairs when/if needed?
My bro rented for a while. Everything from mini vans to Teslas. Then he bought a mini van. He's still going to time.
With what he was spending renting he'll pay the car off in a year or 2 np.
Ok but you’re not accounting for maintenance costs, depreciation and any large costs. If you drive the care 50k miles a year thst means it will expire in around 3 years. Which means you’ll have to buy another car and go through that process/costs etc
I started out for Lyft, in 2018, leasing/renting from them at $270/wk.
The car a ‘14 VW Passat, rode well, fit 4 comfortably and got great gas mileage. But, I was driving 8-10 hours/day to make the weekly.
I couldn’t drive for Uber, so I was headed for “burn-out!”
I loved driving and the SiriusXM, so I bought my own Passat, in 2019, for $370/mo!
Sure was better for me economically, physically and mentally!
This also opened up Uber to me! So, now I have both accounts and drive one, when the other’s slow. Tried driving with both drivers on, but can’t do it on a practical basis.
Renting makes sense if it wasn't almost as much as buying @ 150 week it would be worth it.
@@elliothuh669Those are the old prices. Renting now is around $275 - $350 a week. The prices they give you are without insurance and they will try to sell you insurance. It just makes sense now to use your own ride. What vehicle will depreciate by $14,000 - $15,000 in one year? Only take trips that average $1: per mile or more minimum.
@@johnnyp3839 what car would you get to do Uber
What year was your Passat did you buy it new or used? $370 is pretty good? Oh wait 2019 was before Biden took the economy down the drain and sent all the money to Ukraine Iran etc while bailing college students out of their obligation with student loan debt, importing a whole new class of voters over 15 million new voters so far, stopping us from drilling for oil on government land all while recklessly printing money like a scorned wife stuck on a shopping binge mode to get back at her cheating soon to be ex husband and leave him in total & complete financial ruin! Except he’s doing it to us and we aren’t the ones who cheated his ass did, now he’s spending recklessly making bad decisions after bad decisions in between his lavish weekly vacations, and his multiple daily naps and sniffing children.
I have a car payment that I pay way too much on. But I also pay for an extended warranty that is 100 a month that covers practically everything repair wise
Luckily for me I fix my own car ( :
It's going to be super high if you rent with these crooks.
What you mean everything
Like even brakes ? Tires? Oil changes ? (Maintenance)
Or more like transmission issues fuel injectors engine etc
Also did you get thru dealership or on your own from some company
What company is it and how long will it cover you till? Indefinitely till you choose to discontinue service and stop paying them or up to certain miles
So if you drive 40-60+ hrs a week and need to earn $850-1200 per week, and have to spend $400 a week to pay for rental. Is it worth it to rent a vehicle?
Nope, TIRES ARE THE ISSUE, I ONLY DO FOOD FOR UBER, AND WHEN I RENTED..🤨 THE TIRES, THE GAHDAMNED TIRES, WE DRIVE AL DAY, 8 HOURS TO MAKE THE WEEKLY AND EARN, SO THATS WEAR AND TEAR ON YOUR TIRES, YOU HAVE TO PAY FOR THE TIRES, GUY AT THE AVIS RENTAL WHICH IS THE CHEAPEST OTHER THAN KINTO, SAYS ITS OUR FAULT IF THE TIRES GO FLAT IN ANY WAY, THEY CHARGED ME $250 A TIRE AND THEY DIDNT EVEN PUT $250 QUALITY TIRES ON, THEY USED CHEAP TIRES, BUT I DIDNT SAY ANYTHING BECAUSE I DIDNT THINK I HAD TO PAY FOR ANYTHING OTHER THAN THE WEEKLY. LUCKILY IT WAS MY FIRST TIME SO THEY REFUNDED ME $750, which sent my card into the negative for 2 weeks, I had to get food from my roommates... I had no fckn money, 🤨 NOT ONLY THE TIRES, IF YOU RENT AND YOUR TIRES GO OUT AT NIGHT OR THE DAY TIME, YOURE SCREWED YOU HAVE TO WAIT HOURS FOR UBER AND AVIS TO SEND YOU A DRUNK TOW TRUCK DRIVER WHO YOU HAVE TO TELL YOU NEED A RIDE WITH AND THEY WANT TO TAKE THE CAR BACK TO THE AVIS LOT INSTEAD OF GETING IT FIXED... ODDLY THEY DIDNT CHARGE FOR THE TOW, BUT THE TIRES AT 250 X3 COST ME 750 AND IM WORKING TO GENERATE MORE WEALTH AS POOR COLLEGE STUDENT. LUCKILY I GOT A GREAT CAR FOR 1350 AND ILL NEVER RENT AGAIN, MY LAST PAYMENT IS THIS FRIDAY, AND ILL DO DELIVERIES ON THE WEEKEND FOR MONEY TO INVEST, DONT RENT, THEYLL GET YOU TOO
@@Rational_Driver 700 plus ins plus maint plus depreciation plus wear and tear. if u work 40 hours or more and doing it for a few years u act spend more money than a rental. u just might have a differ car every so often and a car with less options
I need to make 700 a week to cover my own bills and expenses. The rental is $260 a week which includes maintenance and insurance. I’m debating if it’s worth it
it's not 260. It's going to end up being $360 a week.
@@akmaljonqosimzoda8909why is that? Why does website say 260 100 dollars more is no chump change thst can just be overlooked
How does it work you pay the car rental place out of pocket or does Lyft cover it and you owe Lyft then they take it out of your pay as you make it or what?
but man it’s pricy over $1000 dollars month plus gas etc . thanks for info looking at rideshare with uber don’t have a car at present just looking & listening .
I would say owning, IF you intend to use it just for the business, OR you just intend to use it part-time with LYFT to pay it off quicker for personal use. I paid off my Charger pretty quick without putting too many miles on it.
Wait..how do you use a car you still have a loan on or you're still paying for? My understanding is that the loan companies don't want you to use your car for commercial use unless you've paid for the whole car and title. Basically completed payments. 🤔
@@MrRnBHittzville What loan company? i went to my credit union.
@@The_Gallowglass Oh ok gotcha!
@@The_Gallowglass Typically I thought you are basically signing up for a loan provided by the bank when you get a financed vehicle. And with the car still being paid on, companies typically don't want you to use the car for commercial reasons unless you own it. 😮💨
@@MrRnBHittzville I even told them I would use it at least part time for commercial use. They didn't even care. All they cared about was my ability to pay.
This is like saying rent and don’t buy a house!! Owning is the only way !!
renting a car you would have to work your butt off. i purchased my 2019 honda crv i do all the maintenance and if needed repair i save a lot of money because i do all the work myself
Is it better to do Uber with a van?
I would only rent if i can get a vehicle that qualifies for Lyft Lux black and Uber XL.
Did you buy your vehicle for lux black/xl?
So look I had a situation happen to me on 11/5. Worse case scenario...had a lady flagrantly turn and smash into my Lyft car. Pushed me into a curb, blowing a two week old tire. I haven't been able to drive for Lyft I'm 10 days now. Dude still says he can't put me in a car yet. Looking at State Farm the estimate is done. Work should be starting. Hey I haven't gotten word from dude yet ☹️. This fricken system is broken 😠
Next time try Hyrecar or Get around. Don't wait for the company. It will take them from a month or two to fix the situation.
If your rental car breaks down....they pick up the car. You get on a long waiting list, and maybe in a month or two they will have another one for you.
Yup. And you can't work unless you want to rent another car WHILE still paying for the rental they're working on. I've got a couple of guys here in Phoenix right now pissed off at Lyft for it. They're charging them for a car that they're not even driving on the app until the cars are repaired and ready to go back online. STILL paying for it, mind you. And with the personal miles issue, they can't do sidework to make the payment.
One guy already turned the car back in - only to find that they charged him for the car this week!!! He doesn't even have the car!!!
Yes I will make sure I take it to them I have had two breakdowns the first time that happen
Owning you Car is way better cause you won't have the freedom you have now plus you gone work allot hours to make money yourself and the rent money. To me is not worthy... I was driving uber rent partner is sucks
Yup! I own my Jeep. Took a 60-month loan when I bought it in Sept 2019 and paid it off in 24months, exact - all doing rideshare while building it, at the same time. Sept 2021 was my last Jeep payment, as I was making so much with rideshare, I was able to triple the note some months. I was BANKING.
Now, the Jeep is paid off and I'm working on paying off the BMW 330i I bought earlier this year. And I still have the Jeep! LOL! I made enough doing rideshare, I didn't have to trade my custom-built Jeep in! That's now a customer favorite for rideshare and people tip VERY well when I drive them in that!
Rent. I crossed 20k rides driven And Uber didn’t do as much as send a thanks for this milestone email 😂
Nice work!
363$ aweek for renting a car ! Means you got to give away 20 hours working to pay off the rent ! In your own car these 20 hours earning is yours
You can get a hybrid in the Dallas area for $260/wk😊
Very biased video. Buy Toyota *hybrid if you can afford. I haven’t seen any drivers who had major issues with any Toyota. It will pay off quickly vs rental car.
Which one ?
@@elperrocovero Camry.
Maybe ask this question to Uber and Lyft, If numbnuts Uber and Lyft raise their rate per mile maybe both renting and owning is good!
You ask an owner of a rental company if renting or owning is better ? It’s like asking a MAGA republicans if he’s going to vote democrat . Anyhow , bought a Tesla model 3, 15k down $600 a month, no oil changes or brake changes , saving about $600 a month compared to gas, battery life expectancy 1 million miles , can do Uber comfort and Lyft Lux, lots of complements , self driving helps with fatigue during traffic, tax write offs .
Be sure to join our EV Uber and Lyft Drivers Facebook group.
facebook.com/groups/959591124587397
Your Tesla doesn’t have brakes?
@@bostonmatt no 🤓, it does have brakes , but your drive EVs with one pedal and to stop it regenerates energy back to the battery , instead of using brake pads , so far I have used a brake pedal only few times and expect to change brakes for the first time at around 200.000 miles , if not more .
@@DeltaScalper I drive a Kona but have found the drive to be extremely less than smooth with the regeneration engaged, so I’ve been turning it off with passengers in the car.
@@bostonmatt that sux , mine is very smooth , passengers won’t notice it if I didn’t tell them .
rideshare guy harry (if I m not wrong) renting a car in yr vlog is very attractive but in reality is hard to compare۔ now a days rental prices have gone up but uber have decrease the fare by upfront price n direction why not you discuss with uber to increase the fare which will adjust the difference۔ I am driving since 2008 in Houston Tx area before uber as limo driver۔ with uber from 2013 when uber jump in Houston area with price cut down which altimately suck the rider in uber business۔ I drive my own car till today I drove in limo n uber black lincoln MKS but the prices are better payoff then rent or lease car۔ now how can we expect from uber that it will not decrease the fare۔ everything food or clothing or auto parts prices have gone high except uber n lyft prices going down۔ rental person will give brighter side but will never discuss dark side or find print۔ biggest is why driver should force to buy extra insurance coverage and some other hidden expenses۔
Thank you for sharing your thoughts.