We are not race car drivers. Even if you never did Uber, you don’t do maintenance on your car that often. Your car should be under Warranty. My extended warranty is a service warranty too, and I have gap insurance. My German auto will sell for the same price or near the same price I bought it for. It could have 80k miles in it and someone would buy it for $15k. If I was Ubering in my Benz I’d be in LA doing Uber Black.
Oh please, here we go again, are you related to Bart Simpson? TOTALY WRONG, depreciation happens on a DAILY BASIS, and has absolutely NOTHING to do with “selling the car”. In fact it is a rolling value (snapshot) on a day-to-day and mile to mile basis, even while you sill own it.
If you buy a car brand new for $30,000 and at 100,000 miles its only worth $5000, that’s $25,000 in depreciation over the life of the car which calculates out to $0.25 per mile in depreciation alone. If you get 30 miles per gallon, at $2.50 per gallon that’s another $0.08 per mile. Maintenance is more than an oil change. This includes things like tires, brakes, muffler, wiper blades, light bulbs and anything else you need to repair or replace over the life of the car.
It all adds up quickly. $0.57 per mile is the figure the IRS give so your actual number may be more or less depending on many factors but don’t be naive and discount these other things. You’re only hurting yourself.
I love it someone hears something that isn’t insulting or rude and calls them a hater simply because they don’t like what’s being said. If I truly hated you, I wouldn’t be trying to help you navigate this minefield of hidden cost that you seem to want to turn a blind eye to. It’s of absolutely no consequence to me if you want to listen or not. So go have fun driving.
I left my Benz in Cali when I went off to Norway wahhh. The benz’s I had never broke down. I’m a girly girl so I’m not into restoring old cars. I get em preowned and newer models. I find them at the price which is closest to the price I know I will sell or trade it for, with the lowest mileage on it. My auto has 43k on her now. I’m thinking my next move now. Money is made to be spent.
Nope, it really does cost $500 to drive 1000 miles. You are just turning a blind eye to all deferred or hidden expenses. You are the exact dummy driver that the evil Travis is looking for, “I only count gas money”.
Starting with the .57 a mile, that’s an IRS allowance based on the governments estimation of average car costs against all cars. As an average it’s somewhat meaningless. I’m pretty good at estimating and doing financial budgeting and forcasting and came up with a guesstimate for my car of .43 cents a mile for everything from gas to oil, tires, timing belt, … and yes depreciation. I have a luxury sedan. I’m guessing that a Prius is going to be more in the mid .30’s for cost per mile. The fact that the IRS allowance is .57 is a bonus because it allows you to shelter some of your income.
Showing you expenses that you are incurring is helping whether you can see it or not. The formula isn’t that hard to figure out you just want to ignore it. If you want to make more money you need to increase your income, decrease your expenses or both. Simply ignoring expenses doesn’t make them go away. You are lying to yourself.
I am hating on X, not the folks who drive it BUT Uber sets up an unreasonable expectation with passengers when it’s priced this low. The low prices are helping Uber gain market share, not us make a living. And no, folks ain’t tipping. Some women may get more tips just because they are women (along with all the harassment) but an ugly old guy like me is lucky to get $20 a week on 800 in fares.
Sorry buddy, never saw a nicely taken care of Benz with 100k miles on it that was 10 years old or less sold for on average $5k. You are referring to another class of vehicles. Dang Mercedes should let me do their marketing lol.
You are correct, not talking about a Benz. Can’t tell you what I drive for select because it’s a real small market here and Uber would have no trouble figuring out who I was but it’s something I picked up new for 33K. But I was talking about 200K miles, not 100K.
I think dummy is a bit harsh. Ubergirlpbc does demonstrate a total lack of accounting skills, particularly in accrued and deferred expenses and, on an even more basic level, the difference between revenue, expenses, and profit/earnings.
well guys, it really depends on how much you paid for your car from the started, most of us uberx drivers not using or buying a new car for doing uber, like me I brought my used car for 8k, I made 8k net from it already, plus my personal use too, and the car only 100k mile on it and runs great, I think I can put another 100k mile on it without major repair no problem, I really don’t care the depreciate if the car because I broght it cheap from the start
The purpose of depreciating a vehicle is to convert some of the car’s asset value into operating expense, and therefore know what Ubering is actually costing you. This is what people here are alluding to when they say that drivers convert their car into cash.
I make a lot from Uber Lyft and Sidecar referrals, so I can see how that might be possible. However, driving is an entirely different story. I guess if you only drove during peak hours, maybe.
Being an uber x partner is not a business. Think of the partners that have been screwed by having the rates reduced to 75 cents a mile or less. thats why many find you comments offensive and condescending.