Uber Drivers Forum banner
1 - 1 of 47 Posts
What I am confused about, if you have added car expenses that involve Uber and Lyft and added life expenses and saying it's 75 cents, well then any trip that pays $75 per mile or more has covered every single one of your expenses, so why do you keep saying that 75 cents you ar breaking even under your calculation anything above 75 cents is Money in the Bank that you can put in your savings, but you don't seem to describe it that way, plus you want to call me a troll like I don't know mathematics, believe me Mr obey the number I understand math, here's an example below guess an example, not argue about what the insurance cost is I put down and what the gas cost I put down it's just a matrix that gives you an idea of profits and earning, so here's an example of a $20,000 car and you're going to drive it 300,000 miles, gas at around $5 per gallon with life expenses added of $30,000 per year

And looking at the actual calculations yes it's pretty damn depressing, we make peanuts.

Total Car Cost step by step:

Life Expenses: $30,000.00 Per Year * 4 Years = $120,000.00
Replacement Car: $20,000.00
Sell of Old Car: -$1,000.00
Unforeseen Expenses, Repairs, Maintenance: $5,000.00
Gas cost: (300,000 miles / 35 miles per gallon) * $5.00 = $42,857.14
Oil Change cost: (300,000 miles / 10,000 miles per change) * $65.00 = $1,950.00
Tires cost: (300,000 miles / 40,000 miles per set) * $600.00 = $4,500.00
Rideshare Insurance: $10.00 per month * 48 months = $480.00
Full car insurance: $185.00 per month * 48 months = $8,880.00
Liability insurance only: $0.00 per month * 48 months = $0.00
Car Registration: $300.00 Per Year * 4 Years = $1,200.00

Total Car Cost:

Total Car Cost = $120,000.00 + $20,000.00 - $1,000.00 + $5,000.00 + $42,857.14 + $1,950.00 + $4,500.00 + $480.00 + $8,880.00 + $0.00 + $1,200.00 = $204,867.14

CPM (Cost Per Mile):
CPM = Total Car Cost / 300,000 miles
CPM ≈ $204,867.14 / 300,000 miles ≈ $0.683 per mile

CPW (Cost Per Week):
CPW = Total Car Cost / 208 Weeks
CPW ≈ $204,867.14 / 208 weeks ≈ $984.37 per week

CCPM (Car Cost Per Month):
CCPM = Total Car Cost / 48 Months
CCPM ≈ $204,867.14 / 48 months ≈ $4,268.48 per month

Total Car Cost is approximately $204,867.14
CPM (Cost Per Mile) is approximately $0.683 per mile.
CPW (Cost Per Week) is approximately $984.37 per week.
CCPM (Car Cost Per Month) is approximately $4,268.48 per month.
.
Your including 120,000 for $30,000 per year in "pay"

So you're actually only at $80,000 or $20,000 a year in costs. Or 26.5c per odometer mile in costs. This reasonable figure considering tht your expenses look correct to me for 300,000 miles. If I drive 250 miles a night that puts my cost at $66 a night, with half being gasoline.

Which honestly for full time is actually about right. So that' $416 per week, with me spending like $35 a day for a fuel effecient car is like half of your expenses in gasoline with $200 or so per week full time going into the "expenses that have yet to be paid slush fund"

That's the fund you have to tap when you need a new transmission, new tires etc.

But I need to point out, in order to make 68c per odometer mile you have to be making $1.50 per paid mile which isn't going to happen doing uber, lyft et all.

Reality is that you're looking at as bad as 50c per paid mile in some areas, which puts you at breaking even on most pings. Which is where my market is at. If i was ubering I'd have to increase the miles I drive to 300 a day to make $150-200 (including tips/incentives), with half going out in expenses.

If i'm dring 300 miles a day 6 days a week to make $750-800 a week and driving 1800 miles a week. (44c earned per odometer mile) which is about right for my market)

That puts my math at...

$480 per week in costs
$750-800 per week in revenue

$24,000 per year in costs
$37,500- $40,000 per year in revenue
$13,500 in profit

over 3 years that's
$40,500 (what I need per year)
$72,000 in expenses

With a new(er) car every 3 years. (270,000 miles)

Basically i'd be making 1/3rd of what i'd need to be worth it, and paying assloads out in expenses.

That's assuming I can find a nice enough used car that lasts 270,000 miles. And this is buying a used car for $20,000, and having it last another 270,000 miles.

Plus you have to factor in that I would actually want a minivan for Orlando, becuase ORLANDO. So my costs would actually be significantly higher.
 
1 - 1 of 47 Posts