# Ubering with a Tesla Model S. Yay or Nay?



## ubernewbie1 (Jul 7, 2021)

Hey everyone,

Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


Edit: My apartment complex offer FREE charging stations that are usually open and charge at 25 miles per hour.


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## UberPotomac (Oct 8, 2016)

My advice . Just DONT DO IT.


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## ubernewbie1 (Jul 7, 2021)

UberPotomac said:


> My advice . Just DONT DO IT.


Why not? Is charging a concern? Is depreciation a concern? Are uber passengers ruining the car the concern?


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## 25rides7daysaweek (Nov 20, 2017)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


This is sure one way to find out how long the car will last and what the depreciation will be. Seems to me like you might be burning up a brand new premium car for not a lot of money and eating the loss by enjoying the driving. But what the hell do I know I'm an uber driver..


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## ubernewbie1 (Jul 7, 2021)

25rides7daysaweek said:


> This is sure one way to find out how long the car will last and what the depreciation will be. Seems to me like you might be burning up a brand new premium car for not a lot of money and eating the loss by enjoying the driving. But what the hell do I know I'm an uber driver..


Just to give a little more insight. I am currently without a car because a drunk driver hit me and totaled my 2019 Camry while I was driving for Uber. (My GAP insurance did kick in and covered 20k of outstanding loan balance after insurance pay out). So either way I am buying a new car its more I want the redesigned model S and trying to see if it worth driving for uber rather than having the car sit in my garage.


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## 25rides7daysaweek (Nov 20, 2017)

ubernewbie1 said:


> Just to give a little more insight. I am currently without a car because a drunk driver hit me and totaled my 2019 Camry while I was driving for Uber. (My GAP insurance did kick in and covered 20k of outstanding loan balance after insurance pay out). So either way I am buying a new car its more I want the redesigned model S and trying to see if it worth driving for uber rather than having the car sit in my garage.


Well good thing you had the gap. I just got rear ended by a drunk on Saturday and my cars in the shop. If you want the tesla you could sure buy it but I'm kinda doubting it will make any financial sense to be using it for uber. Run the numbers that you already have with premium ride rates (you won't get them) put the miles on the car and see what the depreciation is.
I've been at this full time for years and wouldn't buy a new yugo for these cheapass paxes..


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## FLKeys (Dec 27, 2018)

Define worth?

If you want to buy it and use it go for it. You just have to be okay with the wear and tear you will put on it. Only you know your market and what kind of riders you generally get.

If you get Gap insurance I would not pay off the load early. The idea of banking the Uber money would make more sense in that case. Of course you need to look at financing costs as well. Again only you can determine if it is worth it.

I like to be comfortable when driving so I am using a vehicle most would not have considered using. I keep excellent records so I know what it costs me to drive and I know I am making money.


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## ubernewbie1 (Jul 7, 2021)

FLKeys said:


> Define worth?
> 
> If you want to buy it and use it go for it. You just have to be okay with the wear and tear you will put on it. Only you know your market and what kind of riders you generally get.
> 
> ...


Yeah I kinda view this like buying a super nice house and never being home because I have to work in the office. That would personally piss me off. So wear and tear I am not too concerned for since I plan on driving it to the ground. I guess the battery replacement would be my biggest concern. I would also hate myself for buying a pretty expensive car and have it just collect dust. I do wonder if I am over looking something though and just haven't thought about it yet.


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## UberPotomac (Oct 8, 2016)

Did you thought that TESLA is only service by TESLA and they may not be willing to honor their warranties for excessive rideshare use?
That will open to a while new set of expenses .
I tend to make business decision on a risk, rewards calculus . In my opinion , your plan is way outside my comfort zone . But it is just my opinion .


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## ubernewbie1 (Jul 7, 2021)

UberPotomac said:


> Did you thought that TESLA is only service by TESLA and they may not be willing to honor their warranties for excessive rideshare use?
> That will open to a while new set of expenses .
> I tend to make business decision on a risk, rewards calculus . In my opinion , your plan is way outside my comfort zone . But it is just my opinion .


I thought that only applied if the owner of the Tesla was using autonomous driving to provide the rides in a rideshare platform. I will need to look into this.


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## SHalester (Aug 25, 2019)

Maybe a Model Y and maybe doing RS very part time and no commercial insurance. You need to spreadsheet the numbers. 

Tesla will honor the warranty to the limits of what is in that policy; which most likely is time and total mileage; not 'type' of mileage. You are safe if you do RS part-time.


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## Flier5425 (Jun 2, 2016)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


If you plan on using your Gig work revenue to qualify for a new car loan you won't find many lenders willing to complete the financing. Also, remember any financing you do get will have a clause you have to confirm the vehicle will not be used for rideshare / gig work.


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## SOLA-RAH (Dec 31, 2014)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


You’re absolutely nuts if you actually do this. You’ll be running a charity funded solely on your own dime. But if you love giving money away along with your valuable time, then don’t let anyone here stop you…have at it.

Sidenote…if you have gap insurance:
A) You really couldn’t afford the car in the first place, or
B) You are bad at math and easily fleeced


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## Nats121 (Jul 19, 2017)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


I guess I'm feeding a troll by responding but what the heck...

How much are the pay rates in your market (per mile, per minute, base fare, minimum fare)?

We'll see how many crickets chirp before I get a factual answer, IF I get one at all.


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## Disgusted Driver (Jan 9, 2015)

Just wait till you see the acidification on the seat backs and sills, the first rip in the upholstery, ... 

You are looking at 5 cents a mile min for electricity and 5 cents for tires. Then you are looking at I don't know, 50 cents a mile for depreciation, something for maintenance. That's every mile you drive, not just with a passenger. So the first buck or so you make per mile is going to the car. Are you a charity or a business?


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## FLKeys (Dec 27, 2018)

Disgusted Driver said:


> Just wait till you see the acidification on the seat backs and sills, the first rip in the upholstery, ...
> 
> You are looking at 5 cents a mile min for electricity and 5 cents for tires. Then you are looking at I don't know, 50 cents a mile for depreciation, something for maintenance. That's every mile you drive, not just with a passenger. So the first buck or so you make per mile is going to the car. Are you a charity or a business?


5¢ a mile for tires? Those are some expensive tires. Lets say you average 50,000 miles on a set of tires. That would be $2,500.00 for a new set of tires. Are Tesla tires really that expensive? Do you have to replace the wheel with the tire?


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## SpinalCabbage (Feb 5, 2020)

Nay to buying an expensive vehicle to Uber with. That Tesla will not earn you any additional money and will not positively impact your rating.


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## Seamus (Jun 21, 2018)

The best way financially to Uber is with a decent looking older car with high mileage (an acceptable looking beater). Makes the most financial sense, and you can walk away from it in an accident.


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## Flier5425 (Jun 2, 2016)

FLKeys said:


> 5¢ a mile for tires? Those are some expensive tires. Lets say you average 50,000 miles on a set of tires. That would be $2,500.00 for a new set of tires. Are Tesla tires really that expensive? Do you have to replace the wheel with the tire?


Unfortunately tires on a Tesla don't last as long ass you would think. 30,000-35,000 is a closer number to the life of the tires. As such the math still doesn't make them .05 / mile deferred maintenance. Replacement tires can run 175 / tire all inclusive up to 250 / tire.


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## Tom McDonald (Feb 24, 2018)

The moment a pax throws up in your fancy new electric car you will know whether it's worth it or not! If you must use an electric car for ridesharing get a used Chevy Bolt or a Kia Niro EV!


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## mikes424 (May 22, 2016)

Another thing to check is battery life. I don't know about Teslas but hybrid car battery replacement can run $4000 to $10,000 and have an estimated life of 100,000 miles.


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## Disgusted Driver (Jan 9, 2015)

FLKeys said:


> 5¢ a mile for tires? Those are some expensive tires. Lets say you average 50,000 miles on a set of tires. That would be $2,500.00 for a new set of tires. Are Tesla tires really that expensive? Do you have to replace the wheel with the tire?


Sorry, you are right, I did bad math. A set of Michelin pilots will set you back about a grand, good for 35 to 40k. So, maybe 3 cents a mile.


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## 142605 (Mar 4, 2018)

Flier5425 said:


> If you plan on using your Gig work revenue to qualify for a new car loan you won't find many lenders willing to complete the financing. Also, remember any financing you do get will have a clause you have to confirm the vehicle will not be used for rideshare / gig work.


That not true, usage isn’t relevant in financing.


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## 142605 (Mar 4, 2018)

Seamus said:


> The best way financially to Uber is with a decent looking older car with high mileage (an acceptable looking beater). Makes the most financial sense, and you can walk away from it in an accident.


Yeah but who wants to DRIVE (or tip) a a high mileage beater? And they have to PAY for gas when electricity is free.


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## 142605 (Mar 4, 2018)

mikes424 said:


> Another thing to check is battery life. I don't know about Teslas but hybrid car battery replacement can run $4000 to $10,000 and have an estimated life of 100,000 miles.


Tesla battery is good for several hundred thousand miles. Maintenance is almost zero. https://cleantechnica.com/2019/05/25/the-cost-of-owning-a-tesla-after-200000-miles/


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## 142605 (Mar 4, 2018)

SpinalCabbage said:


> Nay to buying an expensive vehicle to Uber with. That Tesla will not earn you any additional money and will not positively impact your rating.


Zero fuel costs is quite a bit of additional money.


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## FLKeys (Dec 27, 2018)

Disgusted Driver said:


> Sorry, you are right, I did bad math. A set of Michelin pilots will set you back about a grand, good for 35 to 40k. So, maybe 3 cents a mile.


Thanks, I meant to go looking around and got side tracked. I was wondering if the have special sized tires and are one directional causing them to wear quicker like some Super/Hyper cars have.


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## Christinebitg (Jun 29, 2018)

Authority said:


> Yeah but who wants to DRIVE (or tip) a a high mileage beater? And they have to PAY for gas when electricity is free.


I get a lot of compliments on my Acura. But it doesnt translate into tips.

Since when is electricity free? I don't think there's much likelihood that a guy using a Tesla for Uber is going to be charging his car at the local Whole Foods.

He'd be driving until he's low on charge and then go home after that. And charge it sitting in his garage.


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## Disgusted Driver (Jan 9, 2015)

Christinebitg said:


> I get a lot of compliments on my Acura. But it doesnt translate into tips.
> 
> Since when is electricity free? I don't think there's much likelihood that a guy using a Tesla for Uber is going to be charging his car at the local Whole Foods.
> 
> He'd be driving until he's low on charge and then go home after that. And charge it sitting in his garage.


Agreed, I get the same 11% on rides over the long haul in my nasty 2009 dodge grand caravan as I did in my shiny 2016 Toyota Avalon. 

If you are driving a Tesla you have 2 choices, go home when you are getting low and pay home rates (maybe 11 cents a Kw for 3 miles) or stop at a super charger for 20 minutes (25 cents a Kw).


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## _Tron_ (Feb 9, 2020)

ubernewbie1 said:


> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?


OP, I have basically been doing the same thing as you for the past few years with a different brand EV, and it has worked out well. Many of the folks telling you not to do it have good reasoning (although some are out to lunch), but a key point is if you are going to buy the car regardless of if you drive Uber. To the degree you are depending on rideshare income to make the car payment you are leaning toward the negative aspects that people are pointing out. However, if you can make the payments sans any Uber income, AND you just want to drive a Tesla, then that strategy is more workable. You can have fun of driving the car while Ubering, and the income will help defray costs. Cost of ownership of an EV is remarkably low, especially if you charge overnight at discounted utility rates.

I leased a Chevy Bolt EV in 2018, on the basis that I just wanted to drive an electric car, and that part-time Uber income would help pay for the car. Thankfully that plan worked out better than expected. Driving two days a week paid for virtually everything to do with the car (payments, insurance, tires, accessories, etc.) and even bought my groceries for the week.

But this is 2021. More caution is required because the longevity of the rideshare companies is more in question than ever. I actually had a plan to buy a Model Y to cover that contingency, because Tesla may launch its own rideshare network with human drivers at the wheel for a while (in my view "a while" translates to many years). If Uber and/or Lyft falter, AND if Tesla gets its rideshare network act together, then you would potentially be in a strong position.

For myself, I ended up cancelling the Model Y order and trading in my leased 2018 Bolt to outright purchase a 2021 Bolt. Why? GM gave me an offer I couldn't refuse. I picked up a 40K car for 22K (inclusive of rebates) with 0% financing. This means my car payments are $350 /month rather than the $850 /month the Y would have cost. And, I still get to drive a fun EV and supplement payments with rs income, while it lasts. But I am not _depending_ on the income.

I am also very leery of Tesla build quality and service issues. People have been stranded for months with no car due to Tesla not channeling parts to its service network. That's something else to factor in.

If you do pull the switch and go with that Model S, you will be buying a car that has already proven itself as a workhorse for rideshare with Southern California based Tesloop. Although Tesla has stumbled on initial build quality, the vehicles really are well designed, and along with current battery chemistries, Tesla is well on its way to achieving its stated goal of a one million mile powertrain.

Finally, anything you can do to FIX YOUR COSTS, such as GAP insurance, extended warranty, etc. is a GOOD thing. I keep my insurance deductibles very high to offset the extra costs. The presumption is that it is the other guy who is going to hit you. Naturally you want uninsured motorist protection, and in California you absolutely want the *Collision Deductible Waiver*, which costs pennies and prevents you from having to pay the deductible if an uninsured idiot hits you.


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## radikia (Sep 15, 2018)

Go for it ! Just make sure your life insurance premiums are paid up


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## FLKeys (Dec 27, 2018)

Another thing about GAP insurance, make sure it will still pay if the car is being used for rideshare. I'm sure as time goes on more GAP policies will exclude rideshare if the don't already.


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## Disgusted Driver (Jan 9, 2015)

I guess I would also ask why an S? A model 3 LR is what 30k cheaper? It will give you the same wow factor. 
I just bought a model 3. I don't want dirty paxholes messing it up. Much rather ferry them around in my beater van.


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## _Tron_ (Feb 9, 2020)

FLKeys said:


> Another thing about GAP insurance, make sure it will still pay if the car is being used for rideshare. I'm sure as time goes on more GAP policies will exclude rideshare if the don't already.


That's a good point, but I would assume that is automatic when a rideshare option is taken on the policy. Still, wouldn't hurt to ask. The rideshare option is of course a mandatory "part of a complete breakfast" to help fix costs on this endeavor. I would recommend the OP look into Mercury insurance, which has the rideshare option (at least in California) and has very attractive rates. Mercury will force you into a bend over microscopic inspection, but if you pass muster the rates make it worth it. I just saved a couple of hundred bucks (6 mos policy) switching from Progressive (which doesn't even offer an RS rider).

By the way, I was just delivered a hard lesson about GAP coverage.... I tried to add it to my policy two months after purchasing the vehicle, but alas, there was a limit that GAP can only be added at time of sale, or shortly thereafter. Mercury gives you 30 days. Other insurance companies have different limits.


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## Amos69 (May 17, 2019)

_Tron_ said:


> OP, I have basically been doing the same thing as you for the past few years with a different brand EV, and it has worked out well. Many of the folks telling you not to do it have good reasoning (although some are out to lunch), but a key point is if you are going to buy the car regardless of if you drive Uber. To the degree you are depending on rideshare income to make the car payment you are leaning toward the negative aspects that people are pointing out. However, if you can make the payments sans any Uber income, AND you just want to drive a Tesla, then that strategy is more workable. You can have fun of driving the car while Ubering, and the income will help defray costs. Cost of ownership of an EV is remarkably low, especially if you charge overnight at discounted utility rates.
> 
> I bought a Chevy Bolt EV in 2018, on the basis that I just wanted an EV, and that part-time Uber income would pay for the car. Thankfully that plan worked out better than expected. Driving two days a week paid for virtually everything to do with the car (payments, insurance, tires, accessories, etc.) and even bought my groceries for the week.
> 
> ...



Great post!

Using a model S for rideshare full time has some pitfalls but is feasible if not a great idea. Using a Model S to PT in seems a solid plan, but be certain you are properly insured and RS usage will not void your warranties


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## 142605 (Mar 4, 2018)

Christinebitg said:


> Since when is electricity free? I don't think there's much likelihood that a guy using a Tesla for Uber is going to be charging his car at the local Whole Foods.


There’s a ton of free charging in SoCal… I never have to pay for power. The utility has charging on poles, for free, a couple blocks from my house. It’s great.


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## Christinebitg (Jun 29, 2018)

Authority said:


> There’s a ton of free charging in SoCal… I never have to pay for power. The utility has charging on poles, for free, a couple blocks from my house. It’s great.


Just bear in mind that any time you're sitting there charging, you're not moving. Shouldn't be a problem, though, since there's either some downtime in between trips, or you're getting stacked trips, which is a plus.

But I still wouldn't do it. In the long run, you're still wearing out your car. Fuel costs pale in comparison to the replacement cost for your car.


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## SHalester (Aug 25, 2019)

Christinebitg said:


> I get a lot of compliments on my Acura. But it doesnt translate into tips.


yup, can confirm that. Even the pax who say 'wow this is a nice ride'. No tip. Good thing I treat tips like xmas morning.


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## 142605 (Mar 4, 2018)

Christinebitg said:


> Just bear in mind that any time you're sitting there charging, you're not moving. Shouldn't be a problem, though, since there's either some downtime in between trips, or you're getting stacked trips, which is a plus.
> 
> But I still wouldn't do it. In the long run, you're still wearing out your car. Fuel costs pale in comparison to the replacement cost for your car.


Charging takes 15 minutes with a Tesla, but I never have to charge with 300 mile range anyway just at night. There’s nothing to wear out, it’s good for 500K miles. 🤷‍♂️


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## UberLAguy (Aug 2, 2015)

Drive Black, everything else will be non issue


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## 142605 (Mar 4, 2018)

UberLAguy said:


> Drive Black, everything else will be non issue


Nah driving is a side hustle not a job. I net $40 an hour working when I want I’m happy.


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## SHalester (Aug 25, 2019)

UberLAguy said:


> Drive Black, everything else will be non issue


if only it were that easy. 🤷‍♂️


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## UberLAguy (Aug 2, 2015)

Authority said:


> Nah driving is a side hustle not a job. I net $40 an hour working when I want I’m happy.


Good for you. But my reply is for the op. Spend $60K for a 2018 Model S and drive Uber Black and Lyft Lux Black for three years. You will get all of your money back in 6 month. Don't worry about tires, battery, or gas, or people vomitting. They are Black clients


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## SHalester (Aug 25, 2019)

UberLAguy said:


> You will get all of your money back in 6 month.


maybe if you do it full time. Some of us would dread being forced to work JUST to cover the hugely increased cost of CI; not to mention the pain in the arse of getting to Black. Too much work.


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## 142605 (Mar 4, 2018)

UberLAguy said:


> Good for you. But my reply is for the op. Spend $60K for a 2018 Model S and drive Uber Black and Lyft Lux Black for three years. You will get all of your money back in 6 month. Don't worry about tires, battery, or gas, or people vomitting. They are Black clients


Yeah but no one wants to bother with Black… and Teslas don’t worry about gas anyway remember.


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## Christinebitg (Jun 29, 2018)

Authority said:


> Charging takes 15 minutes with a Tesla, but I never have to charge with 300 mile range anyway just at night. There’s nothing to wear out, it’s good for 500K miles. 🤷‍♂️


That charging time isn't what I hear. Much slower at the "standard" charging stations.

If you think any car built now is going to last for 500,000 miles, you're in for a rude awakening about 150,000 or 200,000 miles from now. At best.

There's more that wears out on a car than just the drive train. After about 100,000 miles, maybe 150,000 if you're lucky, you'll get random plastic parts wearing out. I mean like switches on the dashboard, that kind of thing. The plastic stuff starts to get brittle.

Rubber components, like boots on the axles.

Fabric, even good leather that's on the seats. You wouldn't leave a leather couch sitting out on your patio in all kinds of weather, would you?

But with your car, you have little choice about that. Best you can do is park it in a garage when you're not driving it. It's been a lot of years since I saw a garage that was climate controlled.

I used to rent a house that was like that. It was the former model home for a subdivision. Nice place. But even they had blocked off the A/C duct that went out into the garage.


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## ubernewbie1 (Jul 7, 2021)

Another thing I just realized is no one in my apartment complex really owns an electric car so the 8 charging stations are normally open in the garage. Also the charging stations are FREE and charge at 25 mile per hour. How does free fuel sound now?


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## ubernewbie1 (Jul 7, 2021)

UberLAguy said:


> Good for you. But my reply is for the op. Spend $60K for a 2018 Model S and drive Uber Black and Lyft Lux Black for three years. You will get all of your money back in 6 month. Don't worry about tires, battery, or gas, or people vomitting. They are Black clients


I don't want the 2018 model S. I want the just refreshed 2021 model S. I'm not too concerned for depreciation


_Tron_ said:


> OP, I have basically been doing the same thing as you for the past few years with a different brand EV, and it has worked out well. Many of the folks telling you not to do it have good reasoning (although some are out to lunch), but a key point is if you are going to buy the car regardless of if you drive Uber. To the degree you are depending on rideshare income to make the car payment you are leaning toward the negative aspects that people are pointing out. However, if you can make the payments sans any Uber income, AND you just want to drive a Tesla, then that strategy is more workable. You can have fun of driving the car while Ubering, and the income will help defray costs. Cost of ownership of an EV is remarkably low, especially if you charge overnight at discounted utility rates.
> 
> I leased a Chevy Bolt EV in 2018, on the basis that I just wanted to drive an electric car, and that part-time Uber income would help pay for the car. Thankfully that plan worked out better than expected. Driving two days a week paid for virtually everything to do with the car (payments, insurance, tires, accessories, etc.) and even bought my groceries for the week.
> 
> ...


 I wouldn't be depending on Ubers income at all. I can pay for the Tesla with my day job without a problem. I view this as I can buy a depreciating car and let it sit in my garage and not drive it or I can buy a depreciating car, drive it, and make play money. The uber money will just be a cherry on top. I also just realized I do get FREE charging at a decent charging speed rate (25 miles per hour) so now I am really leaning towards this. Have you ever had an issue with not having enough range to complete a trip?


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## bobby747 (Dec 29, 2015)

Rates .59 cents a mile non xl. I would buy the big boy. Nothing is to good 4 my uber x pass


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## rkozy (Apr 5, 2019)

Doing Uber with a new car that costs $25,000 is stupid. The stupidity goes even higher with each additional dollar spent.


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## SHalester (Aug 25, 2019)

rkozy said:


> Doing Uber with a new car that costs $25,000 is stupid.


....not if that particular is your main personal ride and you only do RS very part-time; the dynamics change with those variables.


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## rkozy (Apr 5, 2019)

SHalester said:


> ....not if that particular is your main personal ride and you only do RS very part-time; the dynamics change with those variables.


The dynamic being that it's now a hobby, instead of a profit-turning venture.

I do ride share very part-time with my personal ride, but I do it with a car that allows me to turn a modest profit on my investment.


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## Christinebitg (Jun 29, 2018)

ubernewbie1 said:


> Also the charging stations are FREE and charge at 25 mile per hour. How does free fuel sound now?


Not that great, to be honest. Here's why I say that:

First, to get that free fuel, you have to go home. In my gas guzzler (and unfortunately, it is one) I can fill up the tank anywhere that I find a gas station thats open. I can drive until I'm low on gas (like, 1/4 of a tank or less) and know it won't hurt me.

Second, because it's s-l-o-w. I mean, really slow. 25 miles of range in an hour? Seriously? In my car, I can add 400 miles of range in 5 minutes.

Sure, if you want to plug it in and wait all night, that works. Don't plan on any out of town trips, though.

Yeah, I know Tesla has stations for fast charging. You have to drive station to station if you want to do that. And they're not free.

If it makes you happy, go for it. I doubt that my next car will run on anything but gasoline.


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## ubernewbie1 (Jul 7, 2021)

Christinebitg said:


> Not that great, to be honest. Here's why I say that:
> 
> First, to get that free fuel, you have to go home. In my gas guzzler (and unfortunately, it is one) I can fill up the tank anywhere that I find a gas station thats open. I can drive until I'm low on gas (like, 1/4 of a tank or less) and know it won't hurt me.
> 
> ...


Most people who have electric cars treat it like a cell phone and charge it every night so they wake up every morning with a full charge. I really doubt I will drive 400 miles in one day. As for road trips. I do not plan on taking any. I rather just fly if my destination is more than 300 miles away. In the rare scenario that I can not charge over night. My office does offer super chargers and there's anther super charger 15 minutes away from me. I plan on driving 2-4 hours on week days. On weekends I might drive longer yes but I usually go out drinking so either way I won't be using the car when I'm done driving for Uber because I myself will be taking an uber somewhere giving my car a lot of time to sit and charge. The range of this Tesla is 400+ miles which to be honest goes farther than my old 2019 Camry.


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## SHalester (Aug 25, 2019)

rkozy said:


> The dynamic being that it's now a hobby, instead of a profit-turning venture.


not necessarily. You can do this pt and still make positive cash flow (a better measurement) and with the IRS mileage deduct not much taxable income. It isn't hard. 

But still, I'm a big believer in if you are going to do RS you do so in a vehicle you have already owned for a while; best gross profit margins.


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## rkozy (Apr 5, 2019)

SHalester said:


> But still, I'm a big believer in if you are going to do RS you do so in a vehicle you have already owned for a while; best gross profit margins.


I agree. I've never had a car payment in my life, and it seems having a car payment while doing rideshare would really compound the issue of unprofitability per mile.

Passengers might compliment you on a new car, but I don't think they'll tip more because of it. Even if they did, those tips per month aren't likely to cover the banknote, or even half of the banknote. The only way you make money on Uber is by keeping your overall miles low, and occupied with a passenger as much as possible. I shake my head every time I hear someone is driving long pickup distances to keep their Uber Pro status current.


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## Christinebitg (Jun 29, 2018)

ubernewbie1 said:


> which to be honest goes farther than my old 2019 Camry


Yeah, but that Camry doesn't have to look for a Toyota charging station to be able to make it home.

I've never been in the military. But I've worked with guys who have. One of them is a Marine Corps pilot. He explained the concept of "bingo fuel" to me.

When you hit bingo fuel, there is only one thing you can do. Because that's when you have just enough fuel left to get back to where you're going. If you don't leave the action then, you are going to crash your plane. Needless to say, this is not a desirable outcome.

You may want to keep this issue in mind while you're starting out with 400 miles of range in your batteries. You probably don't want to run out of power on the freeway on your way home.


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## Dats E Z (Jul 14, 2021)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?
> 
> ...





ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?
> 
> ...


I suggest you get Model 3 (not model S)
Why?
Because it’s almost half the price.
For Uber Rideshare?
Nope. Use it for UberEats. So you do not need to worry about high mileage, damage upholstery (interior) from riders. You can earn from $150 to $350 a day.

Why Tesla?
Let’s do the Math (even if you will not use it for Uber)

How much do you consume in gas per week?eg $50
Multiply it to 4 (that will be your per month) i.e. $200
Multiply it to 12 (that will be your per year) $2,400
Multiply it to 6 (that will be your 6 yr payments) $14,400

$14,400 will be your gas consumption in 6 years if you’re averaging $50 a week in gas. That’s like your savings in Six years.


RememberNO oil change needed.
Plus, all the great features like the Autopilot, premium sound, super fast, etc.


Tesla.. a great car!!

It’s the car of the future👍
Thanks Mr Elon Musk!

(side note:worried about tires? You’ll need to change tires after 40,000 miles or so. You can buy set of 4 at Costco for $900 to $1000 a set Michelin (same Tesla tires) with installation with lifetime free rotation and warranty.


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## Dats E Z (Jul 14, 2021)

ubernewbie1 said:


> Hey everyone,
> 
> Pretty new here so forgive me if I posted this in the wrong forum. I am planning on buying a brand new Tesla Model S for about 80k sticker price and Ubering with it. I have a day job where I make 90k a year with basically no debt. I have been driving for Uber the last 3 years and average 35k-40k per year on top of my day job. I don't need the money but I love driving and extra cash is always nice. How can I justify using this car for Uber? I was thinking about getting GAP insurance to cover myself and a commercial insurance policy on top of whatever Uber's coverage is. I was thinking of saving my uber money in a saving account that way if for whatever reason the car gets totaled the GAP insurance would pay out and I would still have my Uber money in a savings account instead of paying the car off early. Does this sound pretty dangerous? Any suggestions/input?
> 
> ...


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## Safar (Mar 23, 2020)

Nay all the way. Get a Hybrid Camry that gives 45 MPG, or a Hybrid Sienna that gives 36 MPG. Stay away from Shitla


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## Safar (Mar 23, 2020)

rkozy said:


> I agree. I've never had a car payment in my life, and it seems having a car payment while doing rideshare would really compound the issue of unprofitability per mile.
> 
> Passengers might compliment you on a new car, but I don't think they'll tip more because of it. Even if they did, those tips per month aren't likely to cover the banknote, or even half of the banknote. The only way you make money on Uber is by keeping your overall miles low, and occupied with a passenger as much as possible. I shake my head every time I hear someone is driving long pickup distances to keep their Uber Pro status current.


Are you a part-timer? Because part-timers don't know what the hell they are talking about.


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## Safar (Mar 23, 2020)

Full-timers pay off a car in less than a year. Part-timers lose their sleep over miles and depreciation. Depreciation is for fools who don't know what they're talking about


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## rkozy (Apr 5, 2019)

Safar said:


> Full-timers pay off a car in less than a year. Part-timers lose their sleep over miles and depreciation. Depreciation is for fools who don't know what they're talking about


Have fun quickly devaluing your car for pennies on the mile so Dara can get bigger bonuses at the end of the quarter.


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## Safar (Mar 23, 2020)

Those who cry over car depreciation should also cry over it's also cry depreciation of a whole tank of gas to zero at the end of the shift. Taxi drivers don't cry over depreciation, plumbers who who drive trucks don't cry over depreciation, Trucking companies don't cry over depreciation, then what the hell is your problem? Drive the damn thing to the ground!
No? Then don't even buy cars then, or just keep them parked and stored.


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## Safar (Mar 23, 2020)

If a stupid $20000 car can help you gross $300000 in in 4 years, then what the **** is your problem?


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## _Tron_ (Feb 9, 2020)

ubernewbie1 said:


> Have you ever had an issue with not having enough range to complete a trip?


Absolutely not! Mainly because I never accept a trip that would put me anywhere close to running out of charge.

If you mean not _accept _a trip due to not having enough range, yes I have. A few times I have been at less than 100 miles and get pinged for a long trip. I just pass on that one, without regret.

BTW, I have used the "my electric car is low on charge" excuse to great affect after accepting a trip of any length and having second thoughts when the pax shows up. You get less grief from the pax for canceling.


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## Classified (Feb 8, 2018)

Wow. Definitely no don’t do it, well, 

so your 80k car, over 10years, that’s $8k per year, just on the car, unless you have financing, then that’s a lot more. 
I’m paying less than $3k per year on mine. And it ain’t a Tesla. I would love to own one though, so between you and me, I’m making 5k more per year, but once I factor in gas costs of $3k per year. I’m still up over 2k, a year. 

yes free power does sound tempting. Plus if it lowers your tax bill dramatically then that’s an incentive, overall there’s many variables.


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