should i invest 6000 on a used car for Uber/Lyft?

[Mr. Manhattan]

my friend selling a 2009 Honda accord

im thinking of purchasing it strictly for the Uber/Lyft business

anyone do the same hustle?

 

[MMS]

Do you already work? I'd invest that into a small business online

 

[Mr. Manhattan]

Do you already work? I'd invest that into a small business online

I have a small online thing going on
.. just wanted to venture out more and see what's more profitable

 

[YamakaSmacker]

Buy that, go to YouTube and learn how to do a full service and flip if for 10

 

[Ghostface Trillah]

10 year old honda for 6k? Nah.

If you're going to get a car specifically for Lyft and Uber then get a hybrid or electric car so gas isn't eating into your profits.

 

[MMS]

I have a small online thing going on
.. just wanted to venture out more and see what's more profitable

problem with uber/lyft is youre using your time to do it.

now if you had a driver....then it'd be an investment

 

[dterpsss]

Figure out the NPV of this venture and see if it is worth your time and money.

 

[RisingSon]

In NYC it's a good way to make side money. Especially if you willing to work the peak hours and late nights.

 

[Cobalt Sire]

If you do buy the car, make sure you get it checked by a mechanic first. Check the vehicle history report. Make sure it doesn't have too many miles. Look at consumer reports for that make and model on edmunds. Make sure all the seat belts, doors, and locks work. If something is wrong, it presents an opportunity to haggle on the price.

At any rate, you can get a guard card for like $300 and make about the same you'd make driving for Uber/Lyft. If i were you, I would focus on growing that online thing you got. Maybe reinvest money into that.

 

[Cynic]

This is not an investment ....

 

[Responsible Allen Iverson]

A lot of Uber/Lyft drivers don't make much more than minimum wage after their expenses. You need to research the economics of this first.

 

[Solomon Lurke]

Also, not sure how it comes out financially, but someone I know is in the program where Lyft gave him a car. He keeps it 24/7 and has to do a certain amount of rides to cover the vehicle then the rest is his. Seems to be working out well for him without any initial investment. He uses that same vehicle to deliver Amazon packages during the times he’s not doing Lyft rides as well. Like I said I don’t have the numbers, but something to think about. There is also a car borrowing service that caters to Uber/Lyft drivers. You just pay out a cut of your profit to the owner of the vehicle.

 

[MR. Conclusion]

You can do better than that. And for damn sure don't do any of the rental programs.

The only scenario where it may make sense is if you're in one of those markets like New York City where there's a potential to make a serious amount of money. But generally speaking Uber and Lyft is a waste of time.

 

[goatmane]

my friend selling a 2009 Honda accord

im thinking of purchasing it strictly for the Uber/Lyft business

anyone do the same hustle?

this is the type of question people that shop at Aarons & Rooms to Go ask

you can do better than this. this is NOT an investment. this is some 'desperate for money or my power goes out' move

 

[Mr. Manhattan]

this is the type of question people that shop at Aarons & Rooms to Go ask

you can do better than this. this is NOT an investment. this is some 'desperate for money or my power goes out' move

I got 20k so