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Are your numbers similar?

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Discussion Starter · #1 ·
Uber and Lyft wonder where all the drivers have gone? I think I found out.

The prices of everything are going up. Everything. Gas, car repairs, groceries, phone bills, internet, you name it. Up drastically in the last few months. You know what hasn't gone up in the last few months? The rates drivers are being paid.

I drive an older car so that built-in equity is no longer there. Things wear out, and I have to replace them. The honeymoon is over, in other words. I did some averaging cost analysis over the last 3 years of repairs driving for Uber and Lyft. I found it my car requires $24 every day that I drive it just to keep it safely on the road. We'll keep that figure in mind.

Now let's look at the price of gas. I'm averaging about $100 every week to put in the tank.

I drove for 7 hours on a Wednesday in Gainesville Florida. I came home with about $8 per hour, which is on the low end of the usual $8 to $20 an hour.

Factoring in the previous figures for maintenance and gas, I came up with this.

Gas - $2.04 per hour
Maintenance - $3.42 per hour

What's left? $2.54 per hour

On a slower day I can be working for Uber and Lyft and taking home $2.54 per hour. Take out your own calculator and do your math. It's the hidden costs that get you.

Yes, I am indeed looking for other sources of income.
 

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My vehicle costs me $0.29 per mile to operate when gas is $5 a gallon (it was $5 a gallon when I figured out my per mile cost and I never bothered to recalculate).

I used an online calculator. Not sure which one I used, but here is the first one to pop up when I do a search:

 

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Discussion Starter · #3 ·
I have been using the actual figures from my bank account. It's a simple matter to search for Shell, for instance, over the last month.

For car repairs, I depend on the printed invoices.

I would trust my actual numbers more than a calculator or rule of thumb, especially with prices changing so rapidly.
 

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I have been using the actual figures from my bank account. It's a simple matter to search for Shell, for instance, over the last month.

For car repairs, I depend on the printed invoices.

I would trust my actual numbers more than a calculator or rule of thumb, especially with prices changing so rapidly.
You spelled "I don't know what in the hell I am talking about" wrong.
 

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Discussion Starter · #5 ·
I'd be curious to know how other drivers are faring these days. (Pun unintentional.) Using your actual numbers from receipts, bank account and such, how do your numbers look after gas and maintenance?
 

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Discussion Starter · #7 ·
That would be if you're using a formula to find your numbers, for instance to plug them into a tax form. I'm not using a formula in this case, I'm using the actual numbers using my real life car and expenses.

I see what you're suggesting. Instead of using a formula for my maintenance cost, I'm just using the actual paper invoices. And as for depreciation, I'm not interested in that for these purposes. I'm just determining what's going out and what's coming in.

I can almost guarantee if I were to use a formula I would come up with entirely different numbers, compared to the actual expenses showing up on my bank account.
 

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That would be if you're using a formula to find your numbers, for instance to plug them into a tax form. I'm not using a formula in this case, I'm using the actual numbers using my real life car and expenses.

I can almost guarantee if I were to use a formula for myself I would come up with entirely different numbers, compared to the actual expenses.
Nothing wrong with your numbers. You're just not factoring in enough variables.... in my opinion.
 

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I'd be curious to know how other drivers are faring these days. (Pun unintentional.) Using your actual numbers from receipts, bank account and such, how do your numbers look after gas and maintenance?
2020 Year to date: Actual numbers: Gross hourly $30.78. After all expenses including depreciation, $25.11 per hour. Gross per mile $1.36, profit per mile $1.11. Been doing this a LONG time and I know my market. I work the peak hours and a lot of late late nights on weekends until the sun comes up.
 

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I drove for 7 hours on a Wednesday in Gainesville Florida. I came home with about $8 per hour, which is on the low end of the usual $8 to $20 an hour.
I’m really surprised that anyone would work for $8/hr…..or even $20/hr, before expenses. You must really enjoy it. Not trying to be flippant.
 

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Discussion Starter · #14 · (Edited)
Yes, but you get to taxi around drunk Gatorette coeds.
Actually I try to avoid the bar hopping crowd. They're usually going less than a mile, so the $2.24 minimum that Lyft pays could actually put you into debt.

This time of year the University students are away, so supply and demand goes to crap across the city. The same fleet of drivers are out driving but a large part of the population is gone. I am indeed looking at some other reliable income streams.
 

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Discussion Starter · #15 ·
I’m really surprised that anyone would work for $8/hr…..or even $20/hr, before expenses. You must really enjoy it. Not trying to be flippant.
Gig work is great because it's available when I need it. I do enjoy meeting the passengers and learning to avoid the bad apples. I'm finding the hidden cost of vehicle maintenance can make it hardly profitable though.

It was much better years ago.
 

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Discussion Starter · #16 ·
2020 Year to date: Actual numbers: Gross hourly $30.78. After all expenses including depreciation, $25.11 per hour.
Are you doing that in Gainesville Florida? I know every city is a test tube to Uber. Gainesville appears to be one of the lowest paying areas I've heard of.
 

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I'd be curious to know how other drivers are faring these days. (Pun unintentional.) Using your actual numbers from receipts, bank account and such, how do your numbers look after gas and maintenance?
In all seriousness many ants can’t even be bothered keeping a mileage log let alone tracking expenses. I applaud you for attempting to figure out your profit and tracking expenses/keeping receipts.
 

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Are you doing that in Gainesville Florida? I know every city is a test tube to Uber. Gainesville appears to be one of the lowest paying areas I've heard of.
No, I'm in Pennsylvania. And yeah, sounds like you are definitely in a low paying area. How much do you get paid per mile for UberX there?
 

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Uber and Lyft wonder where all the drivers have gone? I think I found out.

The prices of everything are going up. Everything. Gas, car repairs, groceries, phone bills, internet, you name it. Up drastically in the last few months. You know what hasn't gone up in the last few months? The rates drivers are being paid.

I drive an older car so that built-in equity is no longer there. Things wear out, and I have to replace them. The honeymoon is over, in other words. I did some averaging cost analysis over the last 3 years of repairs driving for Uber and Lyft. I found it my car requires $24 every day that I drive it just to keep it safely on the road. We'll keep that figure in mind.

Now let's look at the price of gas. I'm averaging about $100 every week to put in the tank.

I drove for 7 hours on a Wednesday in Gainesville Florida. I came home with about $8 per hour, which is on the low end of the usual $8 to $20 an hour.

Factoring in the previous figures for maintenance and gas, I came up with this.

Gas - $2.04 per hour
Maintenance - $3.42 per hour

What's left? $2.54 per hour

On a slower day I can be working for Uber and Lyft and taking home $2.54 per hour. Take out your own calculator and do your math. It's the hidden costs that get you.

Yes, I am indeed looking for other sources of income.
You're claiming you are spending $6k+ annually on maintenance? You'd be well served to find a more reliable vehicular.
 
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