3 ms·

I'm curious too, so did I found some data. Here are the assumptions: - Toyota Camry Hybrid LE (about $30k to get entry-level, new) - Driving 35 hrs / week at

I'm curious too, so did I found some data. Here are the assumptions: - Toyota Camry Hybrid LE (about $30k to get entry-level, new) - Driving 35 hrs / week at an average speed of 35 mph, 48 weeks of the year - A couple thousand personal miles - Deprecation at that rate over 3 years is about $11k - Average Uber driver income of $0.83 / mile Ends up with: - Running costs of $0.16 / mile (insurance, fuel, maintenance) - Depreciation costs of $0.06 / mile - Total per-mile cost of $0.22 / mile - Net per-mile income of $0.83 - $0.22 = $0.61 / mile That's about $35,868 / year "take home." But, it's also a best-case scenario (no major accidents, no periods where you can't work, no injuries, about the best car you can get for this kind of gig, you have the cash or credit to buy it new and you can easily sell it after 3 years). I suspect that depreciation amount to be a little low, since the calculators don't factor in Uber-driver levels of usage. And of course, that's 1099 income. No benefits, no health insurance. If your auto insurer finds out you're a professional driver, your rates will likely go up. If you have an accident and they find out, they may void your policy. It isn't a great gig but I have to admit that it is net-positive. Sources: - https://drivingpress.com/how-much-can-you-make-driving-for-uber https://drivingpress.com/how-much-can-you-make-driving-for-u... - https://afdc.energy.gov/calc/ https://afdc.energy.gov/calc/

Scoundreller 4y ago
I think the hope is that you are buying a used but reliable vehicle. But I know the used car market isn't what it was. And unfortunately some markets have a hard limit for vehicle age (for carrying passengers, not food deliveries) Ideal situation is using a vehicle you have anyway so you're only incurring the additional usage-costs and not modifying your vehicle age-costs. I thought Uber (at least) had supplemental auto insurance coverage for when you're driving a passenger, but that's probably market-specific too (and then you're on your own personal insurance for everything else).

Scoundreller 4y ago

I think the hope is that you are buying a used but reliable vehicle. But I know the used car market isn't what it was. And unfortunately some markets have a hard limit for vehicle age (for carrying passengers, not food deliveries) Ideal situation is using a vehicle you have anyway so you're only incurring the additional usage-costs and not modifying your vehicle age-costs. I thought Uber (at least) had supplemental auto insurance coverage for when you're driving a passenger, but that's probably market-specific too (and then you're on your own personal insurance for everything else).