# Bankruptcy?



## tomabq (Jan 14, 2015)

I would like to know how many drivers like myself have purchased new cars after joining uber? Since May of 2014 I have been slashed with rate cuts, going from an initial rate of $2.35 per mile and 0.25 per minute. At the time i do not know what uber charged. It didn't take a rocket scientists to understand that my Pontiac G6 was only getting 22 miles per gallon and a Toyota Prius would get 53 miles per gallon. At the time gas was $3.20 per gallon and I was spending$900 plus a month. Easy to see that it was a smart decision to have the use of a vehicle for the same money I was spending on gas already. 

Now lyft is no longer here in Albuquerque and Uber has slashed prices to 0.85 per mile and.13 per minute. I've gone from making $1200 to $1500 per week minus expenses of course for 70-100 hrs. down to nothing. I simply can not justify working at the new rates. I turned the app on yesterday for 5 1-2 hrs to see what I would earn. A lousy $42 minus expenses 35 percent about $14 equals $28 or about $5 per hr. 

At 60 years young I honestly can not see any other option. I'm sure there have to be many drivers out there with similar circumstances.


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## Archie8616 (Oct 13, 2015)

I don't think I could do Uber full time. If I lost my primary job, I could use Uber as a temporary means of income until I found another job. But for me, having Uber only as a part time job does work for me. Bankruptcy sucks, so if you can, I would try to get a prime time job and just use Uber as your secondary. Before Uber, I was working at Taco Bell, and ya, it was only bare minimum wage, but as much negativity Uber gets, it truly has helped me personally, in getting a life back again. I do hope the best for you, and I know not all situations match our lives, but please don't give up. Don't let something like Uber take control of your life. There are other solutions, and it sounds like your at least making the first step and asking for advice. You can do it k!


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## observer (Dec 11, 2014)

tomabq said:


> I would like to know how many drivers like myself have purchased new cars after joining uber? Since May of 2014 I have been slashed with rate cuts, going from an initial rate of $2.35 per mile and 0.25 per minute. At the time i do not know what uber charged. It didn't take a rocket scientists to understand that my Pontiac G6 was only getting 22 miles per gallon and a Toyota Prius would get 53 miles per gallon. At the time gas was $3.20 per gallon and I was spending$900 plus a month. Easy to see that it was a smart decision to have the use of a vehicle for the same money I was spending on gas already.
> 
> Now lyft is no longer here in Albuquerque and Uber has slashed prices to 0.85 per mile and.13 per minute. I've gone from making $1200 to $1500 per week minus expenses of course for 70-100 hrs. down to nothing. I simply can not justify working at the new rates. I turned the app on yesterday for 5 1-2 hrs to see what I would earn. A lousy $42 minus expenses 35 percent about $14 equals $28 or about $5 per hr.
> 
> At 60 years young I honestly can not see any other option. I'm sure there have to be many drivers out there with similar circumstances.


Why bankruptcy?


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## Novus Caesar (Dec 15, 2015)

observer said:


> Why bankruptcy?


I think he is implying that he bought a brand new car that he cannot afford and has no source of income. I would not declare bankruptcy but just let them repo the car. Of course, he may have other debt he can no longer afford.


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## cferrel (Dec 14, 2015)

Just default since bk is only good if you owe like 100k+. They will just take the car and cant really do anything else.


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## observer (Dec 11, 2014)

Novus Caesar said:


> I think he is implying that he bought a brand new car that he cannot afford and has no source of income. I would not declare bankruptcy but just let them repo the car. Of course, he may have other debt he can no longer afford.


That's why I asked, if it's only about the car take it and turn it in. True about other debt though.


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## 14gIV (Dec 12, 2015)

tomabq said:


> I've gone from making $1200 to $1500 per week minus expenses of course for 70-100 hrs. down to nothing. I simply can not justify working at the new rates. I turned the app on yesterday for 5 1-2 hrs to see what I would earn. A lousy $42 minus expenses 35 percent about $14 equals $28 or about $5 per hr.


1500/wk is nearly 80k/yr....you had to know this wasn't reality and it was only temporary as Uber isnt going to allow a driver to consistently make that kind of money (either they'd keep adding a lot more drivers, and/or continue to cut rates)
I know it stinks man but 80k/yr on this type of job would be a pipe dream.
Like a few people have already mentioned just take the neg credit hit and ditch the car.


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## Mars Troll Number 4 (Oct 30, 2015)

14gIV said:


> 1500/wk is nearly 80k/yr....you had to know this wasn't reality and it was only temporary as Uber isnt going to allow a driver to consistently make that kind of money (either they'd keep adding a lot more drivers, and/or continue to cut rates)
> I know it stinks man but 80k/yr on this type of job would be a pipe dream.
> Like a few people have already mentioned just take the neg credit hit and ditch the car.


Assuming the IRS rate of 54c per mile... and let's call it 1300 miles a week driven, that's $702 in costs for a PROFIT of $498 which over 70 hours a week is .... $7 an hour after expenses... less then federal minimum wage. that math should be somewhere... im speculating on the number of miles driven so I hope I'm closeish.

The math was never really as good as people thought it was. I don't know what these cars really cost to operate but.... if you were getting comped enough to truly be able to pay for your car's expenses, it would have to LOOK way better then it really was after expenses.
If the IRS is letting us deduct 54c a mile (last year was 57) I'm guessing the cost is somewhere in this neighborhood.


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## BostonTaxiDriver (Nov 23, 2014)

You're 70; I'm almost 56.

Just drive a cab. Seriously. Or a limo. Not a high income, but no hidden expenses and no worry about ratings.

I drive 60, 72 and sometimes 84 hours weekly. We sit and wait a lot, not drive around a lot like Ubers. Much easier on you and the car that way.

I drive 12 hours and average about only 90 miles. That's easy, though I'm tired occasionally during the shift, buy not too often.

You'll drive more mature and professional people most of the the time vs. bratty X pax.

If you're willing to drive 70-100 miles Ubering, as you stated, just rent someone else's car...by renting a cab.

.


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