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Discussion Starter · #1 ·
Doesn't pay 400 dollar weekly rental , Its like throwing money out , 1600 dollars a month? Even if you do financing your monthly expense will be around 900 dollars , that's 700 dollar waist. 700X12=8400 haha , you can buy a decent car with that money at auction , and too much pressure as well . I'm like , I need to cover my rent, and no time for anything else. So . Ill be buying something.
 

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Even if you finance a 2-Yr old Camry for $15k. That's about $420 per month not including interest. Let's say $470 with interest.

Full insurance is another $550 per month if not more.

Maint on-average will be $200 per month if not more.

Add on inspections, registration, and TLC vehicle renewal fees for another $80 per month on average. You're already at $1,300 and this is the BARE MINIMUM.
 

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Even if you finance a 2-Yr old Camry for $15k. That's about $420 per month not including interest. Let's say $470 with interest.

Full insurance is another $550 per month if not more.

Maint on-average will be $200 per month if not more.

Add on inspections, registration, and TLC vehicle renewal fees for another $80 per month on average. You're already at $1,300 and this is the BARE MINIMUM.
Why would you get full coverage on a 15k Camry. Where do you spend 200 a month maintaining a Camry. Also you seem to forget you own the car. You can sell it. In two years no matter what mileage you put that 15k Camry is worth 7. Please don't talk non sense
 

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Why would you get full coverage on a 15k Camry. Where do you spend 200 a month maintaining a Camry. Also you seem to forget you own the car. You can sell it. In two years no matter what mileage you put that 15k Camry is worth 7. Please don't talk non sense
Have you ever financed a car? It's mandatory to have full coverage until you pay off your loan. If an Uber driver has $15k cash laying around to outright buy a used car (doubt it), then fine, don't get full coverage ... but even that is an idiotic move for a car owner since you're on the road 12 hours a day.

It's posts such as yours that give newbies false hope about how cheaply they can get in this business without understanding any facts or figures.
 

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But stil it's better to finance camry then rental: 400 per week means: 1600 per month and per year: 19200, and for three years: 19200+19200+19200= 57600.
 

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I have a 2013 sonata, paid 10,500 for it with 1500 down 60k miles. Monthly payment is $180, insurance (full coverage)is 375, maintaince, gas, car wash is about $500.

And yes, u need full coverage on a financed car
 

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Have you ever financed a car? It's mandatory to have full coverage until you pay off your loan. If an Uber driver has $15k cash laying around to outright buy a used car (doubt it), then fine, don't get full coverage ... but even that is an idiotic move for a car owner since you're on the road 12 hours a day.

It's posts such as yours that give newbies false hope about how cheaply they can get in this business without understanding any facts or figures.
Lets not forget once you slap TLC plates on a vehicle the car value diminishes greatly & would be harder to sell
 

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Exactly, that is the most intelligent way, NO_USERNAME did, getting 2013 sonata for 10500, paying only 500 per month, THE MOST INTELLIGENT WAY, in this business what only matters is the money you take for you and your family, not for bunch of crooks around there.
 

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Have you ever financed a car? It's mandatory to have full coverage until you pay off your loan. If an Uber driver has $15k cash laying around to outright buy a used car (doubt it), then fine, don't get full coverage ... but even that is an idiotic move for a car owner since you're on the road 12 hours a day.

It's posts such as yours that give newbies false hope about how cheaply they can get in this business without understanding any facts or figures.
I have financed more cars than you and your entire blood line will for the rest of their lives. I have also worked in the finance department of a dealership. You only need full coverage to get the car out of the dealership. And for your information being how you don't know the first thing about this. They will not let you leave the dealership with tlc plates and insurance unless you putting 50% down. They do not want to loan you money at 0% for commercial use. If you're making money they want to make money. So you get geico or whatever to get it home. Once you're come call you tlc insurance broker get that car insured and cancel your regular policy.
The bank will not care what insurance you have as long as you're making your payments on time. Especially on a 15k car.
Next step. You were renting anyway. Pay 1000 a month to pay off the loan within 15 months. Realistically 1000 a month and if you have a good December which most drivers do. Pay off the balance.
Guess what now you own the car. And your only headache is the 300 a month insurance payment.
 

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I have financed more cars than you and your entire blood line will for the rest of their lives. I have also worked in the finance department of a dealership. You only need full coverage to get the car out of the dealership. And for your information being how you don't know the first thing about this. They will not let you leave the dealership with tlc plates and insurance unless you putting 50% down. They do not want to loan you money at 0% for commercial use. If you're making money they want to make money. So you get geico or whatever to get it home. Once you're come call you tlc insurance broker get that car insured and cancel your regular policy.
The bank will not care what insurance you have as long as you're making your payments on time. Especially on a 15k car.
Next step. You were renting anyway. Pay 1000 a month to pay off the loan within 15 months. Realistically 1000 a month and if you have a good December which most drivers do. Pay off the balance.
Guess what now you own the car. And your only headache is the 300 a month insurance payment.
In other words, it (not having full coverage) can be done by lying and not following the contract rules, right? Many things can be done in shady ways if you wanna save money. Your giving (wrong) financial advice on UberPeople to newbies. I dare you to post your info and give this same nonsense advice face to face. And I 100% believe that you worked in the finance dept of a dealership, because only a true crooked person would recommend the kind of crap you're advocating.
 

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In other words, it (not having full coverage) can be done by lying and not following the contract rules, right? Many things can be done in shady ways if you wanna save money. Your giving (wrong) financial advice on UberPeople to newbies. I dare you to post your info and give this same nonsense advice face to face. And I 100% believe that you worked in the finance dept of a dealership, because only a true crooked person would recommend the kind of crap you're advocating.
Don't be mad you cannot get approved for financing and you're throwing your money into the wind. I'm trying to save people their hard earned money. Full coverage for tlc cars is a scam. It's 7% value of the car with 1000-1500 deductible. So let's say your car is 15k you insurance is 1100 for the year. So you need to do 2500 worth of damage before they pay. And they find any and all reasons not to pay out. Your car gets totaled they pay half value. I've been in the business long enough. You want to pay the extra 1000 a year for full coverage. By all means. You're still way ahead of renting.
It's the rental companies and scumbags such as yourself who make uber strong. These otb drivers who think oh I'll just rent. So there are nice cars on the road driving for peanuts. Now if they outlawed rental companies. The roads will be full of retired police cars purchased for 1500 dollars. Then uber would have to raise the rates because pax will want nicer cars.
But please continue to pretend to know what you're talking about. Renting is a scam. Save up 10k and stop making someone else rich.
 

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Even if you finance a 2-Yr old Camry for $15k. That's about $420 per month not including interest. Let's say $470 with interest.

Full insurance is another $550 per month if not more.

Maint on-average will be $200 per month if not more.

Add on inspections, registration, and TLC vehicle renewal fees for another $80 per month on average. You're already at $1,300 and this is the BARE MINIMUM.
Thats why I buy 5yo BMW for 12k, personal loan not vehicle finance, and insure it for $108/YEAR liability + 3500 uninsured motorist coverage (already paid out max once)
 

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Discussion Starter · #13 ·
Thats why I buy 5yo BMW for 12k, personal loan not vehicle finance, and insure it for $108/YEAR liability + 3500 uninsured motorist coverage (already paid out max once)
So what you do uber black? Do you pick up x customers? I have 2005 e320 but can't register with uber, honestly I'd love another Mercedes but I don't want to drive x pax around, still German cars are great to own , but you need to know how to fix them as well.
 

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So what you do uber black? Do you pick up x customers? I have 2005 e320 but can't register with uber, honestly I'd love another Mercedes but I don't want to drive x pax around, still German cars are great to own , but you need to know how to fix them as well.
Different market different rules....mostly Lyft / Lyft Premier now

HOWEVER: same country, prices not quote same but trends similar
The car to get for U/L of any level is 1-2 years from being booted off platform or downgraded, HAS depreciated a lot, and is NOT worth insuring past minimum (in my case, I know they go for 6500 totalled...who needs more insurance than 3500 uninsured coverage after that,on a $12k car???)

Camry and Sonata are THE WORST USED RIDESHARE CARS.

They depreciate by mileage, and barely at all by age.... IE, no discount on purchase, but huge loss at sale.

While a presentable Merc or Bimmer loses tons of value in its first 2-3-4 years, but then after that retains some decent resale value no matter the miles, for as long as it is at all operable and still looks posh poseurs will want it with any number on odometer
 

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Discussion Starter · #15 ·
Interesting point, and I'd agree .what model and year is your BMW? I know in nyc minimum year is 2006 and up, too bad my e320 is 2005, still if you own s german car you need to be mechanically knowledgeable , I even bought star diagnostic system from China , I'd love to drive ml and pick up black or XXL customers but , not much business for black that's what I'm hearing.
 

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Thats why I buy 5yo BMW for 12k, personal loan not vehicle finance, and insure it for $108/YEAR liability + 3500 uninsured motorist coverage (already paid out max once)
I have to say, I had a girlfriend that worked at a BMW dealership, and everybody there said five years was when you got rid of a BMW, not when you bought one. They're excellent cars but start to (expensively) fall apart right after it's paid for.

I'm not speaking from any experience; I'm a Honda/Acura guy.
 

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Slow Joe post: 1246362 said:
I have to say, I had a girlfriend that worked at a BMW dealership, and everybody there said five years was when you got rid of a BMW, not when you bought one. They're excellent cars but start to (expensively) fall apart right after it's paid for.

I'm not speaking from any experience; I'm a Honda/Acura guy.
Oh Acuras make WONDERFUL depreciated rideshare vehicles, and they depreciate like mad.

Something like a TSX, which is actually a JDM Accord in maximum souped-up trim, quickly falls faaaar below a basic 4cyl US Accord for same miles and year, and as to MDX, the way that thing becomes crazy cheap is plain downright scary.... Almost got one,myself, but had a hard time convincing myself that a car whose value crashes that far, that fast could be anything but trouble (I know, I know - it's likely Acura's extreme lack of brand recognition in the American market, but still...)

As to BMW, my belief was that it was the ridiculous labour rates of BMW dealerships discouraging people from utterly routine things like belts and hoses (popped a hose that cost $35 or so, dealer wanted $400 for install.... TOOLLESS, acessible by just lopping the hood. No removal of amything) et. Discouraging people from maintenance.... That and misinformation.

BMW battery: $500 purchase & install & "registration'
Dealer was closed...got there late & ended up with Autozone battery for $140, expensive yeah but not $500 or anything
DEF " service" $500
DEF refill Walmart $19, Autozone $27..
.etc etc et

Lots of "you can't do that!" Fear mongering...but I also "cant" use non-Michelin non-RFT tires, uhm yeah sure... New Pirellis 40% cheaper, inevitable punctures (silly rims from previous owner, alas) replaced with whatever Cherry Avenue in Long Beach can find me for $40 right away....

Mind's actually had a "disappointing" number of problems in 19k miles - blown belt, blown hose, 2 blown tires, 1 dead battery - but it's all cheap easily addressed stuff if you don't panic and don't EVER let the stealership get their hands on your car

And I totally deserve it a yway for being too cheap to preventively switch out all belts hoses and consumables like tires and battery BEFORE they're about to go critical
 
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