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I'm in a delimma and need your help guys. So I make about 50k at my job working in a hospital as a med tech. I work 7 to 3. with my expenses I'm living paycheck to paycheck. I just graduated college and have 27k in loans. I want to drive uber and lyft in NJ as a part time job to help pay off the loans. I'm willing do put in 25-30 hours a week.

I currently own a 97 accord and am going to buy a brand new mazda 3 in a few hours just for the sake of uber and lyft. But I'm not sure if it's worth it....


I have two options. 1) Get a second job at another hospital. If I work 4 days a month I can make 700 after taxes in a month.


Option two is buying a new car and doing uber/lyft.


Help please and help fast as I'm planning to head over to car dealership at 3.


Also if not for uber and lyft I would not need a new car. My 97 accord runs great.


I forgot to say that working in a lab is stressfull. So I want to not be at a second stress job. Second job will pay me around 30 bucks an hour.
 

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NEVER NEVER NEVER buy a new car for Uber!! The decrease in value driving a new vehicle will kill you. Buy an old Prius and expect to net about $8 per hour. Maybe up to $10 to $12 per hour if you only drive the prime hours on weekends.

Also, double check with your insurance provider to make sure your coverage covers Uber. Just to be clear... Uber insurance does NOT cover the vehicle in the first phase when the app is on but no passenger in the car.
 

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I think that the translation may be that "I want a new car". I totally understand this feeling. If you want a new car because you just want one and can afford it without driving Uber. Or you can afford it by taking on a 2nd Job at a hospital or somewhere else (not uber/lyft) then fine.

But don't buy the "new car" to drive for Uber. That logic is upside down. If you go for the New Car, take the part-time job at another Hospital.

For Uber/Lyft, you want to purchase a reliable, high mpg, low maintenance, used vehicle. Then even if you end up quiting Uber/Lyft, you don't have a New Car but still a reliable Used Car. There are those that can purchase a new car, drive Uber/Lyft and do okay but 95% will not. Some people on TV are good at flipping houses also.

The Mazda3 is a nice car. My 24 yr. old son is looking at that model now. He will not be using it to drive for Uber. The only time he Ubers is as a PAX.

Of course, this is just my opinion.
 

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I'm in a delimma and need your help guys. So I make about 50k at my job working in a hospital as a med tech. I work 7 to 3. with my expenses I'm living paycheck to paycheck. I just graduated college and have 27k in loans. I want to drive uber and lyft in NJ as a part time job to help pay off the loans. I'm willing do put in 25-30 hours a week.

I currently own a 97 accord and am going to buy a brand new mazda 3 in a few hours just for the sake of uber and lyft. But I'm not sure if it's worth it....

I have two options. 1) Get a second job at another hospital. If I work 4 days a month I can make 700 after taxes in a month.

Option two is buying a new car and doing uber/lyft.

Help please and help fast as I'm planning to head over to car dealership at 3.

Also if not for uber and lyft I would not need a new car. My 97 accord runs great.

I forgot to say that working in a lab is stressfull. So I want to not be at a second stress job. Second job will pay me around 30 bucks an hour.
You want to dig yourself out of a 27k hole yet you want to buy a brand new car for almost that much effectively digging yourself deeper.

It is not making sense.

If you want immediate cash relief, buy cheapest qualifying car with highest mileage and drive it till it falls apart. I am sure you can dig yourself out of financial problems faster that way and not with more debt, more liabilities, more interest payments and insurance risks.

Whatever your choice, good luck!
 

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On a second thought, take the 2nd job, make $30.00/hr ($700 in a month) AND upgrade your 97 Accord to a 2008-2009 Prius at around 100k for less than $8k.

In addition to 2nd job, drive UberX in most lucrative times, peak times which I assume you will be free from both jobs.

You can pay off debt much faster. I understand you need to be away from the type of your primary work environment. But second Job requiring you only about 23 hours a month should be easy to add to your schedule and still drive UberX to reset the system.
 

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I'm in a delimma and need your help guys. So I make about 50k at my job working in a hospital as a med tech. I work 7 to 3. with my expenses I'm living paycheck to paycheck. I just graduated college and have 27k in loans. I want to drive uber and lyft in NJ as a part time job to help pay off the loans. I'm willing do put in 25-30 hours a week.

I currently own a 97 accord and am going to buy a brand new mazda 3 in a few hours just for the sake of uber and lyft. But I'm not sure if it's worth it....

I have two options. 1) Get a second job at another hospital. If I work 4 days a month I can make 700 after taxes in a month.

Option two is buying a new car and doing uber/lyft.

Help please and help fast as I'm planning to head over to car dealership at 3.

Also if not for uber and lyft I would not need a new car. My 97 accord runs great.

I forgot to say that working in a lab is stressfull. So I want to not be at a second stress job. Second job will pay me around 30 bucks an hour.
You mean you would like your second job to pay around $30/hour, or you need it to pay that much?

Option 1 seems the most sound.

Going deeper in debt to get out of debt via an endeavor as volatile as the world of TNC just seems asking for trouble and deep disappointment. Reigning wisdom suggests you don't purchase an expensive new car for the sole purpose of driving for Travis. That is completely solid advice. Talk about adding stress to your life.

How stressful it is to actually deal with pax in your area, you will be meeting them face to face. You already work in a high stress environment, you may actually already have pretty good skills for dealing with pax. Hard to say and much of it is going to depend on when you drive and what areas you focus on, traffic etc. I for example prefer to deal with drunks over hours when traffic is heavier. Chose your poison. With respect to dealing with Uber, you are somewhat less able to pick your poison. You are lucky if you will be able to ignore your poison. Examples of that would be concerns having to do with your driver rating. They might send you obnoxious and unsettling (and generic) emails having to do with your performance. Some drivers find that kind of nonsense troubling and more distracting than helpful.

If minimizing stress is paramount, will you be able to determine what is noise coming from Uber and what is of use? Also, you will be financing your car, you need to make sure you have real insure designed to cover any gaps created by the livery work. It seems to me, you absolutely don't want to finance a car, have it damaged in short order and then find out it happened during a phase of driving where you weren't covered. That would be horrible.

Here is a very timely thread, the OP is even in New Jersey.

https://uberpeople.net/threads/fml-why-didnt-i-listen-to-uberpeople.35974/
 

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I'm in a delimma and need your help guys. So I make about 50k at my job working in a hospital as a med tech. I work 7 to 3. with my expenses I'm living paycheck to paycheck. I just graduated college and have 27k in loans. I want to drive uber and lyft in NJ as a part time job to help pay off the loans. I'm willing do put in 25-30 hours a week.

I currently own a 97 accord and am going to buy a brand new mazda 3 in a few hours just for the sake of uber and lyft. But I'm not sure if it's worth it....

I have two options. 1) Get a second job at another hospital. If I work 4 days a month I can make 700 after taxes in a month.

Option two is buying a new car and doing uber/lyft.

Help please and help fast as I'm planning to head over to car dealership at 3.

Also if not for uber and lyft I would not need a new car. My 97 accord runs great.

I forgot to say that working in a lab is stressfull. So I want to not be at a second stress job. Second job will pay me around 30 bucks an hour.
Seems obvious. Get that second job. Uber/Lyft probably wont make up the extra debt you're about to incur.

Life lesson. Don't go into debt unless it is absolutely the last option!
 

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+1 on the Mazda- I bought a '12 Prius with no intent of Uber for $15k, and kind of fell into Ubering, and it worked. New car... bad idea.
 

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DO NOT BUY A NEW CAR!!!! GET AWAY FROM THE DEALERSHIP!!!

Even if you want to do Uber, you get a cheap used car that fits in their requirements. You have car fever. Step away from the dotted line!!!!

Take a good look at all the other part time jobs you could do that might work better for you.
If you want to uber, you get the cheapest used car you can. But it sounds like you can't afford it. You can get a different job and earn without adding to your debt.
Dave Ramsey says the average millionaire buys a 2 year old car, and only millionaires should buy new cars.

Do not buy anything, you are broke! Find a job that's less expensive!!!
 

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people talk about cheap car , how much cheap car cost , decent car $8 to 10k , he is going to fiancé it 21% interest, if he get a lemon will spend most of the money in repair, buy a new car and let Uber pay for it, peace of mind
 

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people talk about cheap car , how much cheap car cost , decent car $8 to 10k , he is going to fiancé it 21% interest, if he get a lemon will spend most of the money in repair, buy a new car and let Uber pay for it, peace of mind
HaHaHa you're kinda like the dude that yells jump to the guy on the freeway overpass that's about to commit suicide. lol
 

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Buy the new car, you will have good ratings and passengers will all tell you how nice your car is. You will be receiving money in your account every week. By some magic you will be working a bit longer every week with slightly less pay. You will be amazed to find that despite making more money, you will have more money problems.
 

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Also, double check with your insurance provider to make sure your coverage covers Uber...
Good call. I was just talking to a friends daughter who changed insurance carriers and they had a three page disclaimer she had to sign about no rideshare coverage. She tried to tell the person that she didn't drive for Uber, but they had to go over the policy anyway. I don't know which company
 
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