So.. I bought my Camry a little over a year ago for $20k I have made more than enough to pay for the car. With normal maintenance, I can expect the car to last 7 years. 1 set of tires per year, 5 oils changes per year and brakes every 80K miles. 2 scenarios to consider
1. I continue to drive part time and make $25K Gross per year. after 7 years, I have made in excess of $150k for this 20k car.
2. Drive 50 hours per week and make $50k plus per year. after 7 years, the car has made me $350K (Most 40 hours week jobs require you to be there about 50 hours per week with lunch and breaks) I have met some "hungry" drivers that are making in excess of $1300 per week driving
3. If you pay for a Camry and do not Uber, you can expect the car to last 10 to 14 years. You will need 3 oil changes per year, tires every 18 months and brakes after 5 years. After 7 years, your total cost for the vehicle will be $30k out of your pocket for a car that is worth $1000 after 10 years
4. If you are not making $50k plus per year with your regular job, then Uber makes more sense. Work your own hours. Work whichever part of town you want. Breaks when you want. etc. etc.
As a 57 year old retiree with other income avenues, I can tell you this. Saving just 40 per week and putting in a Growth Mutual fund, you will have in excess of $200K after 20 years. 401Ks are okay if you plan to stay at your company until you retire. However, if you leave, most companies require you to close or transfer your 401k immediately. This could result in a 20% tax on your 401K.
The problem with most drivers is they only drive enough to make ends meet. That's ok if you want. But, don't complain. Put in that extra 10 hours a week and save the money. In the long run, Uber can make you as much or more than a regular job.
The only alternative is to start your own business!!!
Just my 2 cents!!!
1. I continue to drive part time and make $25K Gross per year. after 7 years, I have made in excess of $150k for this 20k car.
2. Drive 50 hours per week and make $50k plus per year. after 7 years, the car has made me $350K (Most 40 hours week jobs require you to be there about 50 hours per week with lunch and breaks) I have met some "hungry" drivers that are making in excess of $1300 per week driving
3. If you pay for a Camry and do not Uber, you can expect the car to last 10 to 14 years. You will need 3 oil changes per year, tires every 18 months and brakes after 5 years. After 7 years, your total cost for the vehicle will be $30k out of your pocket for a car that is worth $1000 after 10 years
4. If you are not making $50k plus per year with your regular job, then Uber makes more sense. Work your own hours. Work whichever part of town you want. Breaks when you want. etc. etc.
As a 57 year old retiree with other income avenues, I can tell you this. Saving just 40 per week and putting in a Growth Mutual fund, you will have in excess of $200K after 20 years. 401Ks are okay if you plan to stay at your company until you retire. However, if you leave, most companies require you to close or transfer your 401k immediately. This could result in a 20% tax on your 401K.
The problem with most drivers is they only drive enough to make ends meet. That's ok if you want. But, don't complain. Put in that extra 10 hours a week and save the money. In the long run, Uber can make you as much or more than a regular job.
The only alternative is to start your own business!!!
Just my 2 cents!!!
