Don't Do Rideshare or Delivery
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- Опубликовано: 6 сен 2024
- Don't Do Rideshare or Delivery
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S Class delivery bro is losing money with every delivery he makes. Sad.
Yeah, pretty sure is losing money by working. He obviously has no notion of deprecation and does not understand what the maintenance and repairs are going to be.
FACTS!
In a Mercedes no less.
He’s going to be in a world of hurt when those check engine lights start coming on.
Straight up dude doesn't care he's happy and that's what matters to him
I find this story hard to believe
I have a neighbor that apparently can't cook. He gets food delivered at least three times a day. A few times now I've seen a guy delivering food to him on a small gas powered (50cc?) scooter. That is probably the only delivery guy making any money. His cost per mile has to be a fraction of what it is for a car.
I don’t think you have to have insurance on a scooter, but I could be wrong.
Depends on the state, i know Massachusetts requires insurance for basically anything on wheels.
@@Quilt4Joy
@@Quilt4Joydepends on the state.
@@Quilt4Joy Hopefully he has life insurance. Driving a scooter or motorcycle for a living in any area dense enough to have demand is basically a suicide pact.
@@zacklewis342 Electric bicycles and stand up scooters make mopeds and motorcycles look safe in comparison.
The food-delivery guy must be thinking "If I'm going to spend 16-hours inside a car every day, I might as well spend that time in a Mercedes S-class."
I did Walmart delivery, Uber etc in my 2019 750i msport, made great money and lots of tax savings. If you do it right, it can net you big.
Easily made 300 a day, my break even was 75 a day with payment and maintenance/ insurance
❤❤@@JamesCook76131
Damn how much did you spend on gas weekly?@@JamesCook76131
@@JamesCook76131doubtful considering taxes, maintenance, wear and tear and depreciation..
Pipe dream
That delivery guy doesn't own a Mercedes, the Mercedes owns him.
This....
European cars will destroy you.
😂😂😂😂 you made me laugh all laugh 🤣
Sad.
That’s wild
Rideshare and Delivery is an ABSOLUTE LOSING PROPOSITION. If you want to do these deals, you have to catch them on the upward curve. In other words, sign up for one when it's new and they've created a new market. There was rideshare in 2013-2014, food delivery in 2015-2017, grocery delivery in 2016-2017, and NOTHING since then. If you do any of those now, you will basically make less than minimum wage, and you'll use your car's depreciation as an ATM machine, which means the residual drops twice as fast compared to the loan principal and you will never get past break even. Eventually you will get hit for a MAJOR repair that will cost more than the value of your car and you might as well give it back to the bank and take the hit to your credit. Bottom line = HORRIFIC FINANCIAL DECISION THAT CAN RUIN YOUR LIFE.
Well once again people think they know everything because they can't make money doing something delivery is and will always be lucrative because people are lazy and that's why I can average $300 a day doing local deliveries and home before most people and work and take off why I want
The way I see it, if you have a 9-5 and an older, more reliable and fuel-efficient car (civic, corolla, etc.), food delivery is something you can do for ~15 hours per week on top of your job. I tried this for a week with UberEats on my 07 accord 4 cylinder. After fuel, I was able to clear $500 in 5 days, working a total of 15 hours.
But there are a few key points:
1. I had a main fulltime job.
2. My car is fuel efficient.
3. The car is super reliable
4. There is no more room for depreciation on the car.
5. The car is paid off
6. I already squeezed my money’s worth out of the car.
7. I did this part time.
I agree, but honestly these words apply to most car ownership 🤣 "HORRIFIC FINANCIAL DECISION THAT CAN RUIN YOUR LIFE"
@@RealPolitik-dy4it👍🏽
Fact
As a longtime rideshare driver that owned his own SUV outright I have managed to make a living for my family until this past year. Uber and Lyft have both changed their terms of service and dropped many vehicle out of the Luxury category ... forcing drivers to either get newer vehicles or take a pay cut ... AND to make the situation even worse!! BOTH uber and lyft gave us drivers something called "upfront pricing" in exchange for a set miles and minute rate that as a driver we could easily calculate. In doing this the companies are gouging the passengers and lowballing the drivers. Rideshare has become a scam on the drivers. I strongly do NOT recommend uber or lyft. I loved doing it ... but. it's dangerous and no longer lucrative.
Yup its bad. I stopped driving and let the lexus get repoed since they took away lux on lyft.
Yep I’m working all my grocery/food delivery apps part time until their inevitable collapse lol. Sometimes I take the scheduled Lyft runs that pop up in my area and come into town or are really long hauls that pay $75 or so plus a tip. have gotten really lucky with tips with the 9 trips I’ve taken over the past 7 months lol. I don’t know how the full timers do it.
@@ZachariaZuehlkeI appreciate the Uber and Lyft drivers and because I realize the companies are ripping off the drivers I tip generously in cash at end of each ride. Still more convenient than a taxi in my town.
Exactly, you are working for a software program. Don't do it.
A friend of mine is currently trying to buy a car he can't afford. His solution is to send multiple family members and several friends $100 every week through Zelle, so they can send it right back to his "business account" and it looks like income. This dude's credit is so bad that banks have even turned him down for opening a SAVINGS account (I didn't even know that was possible). This guy is 37, made 30k last year, literally lives in his moms basement, and wants a new Denali...
Idiots
I was in the car business for many years, ended up owning a small town Chevy store.
One of the most memorable credit subjects, and comments that I remember, was, I asked a guy who was pressing me to give a payment range out on the lot “how did he feel His credit was overall? He told me “it’s really good in Illinois I haven’t done bankruptcy here”
Even worse if he wants the Duramax diesel
He'll be a real baller when he gets the Denali /s 😎
He doesn’t have a high enough IQ to vote. I’m not kidding
3 words: waste of skin.
As a full-time rideshare driver, I will tell everyone here: DO NOT rent a car to do rideshare or delivery as this video recommends. Not only does renting restrict you to a single app, which is not how you do business in the gig economy (you need to diversify and make absolutely sure you are not reliant on a single app for your income), but you will get paid less as companies like Uber and Lyft shave a few bucks off the top to cover the fees attached to your rental that aren't charged to you when you pay for the car. Renting is also significantly more expensive than car ownership on top of that. Rideshare has thin margins as it is, don't make it even harder for you to obtain profitability.
You also do NOT need a commercial insurance policy. Uber and Lyft have their own commercial insurance policy that they have to maintain by law (the cost of which is deducted from your earnings), so by getting your own commercial policy you are double dipping. DO get a rideshare endorsement on your personal insurance policy so that you are covered in the periods where the commercial insurance does not protect you, and very much DO be aware of the giant 2500 deductible attached to that commercial policy. Squirrel away 2500 in a savings account and have it at the ready, it's the cost of doing business.
Also if you want to do this full-time in the first place, you need to be ready to spend some time in the early months learning. Figure out your costs per mile, figure out which rides to take or decline, figure out the apps you'll need and start tracking your mileage, learn the ins and outs of filing a 1099, and make sure you are in a good market.
WRONG. A rental has ZERO maintenance, ZERO liability and ZERO depreciation. Do your math "bro" you're losing money and you don't even know it....but you're gonna find out.
@@MoragTong_ how much is renting a car on the app, 250 ?? Per week 1000 a month vs financing a car 600 + insurance 170 - savings for defensive driving course = you tell me how much it is, answer=( invest in yourself don't do gig work for ever)
Yep. I bought an old reliable car for 1,200. Spent $400 on maintenance and drove it for years until it was too old and then sold it for $4k. The guys who buy new cars don't get significantly more tips. My insurance is dirt cheap and the car was paid off in two months doing this part time. But the passengers suck sometimes and really force you to break even at best on many rides.
@blacklightingrdl You're wrong actually, all of those things you just listed combined are double what a used Toyota Prius costs on a monthly basis. And that's before you count Uber and Lyft shaving pay off the top of every single ride you give in the rental. Not having your own vehicle also has other hidden costs as well. You need to return to the rental facility each week, they might not have cars for you to rent, you have to get to the rental facility somehow, and the car they DO give you might not fit your needs (like in terms of fuel economy). Not being able to multiapp also means being wholly reliant on the market of that app, no switching to take advantage of bonuses or catch a ride when it's slow.
@@blacklightingrdl It's at least 1000 dollars a month, usually more, definitely more if you account for earnings lost to the Uber/Lyft pay cuts.
The pay is so low, i live in Florida and they offer me rides 3- 9$ all day long. My car is paid off and even then its barely worth it. Also at night it is very dangerous, it is essentially more dangerous than being a cop.
Of course it is dangerous in Florida. Just find a regular job.
Bottom line these food delivery companies are ripping off millions of drivers all day long, making less than $.50 per mile on deliveries there actually losing money on certain deliveries
I had an Uber Eats driver who delivered in a Mercedes S Class the other day. As a full-time rideshare driver, I was baffled. These gig jobs have a serious accessibility problem, they are too accessible to people who clearly have no earthly clue how to run a successful business. You can make money on these platforms - good money - but you need to know what you are doing. One part of that is getting cheap, heavily depreciated cars that are highly reliable and low maintenance. Unlike the kind of people defaulting on their irresponsible, moronic purchases.
Highly depreciated cars like these are gonna sell at a low price point later too then. I guess everyone with some cash on the side can get their dream car. Even if it has 150k on it 🎉
@@JFEnterprize Buying a luxury car with 150k miles on it is the opposite of buying a car that's low maintenance and reliable lol
These uber lyft etc businesses are exploiting people who dont know what running a transport business entails. I was talking with a guy that said I was stupid hauling equipment for 27/hr when he got 32/hr doing uber.
They dont realize I get paid 27 an hour key on to key off. If i wait for customers, they pay. Company supplies truck, fuel, trailer, safety vest, tools, straps and repairs. Im taking home much more than them with less risk.
@@Capitanvolume That's certainly true, if you have that kind of job and you don't find it intolerable I'd definitely keep it. Personally I float between 23-25 an hour after expenses and that works for me, but that's cause I know what I'm doing. I'm competing against way too many just utterly simple people playing a game they don't understand, destroying their cars and risking their lives in the process while not even understanding that their personal car insurance doesn't cover them when they're doing commercial driving.
I did food delivery in 2020 during the pandemic. I only did it part time. It was terrible, it pays less than minimum wage. The food delivery apps like Uber Eats, Postmates, are terrible. You get locked out of the app basically fired for any reason. I was locked out of three different delivery apps in one year. You can only make anything if you do that working 12 hours a day. Then you put so much mileage on your car that it gets destroyed. I learned avoid that whole industry, you can't make anything.
My rule is I never buy a vehicle that costs more than 1/3 my annual income and I run it until it's scrap. To be honest, I actually buy the cheapest vehicle that'll do the job I need or want it to do.
I'm a truck driver I just got laid off. So I though I maybe would try doing Uber or Lyft. Bro the pay is dog shit! I made like 60 bucks in 11 hours. Granted it was divided in two days but nah...it ain't worth it at least not in my area. Also I drive a Camry 2023 and putting miles and paying extra insurance isn't worth it
Yeah it is bad pay...the apps can pay low b/c oversupply of drivers
Smart guy, drives a Camry and quickly figures out those companies are screwing their employees.
U in the wrong area my bro make average 300 a day
What area are you in?
Fellow trucker here. I do Lyft full time if my semi is the shop for weeks. I live in a metro area of 600,000 and make around $1200 a week on Lyft full time.
However, my car is a ‘12 Camry that is paid off. I just don’t feel comfortable driving rideshare on a car with a loan on it. It’s already tough enough owing a bank and then have them bully you into not doing ridesharing.
I got an Uber the other day. The guy rented a car for $130/day. I would be horrified by such a hurdle every day.
They rent many cars here in Boston at around 300 a week.
What I would do if I was going to do ride share or uber eats is buy a high-mileage depreciated Prius or Civic hybrid cash for $8k on craigslist....
To me, it is insanity that banks are even willing to lend money to regular people for 80+ month terms. Many of those expensive high end cars lose 80% of their values in the first 3 to 5 years. By that time, the buyers hasn't even paid enough equity to cover the depreciation. The bank is guaranteed to lose money.
They were guaranteed to loose in 08, but no you bailed them out.
@@leos3003 true 😥....
You should never buy a car that costs more than HALF your yearly income. With rates how they are, even going more than a third of your total salary is a bit much.
Net income*
I love doing Lyft but I use a car that’s paid off. I have disposable cash saved in case of major repairs or emergency. In order to profit from ridesharing, you can’t be paycheck to paycheck. You have to have cash flow like any other business.
Would you do Lyft for free 🤡
Hmmm, sounds like a horrible financial decision to me, s class for eats.
Buying at 99% yearly income is too much if you want to get ahead. 50% is max imo. 4 year loan or preferably cash.
Working on the gig economy is another way of saying you're not very good at accounting.
Perhaps except if you deliver by bike in a really dense area.
@@quixomegait's pretty decent
@@quixomegayou can do it basically whenever
@@zeon_trl1326delusional
Masters of science in accounting… and a gig worker 😅😅😅
DO NOT BUY A VEHICLE OVER 50% OF YEARLY PAY!
I bought a Honda fit for deliveries. I am paying $400 a month with insurance on a four year note. Just need to be smart with what vehicle you get.
I once saw a guy in a Maserati doing Uber Eats at Chipotle. I have also seen several Tesla Model X and Model S doing Uber as well. These people are probably living well above their means.
Not really, there is an obscene amount of scams out now. Also fraud is off the charts, but they still need to show some income to spend the money. You see not all as it seems. You can even make enough by stealing cat's of peoples cars. In California there is zero risk and all the reward.
I used to do Uber in a brand new Tesla Model 3. It is worth if you drive enough, but I ended up buying a Kia Niro EV.
Not true, I did Uber and Walmart delivery in my 2019 750i msport. Around 300 bucks a day.
Plus tax savings, I don’t think you guys understand if you PERSONALLY don’t own the vehicle you can make bank.
LLC exists for a reason, learn to save money and enjoy nice cars.
Do I advise that for everyone? No, but my car qualifies for every extra on Uber for more money.
Don’t assume their living above means, my wife brings homes 100k a year, the car is owned by the LLC. You can figure out the rest.
@@JamesCook76131 I considered creating an LLC but the only added benefit would be shielding personal assets. I instead just used the cost for an LLC to upgrade to the highest insurance coverage I could get.
They probably needed the side job to pay for their expensive cars
An 80k car and doing postmates smh… just goes to show that this is great financial crisis of Auto Loans. Poor kid is gonna learn a hard lesson… 🤦♂️
I did spark, Uber etc in my g12 750i msport. Definitely can make good money depending on where you live, plus write off all expenses associated with it.
If done right like I did, you can enjoy nice cars with lots of tax saving benefits. Easily made 300 a day with my 750i, break even was 75 a day between payment and maintenance.
I use to rent out my Mercedes on Turo as well, good money too.
If you don’t know or understand or better yet, can’t even get a car like what we have, then don’t make an uneducated opinion.
Maintenance isn’t as expensive as you think.
You make 225 a day with 20 work days a month means 4500 a month and think you know how things work? That's bad money bro. And I really doubt you only pay 27,375 a year for a 750i that's driven constantly, including insurance and spare parts lol. You're exactly the kind of guy we are talking about here.
@@Bob-nu2qo 225 a day literally is 82k take home (some days are more than others) where did you do math?
@@Bob-nu2qo maintenance isn’t even expensive on a 750i, like how dumb are you?
We bring home combined 250k a year from all our “jobs” sorry that isn’t good enough for you.
@@JamesCook76131Do you work 7 days a week? I counted 5 days a week to have some sort of private life left and since that's what white collar jobs offer. How many hours do you work per day to get those 225? Looks to me like you could make a lot more profit if u didn't use a luxury car lol. It's just stupid. Customer's don't even care.
1st rule of the universe : There is no free lunch.
From the cheap seats it appears that very few Americans have been educated about how to handle money and manage finances.
We are in a sad state of affairs when people cannot do basic math. S Class Mercedes driving to deliver food is mind-blowing!
Poor people trying to look rich will always keep them poor.
The executive parking lot at my employer is full of average looking cars. The regular parking lot is half full of Mercedes, BMW, Jaguar etc. Guess who makes the most money?
I definitely would not recommend purchasing commercial insurance on a uber vehicle.
When you accept an Uber ride the first dollar of every Uber trip goes towards a commercial policy which covers the individual ride.
When I was doing Uber I was averaging at s minimum 20 trips a day. This means I'm spending at least $600 a month already in insurance.
I've gotten into accidents, and the Uber policy works perfectly fine. You have commercial insurance for when your working and your regular policy covers you in your every day driving.
I bought my daughter a $1,400 used Toyota Corolla. She does Door dash. Why would you have to buy a new car? Also she pays liability insurance. As long as you are not doing rideshare with people in your car. None of the companies care. It's pretty hard to prove you are doing a delivery pick up & drop off. If you get into an accident. With you being the only person in the car.
I’m from NY & seeing your food delivery driver in a luxury vehicle is common. In the back of my head i always think these people can barely afford this with gas prices & the high cost of car insurance but like literally an everyday thing in NY. Good video
I live in nyc and I support this message (and I still don’t get it 🤣)
There was a good reason taxis were a lot more expensive than ride-sharing. Anything much cheaper is likely losing money.
Thank you for not hiding behind a Shure SM7B microphone. This is a video, it isn't radio or a podcast. We appreciate viewing your face when you speak to us! Good Show!
If you wanna be driving uber get the cheapest car possible that qualifies for either uber x or xl and pay cash, I paid $8k for '14 grand caravan with under 80k miles. As far as insurance get progressive, they offer endorsement for rideshare drivers, I pay about $150 a month. I see these expansive cars, I talk with the drivers and they don't make anymore money than me, but I don't have to worry about bank chasing me or insurance harassing me for not having a proper coverage. Yesterday someone threw up in my car, now imagine that happens to your $80k Mercedes !! and believe me, it could happen !!! Good Luck !
@alexanderkennedy2969 he did ask, and 3 seconds later he messed up my car, most of it went on the rubber mats but there was some overflow so it also spilled on the carpet, I'm still fighting with uber to pay the cleaning fee and it's not easy, don't have enough pictures, receipt doesn't qualify under their policy, shit like that, unbelievable
My first job was at a pizza place many years ago and a lot of the drivers had two cars and drove their old high mileage cars that had been paid off for years for delivery. I couldn't imagine driving a new Mercedes to do deliveries.
I used a 1994 Honda Civic that I got for $250. It had 273,000 miles, a rebuilt title, faded paint, and several large dents, but it ran like a clock. And since I delivered in some bad neighborhoods, it was important that I had something that made me look broke so the thieves and muggers would leave me alone. You also get better tips driving something that looks beat to shit. For my nice car, I had a 2009 Mazdaspeed 3. I did occasionally deliver in it, but it required 91 octane, so I only used it if I knew I was gonna take large orders ( I delivered the prom order to the local high school twice. The hatch and all the passenger seats were completely full with nothing but pizza boxes).
Also. People hate tipping when you have a nicer car than them 😂😂
I live in NEW YORK CITY.
Uber, Ride Share and Lyft are everywhere here.
I think the profit is much lower due to the growing competition!
I do Turo. I have about 10 cars. Two of them are being used by DoorDash and Drug dealing. They are doing well. Luckily the cars they have are 200K+ and 10+ years old.
Ayo is that a typo?
I thought mileage had to be below 130k to let on touro?
@@claytonmatt4334I do Turo as well, I’m not sure on the mileage limit tbh, as long as it passed safety and you can prove it’s mechanically sound, you’re good to go.
I upload all my service records to Turo on all my cars. I had a 2018 E Class that had over 100k miles, still qualified for deluxe and needed a driver to be over 30.
Ok explains why some dealer i wanted to finance a car said no, also when i called my local credit union and told them i do uber rideshare full time they told me they cannot pre-approve me for a auto loan because "its not verifiable income". Also the dealer said they could work with me if i offer bank statements. I drive a paid off older subaru racked on alot of miles and constant maintenance mainly oil, brakes, and tire rotations. But yea i agree maybe there is alot people signing up maybe thats why there is less pay for the rides i complained to uber about it. Plus im only been doing it for six months looking for something better career wise.
I see a repo in the future. Another person going on what they want and feel vs what is reality just so they can pretend they are rich for a short period of time.
Yaa when it's time for a brake job...he is gonna start seeing the pictures not to mention tires
Gig drivers hiring from rental companies is just transferring high mile cars to the rental company. Sooner or later the rental companies are going to see that the depreciation and the high miles on their fleet are reducing the trade out value. It's just a Short term soloution.
Should have gotten a cheap car gas friendly vehicle alongside the dream. I drive a Cmax for work and have a GLS450 as the family car.
Uber was a great innovation, but with government involvement, it’s a rug pull. A lot of people are finding it less and less profitable.
As I live in NYC, you may damn near need to live in your car.
I don’t get it. When it comes to postmastes, Uber eats, DoorDash, grubhub, it’s best to use a beater. An early 2000 Toyota, Honda, Nissan should be used to do this and track miles. It’s not that hard..
He should have used his Mercedes for Uber black
On the topic of EV rental topic, I know someone just this pass week had one. It wasn’t a Tesla but a Volvo. No house hold chargers included, 3 hours at a “supercharger” for 100% battery or 8 hours at a regular charger for 100%, u have to physically be with the car and I don’t think u could pay for a 3 or 8 hour session to get a full charge at once.
She hated the experience and wouldn’t do it again even if they gave her a house charger. Plus, she had to keep it til Monday because she was late Saturday turning around it in by a few minutes because she was waiting to put it back at 40% battery.
I had a freshly clean, detailed, and fluid change ‘11 Camry that would’ve made her weekend a none issue but she was impatient and couldn’t wait for me to changed the oil and clean up for her which was done not even 12 hrs after her flight landed.
*If you are the type of person who’s phone is near 0% most of the day, feels up when the dash says 0 Miles To Empty, EVs, ESPECIALLY RENTAL EVs ARE NOT for you.*
Long as you make your payments it shouldn’ matter it’s your car 🚗
If you're a gig food delivery driver and you're earning decent money. The worst thing to do it go out and finance a new car to run in the ground doing food delivery. You're better off buying an older car cash between $2000 - $5000. Drive it, and set aside money for maintenance.
I’ve been doing deliveries part-time since 2018 and full-time since right before the pandemic. I also ended up buying a brand new Toyota RAV4 in the summer of 2022 because my old car required thousands upon thousands in repairs to continue driving which was more than I paid for the vehicle itself.
Originally, I had planned on buying used, but at that time the used market was complete trash and Carmax was trying to sell me a RAV4 that was more expensive than the brand new model I was looking at.
I’ve only watched two of your videos but so far I think you have some decent advice. I purchased the RAV4 with about 20% down and a three year loan at 1.9%. I’ve always hated being in debt so I wanted the shortest term possible even if it meant higher payments. But I also don’t spend much in other areas of my life as well, which helps. I have maybe $150 budgeted per month for eating out and about $800 per month for groceries for a family of four.
If you’re going to be successful, you need to know your costs preferably on a mile to mile basis. You also need to know your options. See if there’s an add-on for delivery to your insurance policy. Mine was a lot less than what I would be paying for commercial insurance.
You really need to understand your costs so you can understand on an offer to offer basis which are profitable and which are not. Because Uber or DoorDash or GrubHub are going to send you a lot of offers that are not going to be profitable and you need to decline those.
The bigger problem is that companies aren’t paying what they should, forcing people to do these rideshare apps.
We always blame the consumer and never the corporations that supply these platforms.
Or maybe the work the people are doing just isn't worth that much.
@@hartsickdisciple The next time you need service at a grocery store, or need someone to talk to for customer support… and you have a long wait time remember that as you’re complaining on how no one wants to work anymore.
@@BrkDownMedia I've done many different types of jobs, including phone customer support. I eventually got into a skilled trade that pays more and makes me harder to replace. That's how to make more money. We need a lot more good people in the trades, but people just don't want to get their hands dirty. They can make more money, but they want to demand it at low-skilled jobs instead. It doesn't work that way.
@@hartsickdisciple Making more money is fine, but it shouldn’t be the hunger games to be able to afford life necessities. That’s ridiculous.
@@BrkDownMedia Most of the things that people buy aren't life necessities.
We're entering a much tougher economic environment than what any of us have experienced in our lifetimes. It's time for people to get creative and stop making excuses. Yes, there will be winners and losers.
Who says that it "shouldn't" be hunger games? It's been that way for most people throughout most of human history. We've had it really easy for the better part of the past 70+ years.
I do Uber on the side but never in 80k car. That's crazy I own my car out right and have ride-sharing insurance but my car only worth 15k
I heard medical supply delivery pays better!
I checked the price of a Mercedes W223 S-class and the insurance.
Because it’s a $100,000 car marked up to $150,000, the monthly payment is above $1500 a month.
They wanted like $800 a month for the insurance.
Make $18 per hour doing post mates and has a Mercedes lmao. The first maintenance he runs into will be 2 months pay. Even an oil change on that will be a weeks of work lol
he might know stuff and able to do the work himself like me working on my cars...but what about the tires...S Class tires are expensive...brake pads, rotors....transmission fluid....not to mention any electrical issue....it will be costly...maybe his wife is bringing in good money
@@mohamednawwar1450you guys are spewing nonsense.
I own Mercedes and I own BMW, you’re at most 850 on a b service on a Benz and 300 on a bmw, tires if replaced with MOE (Mercedes original equipment) will set you back 300-800 a tire depending on AMG style rims (Msport for BMW)
If non amg style etc, you’re going to be fine on tires for 30k miles, if amg style tires 15k max.
Please stop spewing nonsense, it really doesn’t help hearing broke people like you two, talk about stuff that you will never be able to afford
@JamesCook76131 here u again...how exactly can u tell I am broke...I buy michelin pilot sports...take that to 22 inch rim...how much is that for a car being used for food delivery....u have some anger issues
@JamesCook76131 holy shit imagine paying 800 dollars every 30k miles.
I had an Audi A6 and even those tires lasted 50k miles and they only cost 400 a set
Don’t hate the player hate the game.
Go into the projects and you'll see a good few expensive cars parked. It's not hard to afford when one has little to no housing payment. Similar with working age kids living at home with the parents and not paying very much in rent and utilities.
Yeah I was making about 60,000 and I bought a $37,000 car which wasn't the smartest decision but it's not nearly as bad as making 40,000 buying an $80,000 car. I can't even see who would approve a loan like this and yet there are plenty of car places and banks who will put this through is crazy to me. Because if you only make 40,000 a year logic would say you can't have a car loan for over 40,000. It's the math doesn't make sense at all. One thing I'll say about the credit union is that they're usually pretty good at balancing your salary or what you reporters your salary to the loan that they give you. For example, my first car loan was with Navy Federal. I was making about 40,000. They gave me a loan for like 18. I think I only need it like 15,000 so it's making 40,000 with a $15,000 car which I think was too bad back then. This was a long time ago before the economy went crazy😅😂
I remember when I was looking for a Nissan Leaf; I found a guy selling his 2021 LEAF S Plus for like $8k and it had 112k miles on it. He admitted to me that he was doing ride share from the airport basically full time.
He told me he had a transferable extended warranty. Except the warranty couldn't be transferred out of state and didn't cover any EV drive train parts...
People also don’t seem to realize that if you use car for business or commercial purposes, and you don’t inform your auto insurance company, the policy is voided. Uber is basically a taxi service and that is one of the highest rated commercial uses.
Very correct, my brother did legal services and was driving way more 35k a year, he was forced to buy new cars every 2 years! lost alot in repairs and worked to many hours.
Would it have been cheaper for him to rent?
@@zeon_trl1326 nto really the fees add up, and you can deduct on taxes. but its not really a money maker.
I see there are many car videos popping up . . . but for sure, you are the best. I think it's the spirit of truth that you advise, warn or give out economy facts. I just love it and definitely tell others of you. Unfortunately, I have a MINI Cooper. I notice you never talk about them (maybe because they're unpopular. I got mine because I had to travel daily up and down mountains, and SUVs were tipping at the time. I'm getting ready to repair or replace soon. Do you have any comments on this market? I live near LA and have enjoyed the tiney parking spots in 5,000 car parking lots. Thank You..
I make 82K a year and drive a 2000 Jetta...i cant imagine financing a 160K car wth
If you register a vehicle in a company name your required to pay personal property tax on its value every year, at least in Texas. Even if you do not they will want you too.
Recently used Uber lyft in Hawaii and Seattle. Shocked at the price of cars that picked us up. New Telsa new Quattro etc. How in the heck do these people do this?
Better idea is use cash cars only if your doing either one
I was out Dashing last week in my 2012 KiaSouk and a guy in a brand new Mercedes SUV was also dashing. Obviously, I'm doing something wrong. However, I'm now on the lookout for a Subaru Forester.
I switch back and forth with Lyft and Uber for rides, and one of them had a promo for getting yourself a car to use as a driver. The car I believe was a Tesla. They also had a payback rate that was about 1,100.00 per month. I can't remember the terms, but you are responsible for keeping the car charged.
Poor guy i do uber premier and lyft black in las vegas and its insane money when its busy hes really missing out delivering food
Thank you!! A lot of these people commenting have no idea the money we make with nice cars in certain markets.
My 750i I use for Uber and when Uber isn’t busy I’ll do Walmart delivery, average 300 a day (I know Vegas can make even more, my market isn’t Vegas but I know drivers that are in Vegas)
Has nothiing to do with GIG work for the bank to give a loan or not. He has all the right to have that car.
You can deduct gas mileage and expenses from your taxes if it’s work related
To note, the standard mileage deduction is MUCH more profitable and much easier to plug into your taxes. If you have a low cost per mile and you drive a lot of miles, you get to pocket the difference between your CPM and the standard rate set by the IRS. My CPM is 30 cents per mile, the IRS is set at 67 cents.
Paid off 21 Tacoma never getting a auto loan again
perfect decision
Toyotas are for people who gave up on life. Minus the Supra or GT86, all Toyota owners are the same, boring people who would rather drive a mediocre vehicle vs enjoying something that brings excitement to your life.
I’ve sold cars and worked service and every Toyota owner acts like you two.
@JamesCook76131 loool I owned BMW, Genesis and now have Dodge Charger Daytona...not gonna trash u...but I know Toyotas better....bolt to bolt to evey DENSO part included in the vehicle....Toyota is well made car with zero pleasure....it is the superior A to B hauler period....I have Honda CRV too which I service too myself with 210k miles and still fly....the sedan segment in toyotas are not fun...the fun can be a modified Hilux, tacoma...off roading in a land cruiser...stuff like that...nothing wrong with people who don't know about cars that much to rely on a car like a toyota without the need to pop the hood or get ripped off at workshops a lot....I was raised in family with toyotas and yet I am car guy who doesn't like driving them.....my reply (perfect decision) is for the guy not paying interest no more...and will not need to change his car in the future like period....Kristian Bale is driving and older tacoma
@@mohamednawwar1450 I own a 2019 750i, 2024 330i, 2020 C Class, 2020 GLE and a 2018 E Class.
None have ever had a single issue with them, my 2022 Tundra had issues 2000 miles in, my 2023 Yukon had issues 200 miles in, my 2022 CT5 had issues 2000 miles in.
I’ve owned over 30 cars in 10 years, Toyotas are junk, bring zero driver engagement or joy.
Only exception was my 2015 RC-F and 2016 FR-S.
@@JamesCook76131 My wife sits home with the kids everyday but I bought a C8 anyway. Lost 5k in value already but still happy with it. Is this the excitement your advocating?
A few months back you dropped a video about this same topic…I quit ridesharing and haven’t looked back
I figured out a very long time ago, by the time you count the unpaid miles, the risk involved, and the replacement cost of your vehicle, these gigs are a losing proposition.
I’m paying $1600 a month for commercial auto and every Uber driver should be paying for commercial auto insurance too. If they were paying for the insurance too the cost would go down for everyone.
I do Doordash delivery part time, but it's with a car that I own. Driving your vehicle for commercial use that is a normal newer vehicle with a loan is a risk because of depreciation needs to be calculated. My 16 year old 200K mile car won't really lose that much value between now and 300K miles if I want to get it that far.
My opinion is also that people should only spend half of their yearly salary on a vehicle, you make $40K, only buy a vehicle $20K or less. Yes, that means that most people shouldn't buy brand new cars. Being able to save money for hard times and having money to invest is much more important than buying a newer, nicer car when your income isn't $60K or more a year.
Had my car in for service today so entertained myself by walking the lot. Absolute best price I saw for for a 2024 Corolla Hybrid right at $25k.
In my eyes that’s a darn good price for something that’s going to come close to 50mpg.
Drastically better all around than my first 1980 3 speed Nissan Sentra lol.
This would be a solid first car or a car for a kiddo going to college away from home
I've been lurking for a while now. I like your personality and insight. That last bit at the end of this. You are what the US should be about. Well done, sir.
Not only will they lease you a car they will tell you what you can use it for.
Lucky I would say 1/2 of your salary really
I live in Los Angeles I made 110k last year I won’t go over 35k with taxes because you have to factor insurance maintenance and cost-of-living my salary where I live is nothing….
Terrific content. Everyone wants a passive income like Airbnb. Bad ideas abound. Airbnb destroyed the long term rental market with greed. Now Turo etc. will destroy the used car market. Stop trying to leverage everything. Live within your means. Comparison is the thief of joy.
I did Lyft years back right after my daughter was born to make some extra money a few months in my insurance sent me a letter saying stop or u will be dropped.
Thanks for the education. I have been looking at the used car market and kept finding cars with way too many miles for the age of the car/suv. Now I know why. Love the channel...
I was a pizza delivery driver from 1998-07. The money you make overall is NOT worth the cost of wear and tear on your vehicle. Those are city miles, lots of stop and go traffic, lots of idiling. There’s a huge difference between 100k highway miles and 100k miles around town. It was much more economical 20 years ago when both used cars and new cars were cheaper. Maybe if you do oil changes monthly, tranny and coolant drain and fills yearly, change air filters and keep up on maintenance, you can make the vehicle you drive last longer. They’re just way too expensive these days to replace. Another thing with Mercedes is that the resell value is crap. An 80k Mercedes four years old will sell for 16k. No one wants even these used Mercedes because everything is five times more expensive to fix or replace than almost any other car brand
Mercedes for apps is really stupid! If you are going to do apps with a car, you do it with a Prius/Camry hybrid or another high mileage lower depreciation and low repair incidence vehicle. Personally, I would be interested in ride sharing (with a Camry hybrid or similar), but I will not trust the Uber/Lyft algorithms to pay me a fair cut for my labor and costs. Uber and Lyft do not disclose the fare the passenger is paying, so there is no way for the driver to know if they are getting a fair cut of the fare. The cut should be somewhere around 80% since the all of the marginal costs are borne by the driver.
These gig jobs have made people lazy and unreliable. You could work fast food and make way more money than any uber or instacart driver. My neighbor is a young kid. Busted his ass working for Canes. Moved up a few positions from entry level and now he goes around opening up new stores for them. Kid has the hustle in him. Fulltime with benefits, hard to beat that at his age and no college education or the debt that comes with it. Few people want to work hard , want everything handed to them.
Fast food? Doesn't even pay as much as Uber eats in my area on top of the flexibility, working as long or whenever plus no withholding more money in your pocket to do things with. Idk man
@@zeon_trl1326 I'm thinking of the folks that are doing it with new cars or cars they are still paying loans on. Id highly recommend doing it with a beater car or something 4 cylinder thats paid off. My wife wanted to and is still doing uber eats and instacart FT. We got rid of her car and down graded to a 1998 rav4.
You're looking at paying a minimum of $50,000 on a new truck up to $80,000 or $90,000+, unless you can find a Ford Mavrick. It not that people have necessarily gone crazy (although they probably have), but it's also because of vehicle prices rising like crazy and incomes not keeping up with prices.
9:38 hit the nail on the head. Don’t use your car use hertz’s car. If car breaks down or if you don’t want to do ride share. You can walk away.
Very easy for Food Delivery or Ride Share to Drive 50,000 miles a year and within 2 years into the Bank Note, the Vehicle can have 100,000 miles! Can't see how it's a profitable venture, unless it's work/delivery in a $20,000 Vehicle, maybe capable of 4 years worth of driving or about 200,000 total miles driven???
Buy out the car, and not have to worry about the commercial insurance you'll need.
Common misconception, I’ve owned commercial insurance before, ride share and Turo do not qualify for the need for it.
If you go PRIVATE you’ll need your own commercial policy. Please don’t make uneducated comments, you’re truly showing your ignorance
When you factor in fuel and maintenance and repair to your vehicle the average UBER and LYFT driver is making $9.50 an hour. These Silicon Valley tech people have it figured. The average guy thinks they are smarter then an algorithm.
👍Excellent! Enjoyed your content Very informative I do Uber eats part time I would never consider doing this full time It should stay a side hussel but people are trying to turn it into a regular job The freedom of being your own boss on your own time but it comes with a price
My car is paid off Its perfect for deliveries I dont have to worry about the bank I agree People make stupid purchases with cars Thank U for your service
A new S-Class sedan in 2024 starts at $114.5k. That is a crazy thing to drive around delivering food in. He would have been better off keeping the Sonata for work and just leasing or renting an S-Class for personal use.
I have done food delivery for almost 8 years. Currently, I'm part-time with the apps and have another part-time job that gives steady pay. Full-time with the apps haven't been worth it for 3 years. So I cut my hours from 40 to 18 max. I would still prefer to buy the car vs rent it. Why waste $300-400/wk, that's a brand new base model or low mileage used between 2015-2022. Certain cars are not good for food delivery. Luxury cars tend to get stolen but it depends on area. Many Luxury cars tend to be money pits when repairs are involved. That goes against keeping costs low to maximize your take home. So going for a reliable, cheap to maintain, cheap to insure and gets good gas mileage.
You can buy a 2012 Camry with less than 100K for around $9K. You can put 100K more miles on it, and sell it three years later for $5 or $6, and probably get away with pretty minimal maintenance. That's about $110 a month in depreciation, and (if you had to) you can finance the entire car on a fricking credit card, so no bank asking questions. Rideshare with a new vehicle seems totally insane to me. Guess there's a lot of folks out there who can't do math, or can't read finance contracts. Most finance contracts state in pretty bold print NOT FOR COMMERCIAL USE. Duhhh.
"S" Class for $80k to deliver food. Beyond my comprehension.
German cars are only good to own while the warranty is still in effect.
Late in the covid lockdown I often saw a Tesla Model X delivering food, always made me wonder if it was a profitable idea in the terrible pothole filled roads of Toronto 🤑
😂🎉🎉 you’re awesome Lucky. You teach a lot of things to many people who really need this education.
Blessings,Carlos ✝️🙏❤️😊🇺🇸
i came across this video, and it is so funny that i check his videos and found out that this man doesn't do Uber, lyft, or Delivery and is spreading information that he doesn't even know, is quiet amazing how people make money from negativity just like the news very impressive.
@@Dalvin2211 it’s surprises me that that’s what you took away from the video. This was a cautionary tale of somebody getting over their head. The cannot afford a vehicle. You can do rideshare delivery that’s fine if you own a vehicle and you have a secondary vehicle that you don’t have a loan on that you’re beating up racking up miles. It makes sense, but most of the people are not paying down the loan for depreciation what happens is people like myself up buying these cars at auction for 50% of the value because of what they did to them. Turns around and hurts and next time you get a car, it’ll be much harder.
Anyone using a new car to do rideshare or delivery service is not using their brain. Way more money going out than coming in. Youd have to work 12 hours a day min to actually make a profit. You may feel like your making money but at the end of the day when you have a major repair your totally screwed.
To be fair it’s the rideshare/delivery apps causing a lot problems. They require people to have cars that’s are a certain year or newer (differs from app to app, but some can be as stringent as 5 years) with that how is someone supposed to already have paid off an own the vehicle if it’s a 4+ year payment plan and by then it’ll be too old… they want you to use a car on loan.
1/2 what you make is a better car budget.
Yup, plus in the fine print of ones insurance it says, check the box that you’re not chauffeuring in your vehicle. Plus these guys, have the app running background