Uber Drivers Forum banner
1 - 20 of 22 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter · #1 ·
I am interested in getting started driving for uber but do not have my own car. I have heard of options for weekly or monthly leases available for uber drivers in other cities through Hertz, Enterprise, etc. Does anyone have experience or advice related to possible leasing options in the Pittsburgh area?
 

·
Registered
Joined
·
593 Posts
I am interested in getting started driving for uber but do not have my own car. I have heard of options for weekly or monthly leases available for uber drivers in other cities through Hertz, Enterprise, etc. Does anyone have experience or advice related to possible leasing options in the Pittsburgh area?
Whatever you do DONT do the Uber lease! You end up paying $600 a month for a Kia lmao.
 

·
Registered
Joined
·
1,955 Posts
  • Like
Reactions: nash801

·
Registered
Joined
·
227 Posts
I'm not saying this is true necessarily; but if Uber lost 18x more than expected wouldn't that mean that drivers who were doing it "could" use it as a good deal?

I get that many times both sides probably just lost, but if you want to drive a crap ton I could see it working
 

·
Premium Member
Joined
·
815 Posts
I'm not saying this is true necessarily; but if Uber lost 18x more than expected wouldn't that mean that drivers who were doing it "could" use it as a good deal?

I get that many times both sides probably just lost, but if you want to drive a crap ton I could see it working
Hmm interesting question. I wouldn't really ever classify a subprime lease as a 'good deal'. A quick calculation using the Xchange rate card using a 2016 Toyota Carolla base: you're paying a 20% annual interest rate. Of course they'll never actually tell you that. It's like charging a car on a credit card and then making payments, which is insane. The fact that Uber is losing $9,000 per car means that on average half the drivers are abandoning their leases after a year and a half. They're doing that cause it's not profitable enough. But if you know you're only gonna drive full time for a year & are willing to pay the hefty 20% premium for a flexible lease (you don't have to commit to 3 years of payments), then you could probably get out ahead a bit.
 

·
Registered
Joined
·
593 Posts
Hmm interesting question. I wouldn't really ever classify a subprime lease as a 'good deal'. A quick calculation using the Xchange rate card using a 2016 Toyota Carolla base: you're paying a 20% annual interest rate. Of course they'll never actually tell you that. It's like charging a car on a credit card and then making payments, which is insane. The fact that Uber is losing $9,000 per car means that on average half the drivers are abandoning their leases after a year and a half. They're doing that cause it's not profitable enough. But if you know you're only gonna drive full time for a year & are willing to pay the hefty 20% premium for a flexible lease (you don't have to commit to 3 years of payments), then you could probably get out ahead a bit.
Any way you try and sugar coat it, it's an absolutely horrible program that tries to prey on people that have bad credit and are desperate for a car. Especially if you go the full three years it's really awful. The amount of interest you end up paying is insane.
 

·
Registered
Joined
·
238 Posts
I was also looking at renting a car. I was hoping that I could rent on Friday and return on monday. You can find deals that would only make it $70. However it appears that you can't do that, unless someone can tell me differently. I know hertz does rentals for uber for $200 a week but in don't know if that option is available in pittsburgh.

I looked at hyre car but they charge something like 60 a day. 1800 a month, ouch.
 

·
Registered
Joined
·
203 Posts
I was also looking at renting a car. I was hoping that I could rent on Friday and return on monday. You can find deals that would only make it $70. However it appears that you can't do that, unless someone can tell me differently. I know hertz does rentals for uber for $200 a week but in don't know if that option is available in pittsburgh.

I looked at hyre car but they charge something like 60 a day. 1800 a month, ouch.
Uber no longer accepts HyreCar rentals. One by one they are realizing just how inherently expensive and risky this business is.
 

·
Premium Member
Joined
·
815 Posts
Can he lease-finance a car and do the end of the year line item tax write off on the car payment instead of the standard mile deduction. This would depend how much it is used for Uber. Might be better for the tax section of the forum.
Yeah with a leased car you can either use the standard mileage deduction or itemize your vehicle expenses. If you use the standard deduction, you can't deduct lease payments. When you itemize deductions you can deduct lease payments, but there are limitations: like you point out you can only deduct the percentage that you use it for business (60%? 80%?), but also the higher the vehicle cost over $19,000 the less you can deduct of the lease payment. The other caveat with a lease is you can't change from using the standard or itemized deduction after the first year. From what I've seen, cheaper vehicles end up benefiting with a higher deduction when you use the standard mileage rate. Different story when you get into UberXL or Premium vehicles.
 

·
Registered
Joined
·
238 Posts
Just buy a car already and stop messing around with the lease/rental nonsense!!!
Currently we have 2 cars. 1 is my beater car and the other is the car that I have been using. We have a car payment already on the newer car. The reason I started doing this part time is because we got slightly over extended and I needed a bump in income. Because of that I am pretty sure we don't qualify for another car payment and we dont have cash to buy another.

If I keep doing this I will probably end up with killing the car before it is paid off. I am trying to come up with a game plan to keep that from happening. Ideally being able to rent a car and use it would be the best since I could rent it for a few days and just run really hard those 2 days and do nothing the rest of the week.

Saying all of that, even though a rental of some sort is way too expensive it might be a better option at least for short term until we are financially back on track.
 

·
Registered
Joined
·
593 Posts
Currently we have 2 cars. 1 is my beater car and the other is the car that I have been using. We have a car payment already on the newer car. The reason I started doing this part time is because we got slightly over extended and I needed a bump in income. Because of that I am pretty sure we don't qualify for another car payment and we dont have cash to buy another.

If I keep doing this I will probably end up with killing the car before it is paid off. I am trying to come up with a game plan to keep that from happening. Ideally being able to rent a car and use it would be the best since I could rent it for a few days and just run really hard those 2 days and do nothing the rest of the week.

Saying all of that, even though a rental of some sort is way too expensive it might be a better option at least for short term until we are financially back on track.
Renting cars and trying to drive full time for Uber is definitely not the best way to get back on track financially. If anything your just going to put yourself in a further hole. Uber is meant as a side job only, NOT a long term full time gig on any level. The more you drive the less you make in the long run. Time to come up with another option.
 

·
Registered
Joined
·
238 Posts
Renting cars and trying to drive full time for Uber is definitely not the best way to get back on track financially. If anything your just going to put yourself in a further hole. Uber is meant as a side job only, NOT a long term full time gig on any level. The more you drive the less you make in the long run. Time to come up with another option.
I am not trying to do it full time. Like I said. I feel the perfect scenerio is to be able to rent a car for 3 days. I can get a car right now from hertz Friday till Monday for $68 including taxes. Paying 68 plus gas for 25 hours of driving seems much better than putting 500 miles on my car.
 

·
Premium Member
Joined
·
815 Posts
Enterprise also has a cheap weekend car rental deal. I'd stop in talk to a manager & tell him what you're trying to do. If they'd even allow it, you'd likely have to get your own insurance for Uber to accept it.

And definitely set up a debt snowball. Best way to get out of debt on a cash flow basis.
 

·
Registered
Joined
·
48 Posts
I am not trying to do it full time. Like I said. I feel the perfect scenerio is to be able to rent a car for 3 days. I can get a car right now from hertz Friday till Monday for $68 including taxes. Paying 68 plus gas for 25 hours of driving seems much better than putting 500 miles on my car.
I would also recommend Turo, its peer to peer car renting. There are people who rent out their cars in Pitt, maybe you can work something out with them.
 

·
Registered
Joined
·
19 Posts
Hmm interesting question. I wouldn't really ever classify a subprime lease as a 'good deal'. A quick calculation using the Xchange rate card using a 2016 Toyota Carolla base: you're paying a 20% annual interest rate. Of course they'll never actually tell you that. It's like charging a car on a credit card and then making payments, which is insane. The fact that Uber is losing $9,000 per car means that on average half the drivers are abandoning their leases after a year and a half. They're doing that cause it's not profitable enough. But if you know you're only gonna drive full time for a year & are willing to pay the hefty 20% premium for a flexible lease (you don't have to commit to 3 years of payments), then you could probably get out ahead a bit.
You should probably talk to someone who is leasing before throwing numbers around. 3 years, 20%? Please do research!
 
1 - 20 of 22 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top