RIDEGURU
Top three? I can’t think of a top one. When you drive for Uber you are basically liquidating the value of your vehicle and turning it into cash. Now. Today. The depreciation by the high mileage is the unforgiving price you pay. It punches you between the eyes when you go to KBB or similar and put in the additional 50,000 miles you drove this year and you see the value of your car drop $3,500. For that reason, I never sell a car… I drive it til the wheels fall off. Just keep the interior sharp and comfortable. That is the money shot.
If you need cash now, then ride share will provide it. Most people don’t sit down and figure out the cost of doing it though, until they have to. Having a take home of a hundred and fifty bucks a day($750/week $38K/year) and getting paid instantly, makes it addictive. It puts food on the table and pays the utility bills. The alternative, sitting at home, bored, doing nothing. The long term is tomorrow. As long as today is okay. The upside is you network like hell and meet a lot of cool people.
Wear and tear, tires, oil changes, gas, insurance, belts, batteries, alternators, your interior, mileage, they all add up. In the short term while everything is fresh you make cash. When things start to break…an AC compressor with labor, is a weeks pay. A transmission with labor, a months pay. A motor with labor, two months pay. You haven’t planned for it. You are dead in the water. Can’t earn, can’t pay.
Your best bet is buying every kind of insurance you can afford. Vehicle maintenance/repairs, road side services (tows), car insurance with a ride share rider, collision, vandalism, theft, medical/lost wage…
Top three? I can’t think of a top one. When you drive for Uber you are basically liquidating the value of your vehicle and turning it into cash. Now. Today. The depreciation by the high mileage is the unforgiving price you pay. It punches you between the eyes when you go to KBB or similar and put in the additional 50,000 miles you drove this year and you see the value of your car drop $3,500. For that reason, I never sell a car… I drive it til the wheels fall off. Just keep the interior sharp and comfortable. That is the money shot.
If you need cash now, then ride share will provide it. Most people don’t sit down and figure out the cost of doing it though, until they have to. Having a take home of a hundred and fifty bucks a day($750/week $38K/year) and getting paid instantly, makes it addictive. It puts food on the table and pays the utility bills. The alternative, sitting at home, bored, doing nothing. The long term is tomorrow. As long as today is okay. The upside is you network like hell and meet a lot of cool people.
Wear and tear, tires, oil changes, gas, insurance, belts, batteries, alternators, your interior, mileage, they all add up. In the short term while everything is fresh you make cash. When things start to break…an AC compressor with labor, is a weeks pay. A transmission with labor, a months pay. A motor with labor, two months pay. You haven’t planned for it. You are dead in the water. Can’t earn, can’t pay.
Your best bet is buying every kind of insurance you can afford. Vehicle maintenance/repairs, road side services (tows), car insurance with a ride share rider, collision, vandalism, theft, medical/lost wages, with as small a deductible you can afford. When every aspect of your enterprise is covered, you can just count it as a cost of doing business. It may cost $40-$50 a day for all your coverages; but, you are guaranteed longevity with no surprises, no uncompensated down time.
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