- May 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Background Information
I am a 25-year-old with $88k invested, $18k in liquid cash, and a $28k student loan. I currently live at home with my parents and my monthly bills and expenses total about $900 per month. In terms of income, I work full time and make $50k per year. Additionally, I drive for Uber taxi and do deliveries, earning approximately $350-$450 a week before expenses.
## Current Situation
At the moment, I am driving a car that is on its last legs, requiring constant repairs and being unsafe to drive. I am considering purchasing a smaller, newer car like a Yaris or Fit for around $20k, preferably paying in cash. I plan to use this car for Uber and deliveries, with the possibility of writing off 90% of repairs, gas, and other expenses on my taxes. This is particularly advantageous for me as I have a work-from-home job, and most of my driving is for self-employment purposes.
## Financial Considerations
By increasing my hours with Uber, I believe I can earn back the money spent on the new car more quickly, potentially making up to $600 per week before expenses. With this income, I estimate that I could break even on the car purchase in approximately 8 months at a $600-per-week rate.
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****** just grabbed a
How many hours and how many kms are you driving for Uber?
How my kms are non UBEr?
Yes if you need a new car those models would be great options. The other important financial question is what interest rate you would be paying for the loan. Anything above 8-10% and it’s an expensive loan.
Dang i didnt know uber made that much. Which part of Canada? I should try doing it too if you make that much
The Yaris and fit are not sold as new cars anymore.
The used ones on the market are especially over priced for what they are. Last month I learned that you can buy those types of cars and others in Japan that are 15 years old and much cheaper than what people want here.
An example was a 2009 Honda fit was $10k on auto trader but I found a better condition one in Japan for like $3.5k.
The website is called go forward.jp I think
I just picked up a 2019 Chevy Bolt with a 1 year old battery in it. I think it could be perfect for what you are doing. Would save you a ton of money too. I have a 2016 Honda fit as my second car and I love the Bolt just as much.
If you’re looking to spend $20k on a Fit-like car, buy a Bolt. As a Fit owner, we bought a Bolt recently for around $20k and love it. (The Fit is now our second car.) Only downside: you won’t have any gas or many repairs to write off. 😉
You should check with Uber because those 2 models (yaris, fit) are not eligible in Quebec. They are too small and Uber has a condition on the minimal wheelbase. This apparently varies by location: [https://www.uber.com/global/en/eligible-vehicles/](https://www.uber.com/global/en/eligible-vehicles/)
Buy it bro. It will be worth it for the peace of mind
If it’s 90% for your independent contractor work, why not lease, and then you can write it off?
What is your current car, year, km and major recent/due repairs?
You could do this, but you’ll make more money by driving the current car to McDonalds and working for them in those hours. If you barely use the car just keep driving it until it explodes which will be a while due to much less use. I admire your ambition, but spending that much money to barely make any profit doesn’t make sense. You can start making money this second by using those hours to get a second job instead and not have to get a new car. All the extra money today can be used to invest to make much more too. It would be different if there was a big upside to your plan, but the most ideal situation is you’re basically making minimum wage while taking a lot of risk getting a new car, being on the road, dealing with unknown future repair costs etc.
Do not buy a new car; buy used. Second, do not buy an EV if you’re driving for work unless you have a level 2 home charger and you’re planning to do less than 400km of driving per day for work. Better to get a reliable, high efficiency gas or hybrid vehicle from a Japanese manufacturer.
Wait for the new hybrid Civic.
I mean I wouldn’t get a new car just to wear the shit out of it as fast as possible ubering. If you can, do overtime at work instead or get a part time job that doesn’t involve driving all over town constantly. That’s just my stance though
Unless you’re selling it for a profit, absolutely not.
Why not buy a decent used 10K car with cash? That leaves you with 8K for repairs and other emergencies.
Info is incomplete!
What is your gross income with Uber?
Uber fees?
Other income?
What is gross expenses to operate your vehicle including insurance ?
What is your current gross annual loan or lease expense on your vehicle?
Why not pay off your student loan?
Pay off your student loans in full then buy a used car with no financing.