[ObeyTheNumbers]

For a guy who calls himself Obey the numbers, you're not very good at explaining the numbers. First of all, the cost per mile that you quote should include everything. So if I make a $1.00 a mile, and my cost per mile is $50 per mile, then I've made $0.50. That's the profit. But you've gone back and forth with what is in your costs. And what is your profit. You can average all costs and put them in you cost per mile. You could make it simple if you did this. Thanks.

There is no real "profit" in ridesharing. It's mainly just costs.

Your vehicle costs.
Your ridesharing related costs (other than the vehicle.)
Your labor costs.
Your vehicle replacement costs.

And really it's just like a waiter or waitress job, one gets low pay and has to make tips to survive.


I'll make it simple:

When you start your day ridesharing, set your odometer trip meter.

Now make sure your pay and tips is greater than the trip meter at the end of the day.

Record your miles for tax purposes and multiply that by .75 cents put that amount away towards costs, taxes and a new vehicle. Anything after that is your pay.

Make sure your averaging over $1750 gross a week, if your trying to do this for a income.

 

[painfreepc]

Your vehicle costs.
Your ridesharing related costs (other than the vehicle.)
Your labor costs.
Your vehicle replacement costs.

You list vehicle costs and the cost to replace the vehicle, are you not double dipping, as I've seen a few others here do,

And what exactly is labor cost, never heard anyone use that term before, are you referring to hourly, this is not an hourly job doing rideshare, you can calculate an average hourly all you wish but we are paid by the assignment, we are not paid hourly.

 

[Sean112]

There is no real "profit" in ridesharing. It's mainly just costs.

Your vehicle costs.
Your ridesharing related costs (other than the vehicle.)
Your labor costs.
Your vehicle replacement costs.

And really it's just like a waiter or waitress job, one gets low pay and has to make tips to survive.


I'll make it simple:

When you start your day ridesharing, set your odometer trip meter.

Now make sure your pay and tips is greater than the trip meter at the end of the day.

Record your miles for tax purposes and multiply that by .75 cents put that amount away towards costs, taxes and a new vehicle. Anything after that is your pay.

Make sure your averaging over $1750 gross a week, if your trying to do this for a income.

 

[Sean112]

You make some sense but you are not really totally accurate.

You have revenue and you have expense.

Revenue is:
Your fares
Your tips

Expense(s) are:
Cost of vehichle
Maintenance of vehicle
Gas
Repairs
Insurance
Taxes
Misc.

Revenue minus Expense is
Net Income /Profit

Yes there is real profit in ridesharing. It may not be much but there is profit/net income.

you can measure revenue or expense per mile. That can be a useful tool.

So you can take the profit - you can divide by hours or miles to determine what you are truly netting per hour or per mile.

of course you want to take the best paying trips to help the equation.

it’s like many other businesses. Only less profitable.

 

[painfreepc]

It's interesting how many of you here like to quote and calculate all these numbers, the IRS now gives a 65 cents a mile as a tax deduction, that tax deduction means there is money you are not paying in taxes due to that tax deduction, but I never hear that money are not paying inserted back into the amount of money that you're making, you just ignore it like it's free money like you suck it out of thin air,

Like let's say someone does Uber for 4 years, that means that's four times taxes was paid, that means there's four times x amount of money you did not pay in due to the IRS tax deduction, but that amount of money seems to be completely ignored, some of that money is supposed to be used to buy your next car.

 

[Sean112]

The $0.65 is just a tax deduction for the purpose of determining what tax is due to the IRS. It doesn't serve any other real purpose. It isn't a cash expense, obviously.

 

[painfreepc]

The $0.65 is just a tax deduction for the purpose of determining what tax is due to the IRS. It doesn't serve any other real purpose. It isn't a cash expense, obviously.

Yes and the $0.65 is a tax deduction that is based on a busness car, van or truck with a value up to $60,000 and is 100% business,
Thanks IRS for allowing me a $0.65 per mile tax deduction on a car that only cost me $22,000

if your rideshare car is both business and personal, and may be your only car, than your insurance, tags, cellphone and car washes is not an expense of money you are not making from rideshare,
unless you plan to stop doing rideshare, sell your car, take a bus or uber to work and never pay insurance, tags, cellphone and car washes anymore,

insurance, tags, cellphone and car washes, is a fixed expense of any car, you pay this fixed expense
no matter the car, no matter the job, you still pay the expense of having a car.

do not comment to me "BUT they are tax deductions" I know they are tax deductions,
so take the tax deduction, it's already part of the $0.65 standard deduction.