# How much I actually made in 48 days of rideshare driving.



## Null (Oct 6, 2015)

I'm driving as a time filler/experiment as I budgeted to take a year off from work. As a result I don't particularly care about my hourly earnings as much as I do my absolute net earnings. I've been lazy about keeping super up-to-date records, so take this with a grain of salt as there's probably bugs in the calcs I'll get more detailed about come tax time.

Direct car costs:

-2015 Prius C leased through xchange @ $142/wk since October 5th - Didn't have to pay for my first week for some reason (shhhh!) - $852
-Deposit (breaking the lease prior to 3 years costs just as much so I'm counting this as a realized cost). $200
-insurance through metromile is $60 base/mo and 9 cents per mile for non-uber miles. Caps at 150 miles/day. Haven't paid month 2 yet, but I paid $250 for the first month

Fuel costs:

- Gas is ~$2.8/gal avg.
- Car has 8400 miles on it. (Figure 48 MPG avg.) - $490 - There is about 800/mi of personal non-rideshare related miles miles in here but I'm rolling it into my total earnings (however inappropriately).

Purchased the following supplies:

-Amazon Fire Tablet (to take CC Tips and let pax play DJ over BT) $50
-Tablet anti theft cable/bracket - $24
-Aux cord $8
-Dash Camera (mini 0806) + hardwire kit $123
-Barf bag set $12
-Blue tooth headset x2 (I use this for nav VS car stereo, I lost the ear rubber so bought a second) $30
-Cell phone mount $14
-Battery pack (for charging mobile devices for pax - factory USB ports in car are garbage 500ma output) - $33
-Apple Lightning charging cable - $9.99
-Butt Cushion (Factory seats suck!) - $24
-Wolfgang Deep Gloss Sealant (Supposed to last 6 months. Makes cleaning the paint MUCH easier. Use it on -the whole fleet now... so some of this cost is not business related) - $40
-Misc Cleaning supplies (Armor all, microfiber cloths, spray detailer window cleaner, paper towels etc.) - $35
-Car washes $15/mo subscription - Let's call this $30

$419

Income.
Uber - 471 trips with $3386 resulting revenue (uber fees subtracted, including bonuses) - Not including cash tips.
Lyft - 165 trips with $1520 resulting revenue (lyft fees subtracted - including bonuses).

$4906 total revenue. Averaging $102 a day over all 48 days, including non-working days.

- $2011 in costs

= $2895 net earnings. Averaging $60 /day over all 48 days.

I haven't figure out what my tax implications are yet as I worked a normal job until mid september. YMMV in this respect anyway. A lot of the costs listed above are one time costs, so over time per day/hourly earnings rate should increase.

If you're going to do an xchange lease, you're best off splitting the car with a friend/family member so the asset is fully utilized. The unlimited mile lease structure being a fixed cost rewards you (quite significantly) for getting as many billed miles per week as possible out of the car.

Waiting for rides drives me nuts, so I have more dead miles than is really warranted VS someone who's looking to truly maximize net earnings.


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## Bright Eyes (Nov 28, 2015)

This is really helpful. I'm thinking about leasing through the XChange program. How many hours a week do you think you were driving? Also, is it easy to add someone else to the lease? My neighbor and I were talking about sharing a car. Thanks!


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## Null (Oct 6, 2015)

Bright Eyes said:


> This is really helpful. I'm thinking about leasing through the XChange program. How many hours a week do you think you were driving? Also, is it easy to add someone else to the lease? My neighbor and I were talking about sharing a car. Thanks!


Varies and I don't keep track of hours only dollars.

You don't add someone else to the lease per se. Rather, you have person who's named on the lease (you) who is 100% responsible for the vehicle. You add the 2nd driver to the Insurance.

There are some VERY important considerations however:


In the event of a serious accident, you and your insurance might be on the hook due to the negligence of the other driver

You're on the hook for parking tickets, etc.
You are responsible for any damage to the vehicle when you turn it in.

You should probably consider add-on liability insurance, etc. and make sure it covers your intended scenario in your state.

In other words, be careful who you partner with.


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## BKMxl (Jul 7, 2016)

Null said:


> I'm driving as a time filler/experiment as I budgeted to take a year off from work. As a result I don't particularly care about my hourly earnings as much as I do my absolute net earnings. I've been lazy about keeping super up-to-date records, so take this with a grain of salt as there's probably bugs in the calcs I'll get more detailed about come tax time.
> 
> Direct car costs:
> 
> ...


Don't take this the wrong way, but why would you pay $568 a month for a PRIUS? plus that crazy insurance rate your paying. For that kinda money you could buy/lease a nice BMW or something and drive Select make alot more money per ride.


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## Atom guy (Jul 27, 2016)

BKMxl said:


> Don't take this the wrong way, but why would you pay $568 a month for a PRIUS? plus that crazy insurance rate your paying. For that kinda money you could buy/lease a nice BMW or something and drive Select make alot more money per ride.


Yeah, $142/week for a Prius C? Crazy. Of course, you'd never do a regular lease for doing Uber, so maybe this special lease ignores mileage.


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## ADefaultUser (Nov 11, 2015)

BKMxl said:


> Don't take this the wrong way, but why would you pay $568 a month for a PRIUS? plus that crazy insurance rate your paying. For that kinda money you could buy/lease a nice BMW or something and drive Select make alot more money per ride.


Because you can break the xchange lease after 90 days for $250 without ****ing over your credit.


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## gofry (Oct 20, 2015)

Without the number of hours driven, this is not helpful. 

If it is 8 hours per day and you are clearing $60 per day, then you are making $7.50 an hour. Subtract 15% self-employment tax, and it's $6.30 an hour. Kind of a big waste of time.


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## MaxJoy (Aug 14, 2016)

Null said:


> -Amazon Fire Tablet (to take CC Tips and let pax play DJ over BT) $50
> -Tablet anti theft cable/bracket - $24


This is great! Thanks for sharing. I am looking to do something similar though I am still working full time and recently leased a very fuel efficient car for a great price for my personal use and then some - the Uber. Here come the dumb question. How do you use Amazon Fire tablet to let pax DJ over BT? It's wi-fi only without cell. Are you using your phone to tether?


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## Null (Oct 6, 2015)

Atom guy said:


> Yeah, $142/week for a Prius C? Crazy. Of course, you'd never do a regular lease for doing Uber, so maybe this special lease ignores mileage.


Just saw this. Yes, xchange leases are unlimited miles and include basic maintenance.


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## Null (Oct 6, 2015)

BKMxl said:


> Don't take this the wrong way, but why would you pay $568 a month for a PRIUS? plus that crazy insurance rate your paying. For that kinda money you could buy/lease a nice BMW or something and drive Select make alot more money per ride.


I dropped metro as soon as something better came along. Sitting at about $130/month for full coverage for all 3 periods with State farm.

I've depreciated the car about $13k worth already, about double what I've paid in lease payments. That's one of the strongest aspects of xchange. If I owned the car I'd be way upside down on the loan and be stuck with it should I stop driving unless I wanted to take the bath.


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## Null (Oct 6, 2015)

gofry said:


> Without the number of hours driven, this is not helpful.
> 
> If it is 8 hours per day and you are clearing $60 per day, then you are making $7.50 an hour. Subtract 15% self-employment tax, and it's $6.30 an hour. Kind of a big waste of time.


When I wrote this the $60/day included non working days. Also, gross earnings aren't subject to the employment tax, only after allowable deductions are. So you're overestimating the tax burden significantly.


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## Null (Oct 6, 2015)

MaxJoy said:


> This is great! Thanks for sharing. I am looking to do something similar though I am still working full time and recently leased a very fuel efficient car for a great price for my personal use and then some - the Uber. Here come the dumb question. How do you use Amazon Fire tablet to let pax DJ over BT? It's wi-fi only without cell. Are you using your phone to tether?


I dropped the tablet idea shortly after. It was too much of a headache.


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## BostonBarry (Aug 31, 2015)

I don't lease, but these are my stats over the first 7 months this year.

https://docs.google.com/spreadsheet...-UZlcBy-hAEZl9U-UXMCYc3dqw/edit?usp=drive_web


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## Wayne_brain (Jul 18, 2016)

Thanks for the data.
This will reset my own goals and schedule. I tend to work too many hours (I remember the good days & clients, not the bad) and don't make as much as I think I do (considering NET earnings).


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## Brian G. (Jul 5, 2016)

Boston Berry you seem like your killing it making 36k already. How much taxes are you going have to pay at the end of the year 4-5k? Looks like you might make 60k before taxes working only 41 hours a week. What's your secret?


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## BostonBarry (Aug 31, 2015)

Keep in mind, the $36k is GROSS. After actual expenses my pre-tax NET is almost $29k. However, my taxable income will be much lower because my actual expenses are far below what I can deduct. For instance, I have almost $9k in mileage deduction, bringing my taxable down to $27k. Then deduct other allowed expenses such as car washes, tolls, meals, phone, supplies, amenities, car loan interest, home office....my taxable income will be very low. Then I have two kids also so more deductions. Last year I worked rideshare full time from June on and netted about $35k but still got a tax refund despite not paying anything in.


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## Brian G. (Jul 5, 2016)

Ok I thought you can deduct mileage only or deduct tolls, gas, interest. You deducted all of that together? Its one way or the other. Now having children will help you but most of us drivers or at least a good chunk can't have the advantage more tax deductions with kids. I started in late April and 14k net after ubers 20% and gas working 38-45 hrs per week in Boston. I have no children deductions so I may be paying back in alot for taxes.


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## BostonBarry (Aug 31, 2015)

There are some things you can deduct in addition to miles. The mileage deduction is meant to cover anything typical with all cars in all areas such as: fuel, insurance, taxes, repair, maintenance, etc. But cell phone, chargers, amenities for riders, tolls, part of your home used as an office, etc. can all be deducted in addition. My advice is keep track of everything to give your tax person and they will tell you what you can and cannot do.


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## BostonBarry (Aug 31, 2015)

But use a SMART tax person. Preferably an accountant. H&R Block, Liberty, etc have very little knowledge of dealing with self-employed persons who use their car as much as we do.


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## Brian G. (Jul 5, 2016)

You can't deduct interest on a car plus mileage huh? I think ill be able to just deduct mileage and maybe a cell phone bill. Im not sure about a room for a office haha. I'm guessing I'll owe over 3k or more in taxes after working for 7 months and earning 27k gross smdh.


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## jack badly (Apr 13, 2016)

In America, being single in the tax bracket is the biggest rip off. For example 50k annual income will be taxed at 25%. In order to lower this amount, you need to be the head of household (buy a house or something if you dont have kids or married), then you will be taxed at 15%.


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## paulmsr (Jul 12, 2016)

[QUOTE="BostonBarry, post: 1Then deduct other allowed expenses such as car washes, tolls, meals, phone, supplies, amenities, car loan interest, home office....my taxable income will be very low. [/QUOTE]

As far as my understanding you're only allowed to deduct meals that are business meals, not you taking your daily lunch break. Everywhere I've worked w/ a 1099 i've had to have a receipt w/ the names of the people I had lunch with and a brief description. If you're deducting your meals that are for hell of it be careful that could always be audited.


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## BostonBarry (Aug 31, 2015)

I don't deduct personal meals, I deduct meals which directly relate to my business such as: trying to sign my server up for Lyft as driver/rider, meetups with other drivers, meals when traveling away from my home area to drive/recruit, etc.


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## EZ E (Aug 14, 2016)

OP, How many CC tips you taking in with your tablet


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## Capowood (Nov 21, 2016)

BostonBarry said:


> I don't lease, but these are my stats over the first 7 months this year.


 What is "non-ride"? Is that private chauffering outside of ridesharing?
If so, you net $900+ from rideshare and another 1400 per week private?


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## mikechch (Jun 5, 2016)

Doesn't that seem like a terribly low income? driving around all day in a cramped car designed for small trips usually with only 1 - 2 people.

You're spending that much time doing this and by your own admission, even the seats are inadequate....


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## Null (Oct 6, 2015)

You guys do realize how old this thread is right?


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## BostonBarry (Aug 31, 2015)

Capowood said:


> What is "non-ride"? Is that private chauffering outside of ridesharing?
> If so, you net $900+ from rideshare and another 1400 per week private?


Anything that isn't a fare. Power Driver Bonus, Average Hourly Guarantee, Tips, Mentoring, Referrals, etc. And no, you're misreading the sheet. $900 is a portion of the $1400, not in addition.


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## Capowood (Nov 21, 2016)

BostonBarry said:


> Anything that isn't a fare. Power Driver Bonus, Average Hourly Guarantee, Tips, Mentoring, Referrals, etc. And no, you're misreading the sheet. $900 is a portion of the $1400, not in addition.


Darn, I was hoping it was in addition.


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## Capowood (Nov 21, 2016)

Null said:


> You guys do realize how old this thread is right?


It still presents relevant info for me....


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