Buy a used vehicle outright with cash, that’s what I did with my first car. The idea of not having a car note is wonderful. Looking back I wish I didn’t financed a new car even though I’m grateful to just have a car in general. I would’ve saved a ton of money by now.
that is a perfect car for Uber…I was going to get one of those but I bought a Hyundai Sonata because I got a better deal…good luck with it
B. Finance my (2-4 year old) personal vehicle and then have it pay for itself through Lyft.
Your best option is leasing a vehicle for Uber exchange. Don’t get stuck with a car you can’t afford or don’t like. If you do finance make sure to leave a fat down payment otherwise you will be stuck upside down on the loan till it gets payed off.
2nd best option is financing a used car (preferably certified used)
Worst option is financing a brand new car. You will be stuck with that car until late it gets paid off.
The best option, buy a used car for about $4-6k… car pays for itself in a few months and you are then working with all profit. Something to think about if goi decide to finance, Most drivers don’t last more then 6months in this business.
Alot of people are clueless and end up screwing themselves cause they truly don’t realize all costs involved in a vehicle that takes 50-70k miles/year
An oil change every month
NEW tires once per year
NEW battery every year
Brake pads once per year
Like I said above. The main thing is you can walk away from the exchange program. If you finance a $20k car. In 6 months it is worth $10k. And you probably still owe around $18k. That means you are negative $8k
Gap insurance is so important because if you bought a 20K car and it gets totalled and you have $5K left on it, gap insurance will pay it off.
Used car maybe looking at breaking down. Cost can be very high for repairs. I bought my kia soul 2013. Car payment $150 a month it had 3 miles on it. Never any repairs or problems. It now has 35,000 miles and trading it in for a new one. I did trade a Chevrolet Silverado truck as a down payment plus I paid an extra $2,000. My car is still worth $8-10,000. Don’t do a lease you will get screwed on that. Used cars don’t know what your getting. Up to you
Keep in mind this is for uber. Not personal car. 35k in 4 years is below average for personal use. But for uber, that’s 6-8 months worth of driving.
Finance a certified used car. If doing XL get a 4 year old Sienna or Odyssey. If doing X get a hybrid. Hybrids save a great deal on fuel costs. Regenerative brakes on hybrids save a great deal on maintenance costs.
Save up and pay cash—save up & upgrade, repeat. Thats how to keep your money.