Uber canceled its Xchange lease program, that was a lose-lose situation for both drivers and Uber, even though it was the fastest and easiest way for drivers to get a car when they didn't own one. Xchange did provide free maintenance, but it also cost more in the long run, and Xchange lease payments were usually higher than $700 a month for most drivers. However, this is all history, and now drivers need to buy a car and to do so, should calculate what the best car for rideshare driving is.
With all the MIT and other income research papers floating around, an average Uber driver doesn't know if he/she is earning $3 or $25 an hour. In reality, and on average, you will earn around $9 an hour, sometimes more, it all depends on your expense spending factors. However, the two main factors that determine how much your driving costs are the cost of your car and the cost of your cars gas consumption.
If we take out of the equation all the gadgets and how you drive, and concentrate only on car price, depreciation, insurance, maintenance, and gas mileage ratio, you will get the main costs that you need to deduct from your monthly income. Thankfully, these are all variables that can be learned before you drive away with your new or new-used car.
Let's dive straight in and check out which are the best cars for UberX driving. We won't discuss personal tastes or comfort, color or design, we will look at cost-effective functionality, and the rest is up to you to decide.
Mileage Ratio
The number one car for gas to mileage ratio conservation is the Toyota Prius, which wins hands down with a 52 mile per gallon coverage. The next in line is the Honda Accord Hybrid that comes in a close second place with 48 miles per gallon and in third place with 42 miles per gallon come two cars; the Ford Fusion Hybrid and the Kia Optima Hybrid. In fourth place comes the Chevrolet Cruze with 38 miles per gallon. This list of 5 car options covers the most ride cost-effective cars.
Reliability
Reliability is ascertained through online surveys and maintenance reports. The number one car for reliability is Toyota Prius with Honda Accord Hybrid coming in a close second place. This is then followed by Ford Fusion Hybrid, and the Kia Optima Hybrid and lastly the Chevrolet Cruze.
So, in terms of Mileage and Reliability, the list retains its integrity.
Car Price
This is where the list changes:
Here are the Kelley Blue Book prices for new 2018 cars (all prices are MSRP and represent the basic model with basic options):
- Chevrolet Cruze L: $17,850
- Toyota Prius One: $24,370
- Kia Optima Hybrid Premium $26,890
- Honda Accord Hybrid Base: $30,495
- Ford Fusion Plug-in Hybrid SE Luxury $32,180
Estimating the best value for money
The Chevrolet Cruze L is the basic version, but it is $7,000 less than the Toyota Prius, so in terms of value for money that offsets the savings per mile, the Cruze is the easiest car to get your hands on if you have financial or credit issues.
If you are fine with the extra $7,000, then the Toyota Prius is hands down the best option to buy.
If you prefer a larger ride with great comfort and are willing to pay the price than the Ford Fusion is the car to take on, it is costlier in price, but makes up for this in overall comfort, design, and cost of running.
As you can see, there is no real clear winner; it is all about your personal ability to maintain payments and keep working on a daily basis. If you want to make money from rideshare driving without driving, you can opt for placing your car on a P2P rental site like HyreCar and earn an average of $50 a day without driving. This is a great way to earn money from rideshare driving without being a driver and is in fact how many fleet business owners start their businesses.
Financing
Once you have decided which car to buy, its time to check your status. This means you have to consider all the alternatives that include, how much of a down payment to make, (can you make), how many monthly installments to take on, the longer the loan, the costlier the car. The final calculation is how much do you intend to earn working with rideshare driving? Is it your only source of income, or a supplemental income?
There are a number of loan companies that work specifically with the car industry, and they include:
Main Street Finance, which is quite fast in approving (or not), usually within 24-48 hours of filing your request.
MyAutoLoan.com is an online free P2P loan matching app that links you to 4 private lenders.
PersonalLoans.com is an online loan company that gives low-interest personal loans with APR's starting at 5.9%. They also provide access to peer to peer, personal, and bank loans.
24/7 Auto Finance is the choice of those credit or financially challenged people, and they give you a decision within 24 hours of making the application.
Haggling the Car price
If you thought that haggling was only for used cars, think again. Carjojo is an online service that provides car purchase negotiation services for new and used cars alike. They have saved thousands of dollars for their customers and only charge rideshare drivers $29 for their services. It's something to consider when you try to shave off a few hundred bucks or more. Savings can also be in additional features, while the car price might not lower, the additional features can be worth thousands. Its all a matter of perspective and what you are willing to take.
Conclusions
Buying a car for home and personal use is different than buying a car for business. If you intend to buy a car for rideshare driving, or rideshare P2P renting, you need to buy a car that will not cost you a lot to manage, since the overheads for driving can eat away at your income leaving you with much less than you actually think you earn.