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If taking Uber is cheaper than owning a car, does it make sense for drivers to own a car and ubering for profit?
Ubering for profit...
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No.
I own a pickup truck which costs moe about $0.60 per mile to operate (no, I do not drive for uber with it). If I were to drive 100 miles, it would cost me $60 to do so. Boston rates are $1.20 per mile plus $0.20 per minute. The same 100 mile fare would cost me $120 in mileage, $20 in time plus whatever other fees Uber charges riders.
I own a pickup truck which costs moe about $0.60 per mile to operate (no, I do not drive for uber with it). If I were to drive 100 miles, it would cost me $60 to do so. Boston rates are $1.20 per mile plus $0.20 per minute. The same 100 mile fare would cost me $120 in mileage, $20 in time plus whatever other fees Uber charges riders.
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76 Posts
Not that it matters much, but for the record, Boston rates are now $1.24/mile and $0.16/minute. The change occurred in conjunction with the introduction of UberPool. This way Uber can market lower fares to the pax while suggesting to drivers (erroneously, of course) that UberPool will increase there earnings.
The part they leave out is: minutes driven far exceeds miles driven in the overwhelming majority of trips. So the $0.05/min DECREASE costs significantly more than the $0.04/mile increase earns.
Would you really expect anything else?
By the way, while LYFT has its own shortcomings (cancellation policy, long distance pings and even less responsive CSR's than UBER to name but a few), the rates in Boston are $1.35/mile and $0.25/min. Again, something short of ideal, but I feel "less-screwed" sitting in rush hour traffic with a LYft rider in the back seat.
The part they leave out is: minutes driven far exceeds miles driven in the overwhelming majority of trips. So the $0.05/min DECREASE costs significantly more than the $0.04/mile increase earns.
Would you really expect anything else?
By the way, while LYFT has its own shortcomings (cancellation policy, long distance pings and even less responsive CSR's than UBER to name but a few), the rates in Boston are $1.35/mile and $0.25/min. Again, something short of ideal, but I feel "less-screwed" sitting in rush hour traffic with a LYft rider in the back seat.
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1,347 Posts
Sometimes it makes sense. Like if you work an hour and make 40 box that makes a lot of sense. But work in an hour taking a quarter mile trip for $2.38 and having someone throw up in your car it doesn't make too much sense.
Does driving uber make sense full time. Only for the short term. It makes even more sense if you need a quick 1500 box. For me to keep doing this full time it would have to be two or three weeks on one week off.
Does driving uber part time make sense. Yes it does. Some nights are better than others but if I can make 60 bucks in two and a half hours consistently it makes a lot of sense,
The better your situation and the better shape your house is in the more sense it makes. Just doesn't make sense to burn a brand new car just to cover your rent
If it's a second job and part time in full time and 80 or 75% of the money that you make driving with ruber is put into the bank savings account and not spent right away to cover your ass once again it makes sense.
So after my week off and getting to know ube so much better and getting over an ear infection I'm ready to make another full-time Run for for 6 weeks
Winter is still a question for me I don't think it's worth it. The best way I can protect my car is to drive only when its dry out. I've already imagine the damage Street Salt snow ice and slush can do to a car's interior
Good luck drive safe check your credit score save your money
Does driving uber make sense full time. Only for the short term. It makes even more sense if you need a quick 1500 box. For me to keep doing this full time it would have to be two or three weeks on one week off.
Does driving uber part time make sense. Yes it does. Some nights are better than others but if I can make 60 bucks in two and a half hours consistently it makes a lot of sense,
The better your situation and the better shape your house is in the more sense it makes. Just doesn't make sense to burn a brand new car just to cover your rent
If it's a second job and part time in full time and 80 or 75% of the money that you make driving with ruber is put into the bank savings account and not spent right away to cover your ass once again it makes sense.
So after my week off and getting to know ube so much better and getting over an ear infection I'm ready to make another full-time Run for for 6 weeks
Winter is still a question for me I don't think it's worth it. The best way I can protect my car is to drive only when its dry out. I've already imagine the damage Street Salt snow ice and slush can do to a car's interior
Good luck drive safe check your credit score save your money
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1,347 Posts
Whether or not it's a good idea depends on your political stance. Do you believe life in the universe in general is random or is it orderly.
I fall into the orderly position. There are so many repeating patterns such as flower shapes seashell shapes butterflies. And of course galaxies themself were able to organize.
Evidence of my stance can be seen in the trips that I plan the vacations that I plan the concert I plan to attend. It's just easier and better for me to think of things as being organized. Nothing causes organization like the truth or reality. I notice definite patterns that are unique to me in the world I've created.
Is this worth it also depends on your optimism are you an optimist are you a pessimist.
I fall into the orderly position. There are so many repeating patterns such as flower shapes seashell shapes butterflies. And of course galaxies themself were able to organize.
Evidence of my stance can be seen in the trips that I plan the vacations that I plan the concert I plan to attend. It's just easier and better for me to think of things as being organized. Nothing causes organization like the truth or reality. I notice definite patterns that are unique to me in the world I've created.
Is this worth it also depends on your optimism are you an optimist are you a pessimist.
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3,232 Posts
When i pack my day pack for camping or road trip. I place each pair of socks and underwear in to an individual ziploc bags.
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Rideshare as an alternative to car ownership is mostly useful for those living and working in dense urban areas where the cost of owning a car is much higher and the actual usage of a car is low. It does make a bit of sense when you factor car payment (often around $200-300/month), car insurance (another $200), fuel, maintenance, and in cities especially parking. Assuming one works 20 days/month you could spend $30/day on a ride and break even just on the loan, insurance, and parking.
It gets trickier as you move further out of the city and get free parking and likely use your car for going out for fun. I had chosen not to own a car for about 5 years because I didn't need one on day to day basis and I do live in the suburbs. Walked/biked more, took the occasional bus, and rented cars for $50/weekend from Enterprise when I wanted a vehicle. Even if I rented every weekend and took the bus every weekday I came out saving about 50% over my last car ownership costs. The big trade off is freedom of going wherever you want whenever you want. Doubt you wanna pay for an Uber for the 2 hour ride to Foxwoods and back.
It gets trickier as you move further out of the city and get free parking and likely use your car for going out for fun. I had chosen not to own a car for about 5 years because I didn't need one on day to day basis and I do live in the suburbs. Walked/biked more, took the occasional bus, and rented cars for $50/weekend from Enterprise when I wanted a vehicle. Even if I rented every weekend and took the bus every weekday I came out saving about 50% over my last car ownership costs. The big trade off is freedom of going wherever you want whenever you want. Doubt you wanna pay for an Uber for the 2 hour ride to Foxwoods and back.
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You ask a very good question. The mistake many Uber/Lyft drivers make is that they confuse early cash-out of their car's equity with profit. Yes, this will help a person's personal cash flow in the short run, but there is very little actual profit realized.
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