# UberSUV vs UberBLACK earnings between 4 cars.



## Gogogo123 (Oct 13, 2014)

So, I did a comparison of earnings to see which car will make the most money if I would buy a car to drive for Uber full time.
These comparisons are between 4 different cars on the market right now.
Yukon, Suburban and Lexus are 2013 model and Tesla is 2015 brand new car.
I found a bank that would finance the cars with the terms listed in the spreadsheet.
Insurance is yearly, gas and car payment are monthly expenses.

Please take a look to see if the numbers are correct, feel free to leave any comment or suggestions.

I need to add maintenance and depreciation, anyone have the numbers on those 2 items?
I read the $0.56/mile IRS number before, what does it include?

Thanks

Edit: The tax column represents 14% self employment tax on gross income after Uber's cut.
Gas = driving around 3250 miles a month.


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## toi (Sep 8, 2014)

i don't see you getting 18 mpg on a suburban.there will be a lot of city driving. realistically i think you'll do around 14.7 to 15 tops.
hybrid suv is total waste of money. that is why they stopped making them too.


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## Courageous (Sep 18, 2014)

Gogogo123 said:


> So, I did a comparison of earnings to see which car will make the most money if I would buy a car to drive for Uber full time.
> These comparisons are between 4 different cars on the market right now.
> Yukon, Suburban and Lexus are 2013 model and Tesla is 2015 brand new car.
> I found a bank that would finance the cars with the terms listed in the spreadsheet.
> ...


Welcome Gogogo.... have you talked to any active Uber drivers in your area? Have you read around this board? Which Uber were you contemplating, UberX, UberBlack, UberTaxi, UberSUV?? Fulltime? DON'T DO IT


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## chi1cabby (May 28, 2014)

Gogogo123 said:


> I read the $0.56/mile IRS number before, what does it include?


Hey @Gogogo123 ! Your assumptions for calculations for actual income and for tax purposes are off.
The ¢56/mile IRS deduction is all inclusive. It includes all vehicle expenses: car payment, insurance, gas, maintenance etc. If you use the ¢56/mile number, you don't get to itemize any other vehicle expenses.

Now for calculating your monthly Self-employment tax: 
3250 miles X 0.56 = $1,820 car exp.
$6555 - $1820 = $4735
$4735 X 0.14 = $663/month SE Tax

If you are serious about going forward, I'd suggest that you consult a CPA that specializes in tax prep for livery owners/drivers in NYC area. He should have a good handle on the actual numbers. Or at least speak with some owner operators.


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## Stale (Oct 19, 2014)

Hey @chi1cabby can you work for UberSuv and other black car service at the same time when you take the uber loan program with santander


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## chi1cabby (May 28, 2014)

Stale said:


> Hey @chi1cabby can you work for UberSuv and other black car service at the same time when you take the uber loan program with santander


Yes. If you are UberSUV, you are eligible for UberBLACK orders too.


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## Stale (Oct 19, 2014)

@chi1cabby thank you for that but meant other companies beside uber...


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## chi1cabby (May 28, 2014)

Stale said:


> @chi1cabby thank you for that but meant other companies beside uber...


Absolutely! You can get orders from other livery operators in your market...you'll have to contact them to find the details. And you can also develop your own client base.


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## Stale (Oct 19, 2014)

@chi1cabby thank you for that info..


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## chi1cabby (May 28, 2014)

Stale said:


> @chi1cabby thank you for that info..


Fyi

http://ubernycmarketplace.com


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## AMBUDRIVER03 (Jul 1, 2014)

toi said:


> i don't see you getting 18 mpg on a suburban.there will be a lot of city driving. realistically i think you'll do around 14.7 to 15 tops.
> hybrid suv is total waste of money. that is why they stopped making them too.


I get as much as 20 mpg in my suburban, but tank average is more like 14-16.
Works out to 20¢/mi.


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## AMBUDRIVER03 (Jul 1, 2014)

Average runs between $20-60 per operating hours. I pay my drivers $15/h + Performance Bonus, i'm losing money if the vehicle is earning less than $30/hr.


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## zakk the bear (Jul 8, 2014)

What is your bonus structure? would you mind sharing that?


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## AMBUDRIVER03 (Jul 1, 2014)

*Say a driver works 8h, grosses 500 (on a good day) *
Net company earnings are between 380-400
Earnings are split 60 owner /40 driver with a minimum hourly of $15 (upto 8h guaranteed) (capped at $30/h)
40% of 400 is 160.

Driver worked 8h @ 15/h for 120 in base. 
Driver gets performance bonus of $40

Total compensation is 160 (20/h)

*8h shift that only earns 300 (or less, bad day) *
Net earnings of ~225.
8h * 15 = 120 again

40% of 225 Is 100.

No performance bonus. Driver still makes $15/h

*Driver has fantastic day and earns 800 in 8h.*
600 is net after commissions. 
40% of net would be 240

Driver gets paid 8h @ 15 = 120
Plus différence of the percentage split (240-120) = 120
Total compensation is 240 in 8h ≈30 per hour.

*Driver grosses 1600 in 8h (stupid ridiculous surge) *
1200 is net. Driver split would be 480, but I'm not going to pay my driver $60/hr.

*=====================================*

The cap is to guarantee the driver a minimum earnings by capping his max earnings.

Hence, the good days offset the bad, and I tabulate their earnings on a weekly basis, cumulative earnings and cumulative hours.

For example (my numbers from this weekend) 
Friday 8h gross 336
Saturday 8h gross 616
Sunday 5h gross 100

21h total, 1052 gross, 778 net after uber's commissions 
60/40 split pays the driver 311.

Weekly pay formula looks like this. 
21 (hours) * 15 (rate) = $315 (guaranteed) 
+
[778 (net) * 40% (60/40 split)] - guaranteed earnings (315) = $-3.80

315 is more than the actual split

But if gross earnings were way lower (say 500), driver would still earn the minimum (500 gross = 400 net = 160 split)

I take from the good days to give to the bad.


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## AMBUDRIVER03 (Jul 1, 2014)

I have offered my drivers two options. 

A.) Straight split of the net income, 40 car /60 driver, where they pay fuel. 
B.) hybrid, $15 hourly minimum (cap at $30) + performance based bonus, I pay fuel. 

Everyone has taken option B.


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## Sydney Uber (Apr 15, 2014)

Stale said:


> Hey @chi1cabby can you work for UberSuv and other black car service at the same time when you take the uber loan program with santander


If you don't have experience and dont have another driver within the Limo company you approach to vouch for you, it will be hard to get farm out work.

Traditional limo companies have seen many newbies front up with flash cars and no street cred. Its a hard road, if you dont have your own clients unless you have at least 6 months driving for a limo company in their cars they are gonna just see you as a huge opportunity.

That opportunity is when you do miss your first or second repayment your flash new SUV will be repossessed and Limo companies get a chance at grabbing it at a discount.

Don't buy a NEW Vehicle
Don't use Santander
Don't believe that ANY work provider can be the source of 100% of your required income
Do a apprenticeship for 6 months and see if you can make it work with some real life figures behind you


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## KevinH (Jul 13, 2014)

AMBUDRIVER03 said:


> I have offered my drivers two options.
> 
> A.) Straight split of the net income, 40 car /60 driver, where they pay fuel.
> B.) hybrid, $15 hourly minimum (cap at $30) + performance based bonus, I pay fuel.
> ...


Do you consider these workers to be full employees of your company, with payroll deductions, workers compensation, overtime, etc. factored into the Uber pay?


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## AMBUDRIVER03 (Jul 1, 2014)

KevinH said:


> Do you consider these workers to be full employees of your company, with payroll deductions, workers compensation, overtime, etc. factored into the Uber pay?


Currently 1099 workers. If I was making enough to pay them as W2s I would.

Right now with 2 drivers besides myself, there is no money after quarterly taxes and expenses for profit (some weeks I'm operating at a slight loss)

If I was not driving, I would not be making enough for the venture to be worthwhile.

My pay (to run the show) comes in the Form of the money I pay myself for driving jours (same formula as the other non owner drivers) and the potential tips. Used to average $200/wk for 30h of driving... Has dwindled to less than $50, some weeks zero. Not sure what changed

We shall see how well Uber works out.


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## zakk the bear (Jul 8, 2014)

Right now I start drivers at 60/40 and they pay fuel for the first month. if it's working out and they are making the numbers, it can go to 65/35 and they pay fuel. The workers comp insurance kills me. all are 1099 as well. 

The hybrid model in interesting, but, IMO, puts all the risk on the owner, and we already have the risk of the car, insurance, WCI, etc. factor in they can burn your fuel and that's a little dicey, no?


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