# Many people have become upside down on auto loans.



## 58756 (May 30, 2016)

Just the other day I wanted to put $15K down on a Lexus SUV, so I can get the Uber Select and earn more. Uber is full-time income for me since I drive it everyday. The sales guy said we can't mention Uber on your credit application, lenders will deny loans if they see or hear Uber. The reason this is so is because so many drivers that financed cars, actually ended up become upside down on their loan where the vehicle depreciated big time with high miles and they can no longer pay their monthly payments--so when a Repo happened, the lenders were only able to sell it for way less than what the loan balance was. Sad  it is the reality of driving Uber, it is probably why they also ended the Express Drive program in many Cities.


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## Pax Collector (Feb 18, 2018)

Biggest mistake here is taking out a car loan to drive for Uber. I'm almost done paying off my car (Which I've had for four years prior to ridesharing) and the few days a week I spend doing this side gig make me die a little knowing it's losing value faster than I can recoup.

Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


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## 58756 (May 30, 2016)

Pax Collector said:


> Biggest mistake here is taking out a car loan to drive for Uber. I'm almost done paying off my car (Which I've had for four years prior to ridesharing) and the few days a week I spend doing this side gig makes me die a little knowing it's losing value faster than I can recoup.
> 
> Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


I won bog on a svratsc off and can actually buy a new Lexus with cash, but I am only doing loan to build credit after I put down $15k I will have low monthly payments. I was using uber tip money to play Lotto for 6 months before I won big. Otherwise I would not be getting a new car loan just for Uber.


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## Pax Collector (Feb 18, 2018)

I see, your situation is pretty unique and congratulations on your win.


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## 58756 (May 30, 2016)

Pax Collector said:


> I see, your situation is pretty unique and congratulations on your win.


Thanks, gotta play lotto when your a Uber ping pong and always going to new gas stations


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## RockinEZ (Apr 29, 2015)

Pax Collector said:


> Biggest mistake here is taking out a car loan to drive for Uber. I'm almost done paying off my car (Which I've had for four years prior to ridesharing) and the few days a week I spend doing this side gig make me die a little knowing it's losing value faster than I can recoup.
> 
> Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


There it is. There is a guy here that is driving a $500 auction car with used tires. He makes the same as the rest of us.


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## Adieu (Feb 21, 2016)

Ozzyoz said:


> Just the other day I wanted to put $15K down on a Lexus SUV, so I can get the Uber Select and earn more. Uber is full-time income for me since I drive it everyday. The sales guy said we can't mention Uber on your credit application, lenders will deny loans if they see or hear Uber. The reason this is so is because so many drivers that financed cars, actually ended up become upside down on their loan where the vehicle depreciated big time with high miles and they can no longer pay their monthly payments--so when a Repo happened, the lenders were only able to sell it for way less than what the loan balance was. Sad  it is the reality of driving Uber, it is probably why they also ended the Express Drive program in many Cities.


15k DOWN, and just for Select?

Why not just cash buy one of the all-in black car crossovers???


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## pismire (May 2, 2017)

unless your putting like 50% down, no one leaves the car dealer without being upside down.


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## Aerodrifting (Aug 13, 2017)

Pax Collector said:


> Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


Not necessarily a beater, Beater could be unreliable and unsafe which can cost more in the long run.
Find a unpopular model of used car with low miles, Drive it all you want and zero depreciation if you part time.


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## RideshareGentrification (Apr 10, 2018)

I never get how people get ripped off so bad that they are upside down on an auto loan. I've never even come close to being upside down on dozens of cars. Most my cars I drive for 30 to 50k miles and end up selling them close to the same price I paid for the car

Say u have horrible credit, Put 10% down and let's say your payment is $200.a month pay $300 to $400 Problem solved

People who become really upside down on a car loan are what's wrong with society.


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## henrygates (Mar 29, 2018)

I'm pretty sure for $15k you could buy a Lexus that qualifies for select...cash paid in full.


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## RideshareGentrification (Apr 10, 2018)

henrygates said:


> I'm pretty sure for $15k you could buy a Lexus that qualifies for select...cash paid in full.


For $15k you can buy a car that qualifies for Lyft Lux SUV and Uber Black SUV


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## DEEP3R (Mar 20, 2017)

The key is to buy what you can afford and be prepared to double or triple your payment. Let’s be honest, most people who are doing this do not have cash laying around to pay for a car.


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## Onedem (May 9, 2018)

Here's what $2500 can get you..it's a almost over age car with hardly any miles. One owner clean, no payments. Most customers can't believe this car is almost 15 years old.


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## Adieu (Feb 21, 2016)

Seat reupholstery leather kits can often be snapped up for $100-300 (for the entire car) on ebay or craigslist


Seems like installers often order the wrong one or DIYers get em but then get all intimidated


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## sanchez15 (May 16, 2016)

Its simple. Would you buy ANY new car making only $20 an hr. You definitely would not buy a new car, or possibly not even be able to afford any card or even a bicycle at $15hr. I spent $500 on my first Uber car. Drove it for a year (pax loved it 2003 Saturn L300). $1000 for my second car(I had to get it running) which was a 2006 Mazda 3 --super fun car to drive it was a stick. Had the Mazda for a couple years and ran it to the ground. Now I have a 2008 Prius. Just got it for $4000. It has 120k on it. I feel like I spent too much on it to use for Uber ... hope you get the point. Unless you really care about looking good in an expensive car --you really should not care though I understand the LA and Miami type mentality-- and you realize it will cost you thousands of hours of driving along with a second job to pay for it. Then go for it. yeh... it will also be worth zero in three years when the mileage crosses 200k. 

Get an old model Prius. They are proven. Cheap enough, though still a massive expense for an Uber driver. Cab companies consistently get 300k on them and they still running on the original battery. Cab co just unload them at 300k. Others get 500k on them. Just do the research and read the forums...


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## 1974toyota (Jan 5, 2018)

Pax Collector said:


> Biggest mistake here is taking out a car loan to drive for Uber. I'm almost done paying off my car (Which I've had for four years prior to ridesharing) and the few days a week I spend doing this side gig make me die a little knowing it's losing value faster than I can recoup.
> 
> Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


Yessssssssssssssssssssssssssssssssssssss



Onedem said:


> Here's what $2500 can get you..it's a almost over age car with hardly any miles. One owner clean, no payments. Most customers can't believe this car is almost 15 years old.


Yesssssssssssssssssssssssssssssss, you the man with a PLAN, JMO


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## Stevie The magic Unicorn (Apr 3, 2018)

I'm going to point out...

When i bought my own taxi back in 2010 I had to put equity on my house for collateral on the loan, (I ended up just not taking out a loan)

for this VERY reason.


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## jaxbeachrides (May 27, 2015)

The black book value on a 2012 Lexus RX350 is less than 15k. Just buy one in cash.


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## streetkings01 (Sep 28, 2017)

Ozzyoz said:


> Just the other day I wanted to put $15K down on a Lexus SUV, so I can get the Uber Select and earn more. Uber is full-time income for me since I drive it everyday. The sales guy said we can't mention Uber on your credit application, lenders will deny loans if they see or hear Uber. The reason this is so is because so many drivers that financed cars, actually ended up become upside down on their loan where the vehicle depreciated big time with high miles and they can no longer pay their monthly payments--so when a Repo happened, the lenders were only able to sell it for way less than what the loan balance was. Sad  it is the reality of driving Uber, it is probably why they also ended the Express Drive program in many Cities.


For $15K I'd but a hybrid(Prius) and a minivan(Sienna) for close to half that amount and recoup that money in a few months.

Last October I bought a 2005 Nissan Quest and a 2003 Lincoln Town Car , used both for ridesharing only. Spent $4k($2400 Quest & $1600 Town Car) total for both cars. Still have the Quest but sold the Town Car a couple months ago for $1700.


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## Rumnutz (May 22, 2018)

Pax Collector said:


> Biggest mistake here is taking out a car loan to drive for Uber. I'm almost done paying off my car (Which I've had for four years prior to ridesharing) and the few days a week I spend doing this side gig make me die a little knowing it's losing value faster than I can recoup.
> 
> Best advice anyone can give you is get a beater, pay cash, and hope and pray the wheels don't fall off with Miss Daisy in the back seat.


My husband and I are running into the same problem. So what if you are upside down....you are most of the time anyway. Shouldn't be based on credit and whether you've had a car repossessed? SMDH


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## Kodyhead (May 26, 2015)

Ozzyoz said:


> I won bog on a svratsc off and can actually buy a new Lexus with cash, but I am only doing loan to build credit after I put down $15k I will have low monthly payments. I was using uber tip money to play Lotto for 6 months before I won big. Otherwise I would not be getting a new car loan just for Uber.


Putting 15k down on any car. You can put heroin dealer on the app lol but just make up any job from your past and income


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## jgiun1 (Oct 16, 2017)

The key is NOT to put lyft and Uber but self employed driver. Don't know how it makes a difference, but people working on the loan after the initial application get er done. Just be prepared for four months of bank statements to verify the income. And trust me, they go through line for line on every deposit made for four straight months.


Stick to a car in the 8 -9 grand range and only take the loan out for two years. I did it and my car will be under 100k miles and paid off in 10 months.


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## PHXTE (Jun 23, 2015)

Rumnutz said:


> My husband and I are running into the same problem. So what if you are upside down....you are most of the time anyway. Shouldn't be based on credit and whether you've had a car repossessed? SMDH


Nonsense.

You're underwater or upside down in a car because you bought a car you couldn't afford and didn't put enough money down on it. That, or you bought a POS of a car that depreciates too quickly under some horrendous terms. I've bought six new cars over the past decade, haven't been upside down in any of them. I buy cars I can afford, I put a bunch of money down on them, and I don't buy crapboxes(well, one was a crapbox...).

At any rate, take your $15k and invest it. Blowing it on a car to drive around for Uber is counterproductive. You're only sinking that money into the car to extract it back out by being a ********* driver while destroying the value of said car in the process. No one is getting rich doing this. Take your lottery winnings and do something intelligent with it.


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## steveK2016 (Jul 31, 2016)

Unless you put a decent down payment on any financed vehicle, you'll be upside down for at least the first 1/3 of the term duration. Thats why GAP insurance is a thing. You can typically cancel at anytime and get a refund on the remaining balance. Anyone who carried gap longer than 1/3 of their finance term is losing out on cash.


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## rideshare2870 (Nov 23, 2017)

I don’t have Select, Black or anything of that sort in my market and even if we had it I still wouldn’t do it. Ridesharing is best done with a paid off older car. You have to scale back on the bells and whistles but that’s ok. More toys = more shit that can break in your car. If you use Craigslist, take a mental note on every car that is listed that you’re interested in. Don’t jump on the first deal you see. Just note, that cars that stay long enough on Craigslist, eventually go down in price which means nobody wants the car. Place your offer after the owner goes down on the price by himself, don’t place an offer on a new posting.


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## streetkings01 (Sep 28, 2017)

steveK2016 said:


> Unless you put a decent down payment on any financed vehicle, you'll be upside down for at least the first 1/3 of the term duration. Thats why GAP insurance is a thing. You can typically cancel at anytime and get a refund on the remaining balance. Anyone who carried gap longer than 1/3 of their finance term is losing out on cash.


 My credit union offers gap insurance at a one time fee of $225 which is rolled into the loan.


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## dirtylee (Sep 2, 2015)

or just do what taxi's do.

Buy a solid platform that can last 300k miles.
Cheap to operate.
Save up cash for the transmission. {if you have to get your ****** worked on at retail prices, you already lost/failed}​


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## wontgetfooledagain (Jul 3, 2018)

Ozzyoz said:


> I was using uber tip money to play Lotto for 6 months before I won big.


This is classic.


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## 58756 (May 30, 2016)

wontgetfooledagain said:


> This is classic.


It is truth, at if I hit it big I will be relieved of the entitled pax that abuse for $3. I hit it $50k and $34k after taxes which I invested. Now adays $50k ain't all that big.


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## atg410 (Mar 30, 2018)

I see 2018 Camrys and Accords doing Uber full-time. Nothing wrong with that unless you are upside down on your loan. I met a guy with 110k on his 2017 Camry (7% APR lol) who made nothing but minimum payments the entire time. I swear, some people can be so senseless. Owe 20k on a car not even worth 12k lmao. I laugh at those kind of people...

If you are using a car that’s financed for rideshare, keep up with your payments! Once you’re in the negative, it’s hard to get out.


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## RideshareGentrification (Apr 10, 2018)

atg410 said:


> I see 2018 Camrys and Accords doing Uber full-time. Nothing wrong with that unless you are upside down on your loan. I met a guy with 110k on his 2017 Camry (7% APR lol) who made nothing but minimum payments the entire time. I swear, some people can be so senseless. Owe 20k on a car not even worth 12k lmao. I laugh at those kind of people...
> 
> If you are using a car that's financed for rideshare, keep up with your payments! Once you're in the negative, it's hard to get out.


Yes so much sense here If you have a $400 payment you should be making a $600 payment each month. I usually make double payments on my cars allowing me to pay off 5 year loans in under 2 years. Also allows me to never be upside down . I bight my 2013 jx35 in April for $14500 my loan kinda sucks 6% but I did get a great deal as I bought the car for about the same as trade in value. I put no money down but for my 2 payments so far the base payment is $335 I paid $600 and $750 I'll continue doing that until I sell it.

If I was dumb enough to buy a car at retail and take out a loan for it then drive it for uber I'd hope I'd be smart enough to buy gap insurance Nothing like having someone rear end you totalling out the car that you owe $20k on and only getting $11k from insurance lol


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## bsliv (Mar 1, 2016)

atg410 said:


> I see 2018 Camrys and Accords doing Uber full-time. Nothing wrong with that unless you are upside down on your loan. I met a guy with 110k on his 2017 Camry (7% APR lol) who made nothing but minimum payments the entire time. I swear, some people can be so senseless. Owe 20k on a car not even worth 12k lmao. I laugh at those kind of people...
> 
> If you are using a car that's financed for rideshare, keep up with your payments! Once you're in the negative, it's hard to get out.


A 2018 Camry or Accord, or any car for that matter, will cost the same to drive whether or not one is upside down or not. If one makes a $100 payment or a $1000 payment per month is irrelevant, it still costs the same to drive. A 2018 Camry SE, financed and used exclusively for rideshare, will cost about $0.83 per mile to drive for the first 15,000 miles and one year. If one paid cash up front, it lowers the cost to $0.74 per mile.

When the car is no longer worth fixing to keep running, one may still owe a lot. But that doesn't change its cost to drive. If one calculates their cost to drive as gasoline only, they may be in for a shock. If one calculates their cost to drive correctly, they probably won't drive a new car for rideshare. But if they did, they'd know that driving 100 miles to gross $100 will net $17. The $83 should be put towards depreciation, maintenance, repairs, etc. The problem arises when one sees their checking account go up by $100 but fail to account for the true cost to drive.

Being upside down, especially with gap insurance, is not a bad thing, except psychologically. If one is upside down and misses a payment, they may take the car back. Not a big deal, no money lost. However, if they had equity in the car and it was repossessed, they may lose their equity. A repossessed car with hurt one's credit, upside down or not.


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## RideshareGentrification (Apr 10, 2018)

bsliv said:


> A 2018 Camry or Accord, or any car for that matter, will cost the same to drive whether or not one is upside down or not. If one makes a $100 payment or a $1000 payment per month is irrelevant, it still costs the same to drive. A 2018 Camry SE, financed and used exclusively for rideshare, will cost about $0.83 per mile to drive for the first 15,000 miles and one year. If one paid cash up front, it lowers the cost to $0.74 per mile.
> 
> When the car is no longer worth fixing to keep running, one may still owe a lot. But that doesn't change its cost to drive. If one calculates their cost to drive as gasoline only, they may be in for a shock. If one calculates their cost to drive correctly, they probably won't drive a new car for rideshare. But if they did, they'd know that driving 100 miles to gross $100 will net $17. The $83 should be put towards depreciation, maintenance, repairs, etc. The problem arises when one sees their checking account go up by $100 but fail to account for the true cost to drive.
> 
> Being upside down, especially with gap insurance, is not a bad thing, except psychologically. If one is upside down and misses a payment, they may take the car back. Not a big deal, no money lost. However, if they had equity in the car and it was repossessed, they may lose their equity. A repossessed car with hurt one's credit, upside down or not.


So you take into account the person making a $1000 payment is putting $900 more towards principal than the person making $100 payments ?


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## bsliv (Mar 1, 2016)

RideshareGentrification said:


> So you take into account the person making a $1000 payment is putting $900 more towards principal than the person making $100 payments ?


It doesn't matter. It doesn't effect gas mileage. It doesn't effect maintenance. It doesn't effect repairs. It may effect finance costs. But if one has a 0% loan, it won't matter. In fact, if one has a 0% loan, they shouldn't pay it off early. I'm sure an investment could be found that pays more than 0%.

For some perspective, finance costs of a $10,000 loan at 5% is $42/month. Depreciation on a new Camry is $556 per month for the first 12 months.


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## atg410 (Mar 30, 2018)

bsliv said:


> A 2018 Camry or Accord, or any car for that matter, will cost the same to drive whether or not one is upside down or not. If one makes a $100 payment or a $1000 payment per month is irrelevant, it still costs the same to drive. A 2018 Camry SE, financed and used exclusively for rideshare, will cost about $0.83 per mile to drive for the first 15,000 miles and one year. If one paid cash up front, it lowers the cost to $0.74 per mile.
> 
> When the car is no longer worth fixing to keep running, one may still owe a lot. But that doesn't change its cost to drive. If one calculates their cost to drive as gasoline only, they may be in for a shock. If one calculates their cost to drive correctly, they probably won't drive a new car for rideshare. But if they did, they'd know that driving 100 miles to gross $100 will net $17. The $83 should be put towards depreciation, maintenance, repairs, etc. The problem arises when one sees their checking account go up by $100 but fail to account for the true cost to drive.
> 
> Being upside down, especially with gap insurance, is not a bad thing, except psychologically. If one is upside down and misses a payment, they may take the car back. Not a big deal, no money lost. However, if they had equity in the car and it was repossessed, they may lose their equity. A repossessed car with hurt one's credit, upside down or not.


See, this is the problem. Many people don't think long term and that's why the rich just keep getting richer. If you have the mindset of "I will have a car payment for the rest of my life so I don't care about paying a loan off and therefore am not worried about signing this 84 month loan at 9.5%" then you should be leasing instead of financing. I started flipping $1000 cars my senior year of high school and eventually worked as a salesman for a big name dealership in the Baltimore area as a "summer job". I quit after a month because I became sick of being coerced [by incentives] into ripping customers off, reminding them to mainly focus on monthly payments and not necessarily loan lengths/APR rates. While thinking in the present is important, you have to be prepared for the future. Based on your post, you sound like the type of person to roll 10k of negative equity into a new car loan and then just buy gap insurance to alleviate the psychological burden you now face being upside down. I don't mean to spur an economic debate, but you are wrong in some regard. Being upside down is *never* a good thing. If you are driving all those miles, you should be keeping up with your loans. If you bought a new car solely for rideshare and it's made by a manufacturer other than Honda or Toyota, you are S.O.O.L. once you pass 80k miles if you don't have any money saved for repairs and maintenance. If you bought a new Nissan (particularly Altima, I see those everywhere in my area) for rideshare, save every penny you make for that new transmission you'll need around 40k. If you are struggling that much financially, it's probably better in this instance to be behind on your loan so you have cash saved when your ****** is done. To any Nissan owners reading this: please get your ****** serviced every 20k! Extremely easy to DIY but if you prefer to bend over to excessive labor rates at a shop/dealer, at least get it done. You will thank me later. If you are doing rideshare full time, I suggest visiting your local Harbor Frieght with a few Benjies and get yourself some tools. You will save a lot of money (if you think long term). Why pay someone else to do it when you can do it yourself. I learned over half of all the vehicular repairs/maintenance I know from YouTube.

I agree with the fact that many see $100 earnings as $100. Many also see $100 earnings as $80 in their pocket, deducting gas as the only expense. They will be in for a shock when Uncle Sam's payday rolls around. However, not every car costs the same to drive my friend. There are so many confounding variables involved for you to be able to even make such an assertion. Also, your figures are very vague, misrepresenting, and inconclusive.


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## bsliv (Mar 1, 2016)

atg410 said:


> you should be leasing instead of financing


I think leasing only makes sense if the buyer wants a new car every 3 years or so.



atg410 said:


> I quit after a month


I 100% agree that car dealers want the buyer to focus on the monthly payments. I 100% agree that is the wrong way for a buyer to think.



atg410 said:


> you sound like the type of person to roll 10k of negative equity into a new car loan and then just buy gap insurance to alleviate the psychological burden you now face being upside down


Wrong. I bought a new car on my 18th birthday back in the 1970's. I didn't buy another new car until 2015. In the mean time, I got a degree in economics and have worked in the field of economics (licensed appraiser) for the past 30 years. I was offered a 0% loan for 3 years, 1% loan for 4 years, 2% loan for 5 year, a 3% loan for 6 years, or a 4% loan for 7 years. $0 down and no payments for 3 months.

Unless we experience deflation, only a fool would pay off a 0% loan. If your savings account pays 2%, only a fool would pay off a 1% loan. It doesn't matter if the loan was to buy a car or was an unsecured loan.



atg410 said:


> I don't mean to spur an economic debate


But that's what we're doing and its my forte.



atg410 said:


> Being upside down is *never* a good thing.


Never say never. (did I just do that?) Say we both buy identical $30,000 cars. You don't want to be upside down so you put down $10,000. I don't care if I'm upside down so I put down $0. If the loan rate was 1% and my savings account pays 2%, I'll end up with more money in my account than you will. Then we both lose our jobs and we can't make a payment. Both cars get repossessed. You're out $10,000 and have your credit dinged. I have my credit dinged but have $10,000.

Further, you mentioned high repair bills to keep your source of income operative. Better to have income and be upside down than no income and equity.



atg410 said:


> I suggest visiting your local Harbor Frieght


Advising someone to go to Hazard Fraught? lol. With the rate TNCs pay, I can't see how anyone can afford not to diy. Always use safety stands, especially if using a Hazard Fraught jack. HF sells mostly cheap stuff. Cheap stuff doesn't always last. But for the price, they can't be beat. I'm a regular at HF, but I'm cheap.



atg410 said:


> lso, your figures are very vague, misrepresenting, and inconclusive.


Vague? I gave specific numbers for a specific car under two different circumstances. I'd say I was 'specific' not 'vague'.

What did I misrepresent?

What conclusion should I have come to?

I didn't pull those number from thin air. I suggest looking at Edmunds True Cost to Own and Kelley Blue Book. I'd bet they have more experience with values than either of us. And as I said, it has been my job to determine values for the past 30 years. Just this week, I've valued millions of dollars worth of real property.



atg410 said:


> However, not every car costs the same to drive my friend.


That's why I used a specific car made in a specific year, used for a specific time, and driven for a specific mileage. I could have used the average new car, driven for 15,000 miles a year for 5 years. Its $0.545 per mile.


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## atg410 (Mar 30, 2018)

Congrats, you win. Couldn’t finish reading all of that.

I will say though, I abuse all my tools (mostly from HF), and never had a problem. If I ever do, no worries. That’s what a lifetime warranty is for. You do know they sell a lot of other brands besides Pittsburgh, right?


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## bsliv (Mar 1, 2016)

atg410 said:


> Congrats, you win. Couldn't finish reading all of that.
> 
> I will say though, I abuse all my tools (mostly from HF), and never had a problem. If I ever do, no worries. That's what a lifetime warranty is for. You do know they sell a lot of other brands besides Pittsburgh, right?


A win is hollow if the opposition forfeits.

You wrote 18 lines. I responded with 21 lines. I read all 18.



atg410 said:


> See, this is the problem. Many people don't think long term


Short term gratification? Not willing to do the work for the long term benefit? Read 21 lines. Then tell me why identical cars have different operating costs based on how they were purchased. I'm here to say that it doesn't matter if you paid cash, the car was a gift, you're making payments, you stole the car, and/or you're upside down. The cost to operate is the same, except for financing costs which may be insignificant as compared to other costs. And finance costs would not apply if the rideshare vehicle is also the personal vehicle. Its a cost that would be incurred without rideshare so its not a cost associated with rideshare and therefore, not applicable to determine the cost to drive rideshare.

Being upside down isn't a cost issue. Having a high interest loan is a cost issue. I think Edmunds True Cost to Own breaks costs down fairly well.


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## RideshareGentrification (Apr 10, 2018)

It would be really hard for a rideshare driver to get a loan under 2% most are gonna be 5-22% Apr. I agree a loan of 1.9% or lower doesn't make sense to pay off early . I'm paying 6% so I want to pay it off as soon as possible plus I just don't like car payments 

I really think we can all agree that buying a brand new car is dumb especially for rideshare work. Most uber black drivers are rolling around in 2011 suburbans with 250k miles on them that are worth about $7k or 8k , if I were just going to do X and Lyft I'd buy the cheapest car that qualifies that is low maintenance and gets at least 28mpg and ride it to the ground . A nice car 2006 rideshare car can be had for under $3500


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