# Uber Xchange?



## allsummer17 (Jun 4, 2017)

I am deciding if I should lease through Uber Xchange or consider buying a car instead. 

With the newest version of Xchange, the terms include a $250 deposit, a lease starting a minimum of $100/week, and basic maintenance included. Pros are unlimited mileage, a newer car than I would afford on my own, however I would be responsible for rideshare insurance and gas. Just back of the envelope I am easily paying $600-$700 per month for the car. Based on talking with family members who Uber I would recoup twice the amount, however that's still money I could be pocketing by buying a car. 

I have good enough credit and savings to afford a car. I feel much better about not getting into a lease agreement with Uber, however I am worried about running up so much mileage with a new car. Any advice or information I'm missing to make the decision?


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## tohunt4me (Nov 23, 2015)

allsummer17 said:


> I am deciding if I should lease through Uber Xchange or consider buying a car instead.
> 
> With the newest version of Xchange, the terms include a $250 deposit, a lease starting a minimum of $100/week, and basic maintenance included. Pros are unlimited mileage, a newer car than I would afford on my own, however I would be responsible for rideshare insurance and gas. Just back of the envelope I am easily paying $600-$700 per month for the car. Based on talking with family members who Uber I would recoup twice the amount, however that's still money I could be pocketing by buying a car.
> 
> I have good enough credit and savings to afford a car. I feel much better about not getting into a lease agreement with Uber, however I am worried about running up so much mileage with a new car. Any advice or information I'm missing to make the decision?


Buy a car.
Lease it to yourself.
Pocket the tax writeoff.


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## allsummer17 (Jun 4, 2017)

tohunt4me said:


> Buy a car.
> Lease it to yourself.
> Pocket the tax writeoff.


Yeah, this is what I'm leaning towards. That way, I'm reducing my expenses and still own the asset in the long-run. I also forgot to mention in the OP, but I read somewhere online that if the lessee quits Uber, they are still on the hook for the car. I don't know if that's true, which I'll call and check tomorrow but if so...that's a no go.


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## Atom guy (Jul 27, 2016)

I don't see how you could possibly do a regular consumer lease and use the car for Uber. Typical leases max out at 15,000 miles per year. You could easily go way over that if you Uber a lot. You are going to spend $600-700 a month on any new car when you factor in insurance and maintenance. Ideally you would find a low mileage used car that you can afford to pay cash for. Way cheaper than buying or leasing a new car for Uber.


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## allsummer17 (Jun 4, 2017)

Atom guy said:


> I don't see how you could possibly do a regular consumer lease and use the car for Uber. Typical leases max out at 15,000 miles per year. You could easily go way over that if you Uber a lot. You are going to spend $600-700 a month on any new car when you factor in insurance and maintenance. Ideally you would find a low mileage used car that you can afford to pay cash for. Way cheaper than buying or leasing a new car for Uber.


I wouldn't do a regular lease, this would be the Uber Xchange program which has all the terms I listed in the OP. I'm debating between either Xchange and just buying a used car which would qualify for Uber as well.]

Edit: definitely agree that a regular lease is absolutely not worth it. I have a friend doing a lease outside of Xchange (for reasons), and they basically break even.


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## Adieu (Feb 21, 2016)

Atom guy said:


> I don't see how you could possibly do a regular consumer lease and use the car for Uber. Typical leases max out at 15,000 miles per year. You could easily go way over that if you Uber a lot. You are going to spend $600-700 a month on any new car when you factor in insurance and maintenance. Ideally you would find a low mileage used car that you can afford to pay cash for. Way cheaper than buying or leasing a new car for Uber.


15k mi might be enough for a parttimer.

If the overage penalty is 15-20 cents, then overrunning the lease by 1000 mi / week for some number of weeks literally costs you the same as just getting the Xchange vehicle


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## dirtylee (Sep 2, 2015)

See if you can rent it. In dfw, we can rent cars for about the same price as xchange except it includes insurance.


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## Spotscat (May 8, 2017)

I haul a lot of intoxicated college kids around, and my thought is this...

I'd much rather have a pax puke in a car I'm _renting _than a car I'm _leasing_, and I'd rather have them puke in a car I'm _leasing _than a car I'm _buying_.


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## RynoHawk (Mar 15, 2017)

My newb opinion;

It might be viable only if you plan to drive full time. The problem with the lease program to me is that I will feel like I *have* to drive as opposed as going out there and *wanting* to drive. To me, rideshare is almost like a hobby where I happen to make a few bucks on the side. If I had to go out and say "I need to make this much to cover the car payment," then "I've made the car payment now I need to make this much to make my gas money and expenses," I may find I start to get frustrated at the grind that I barely drive enough to make any extra. Part of my motivation is knowing I can drive or not drive at my leisure, if that makes any sense.


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## Adieu (Feb 21, 2016)

Spotscat said:


> I haul a lot of intoxicated college kids around, and my thought is this...
> 
> I'd much rather have a pax puke in a car I'm _renting _than a car I'm _leasing_, and I'd rather have them puke in a car I'm _leasing _than a car I'm _buying_.


"Lease" often just means "rent for over 30 days" due to some legal mumbo-jumbo

That said, people on leases seem to be claiming mileage deductions with IRS... which appears to be clearly illegal with rentals


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## popcollar2014 (Nov 15, 2016)

You can try x-change leasing without any long term commitment or major costs.


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## Marco55 (Dec 13, 2016)

allsummer17 said:


> I am deciding if I should lease through Uber Xchange or consider buying a car instead.
> 
> With the newest version of Xchange, the terms include a $250 deposit, a lease starting a minimum of $100/week, and basic maintenance included. Pros are unlimited mileage, a newer car than I would afford on my own, however I would be responsible for rideshare insurance and gas. Just back of the envelope I am easily paying $600-$700 per month for the car. Based on talking with family members who Uber I would recoup twice the amount, however that's still money I could be pocketing by buying a car.
> 
> I have good enough credit and savings to afford a car. I feel much better about not getting into a lease agreement with Uber, however I am worried about running up so much mileage with a new car. Any advice or information I'm missing to make the decision?


Don't do it! also xchange will pay your tolls and charges you double ! It's a scam! Bad people ! Also if you miss weekly payment they will charges you late fees keep taking money from your account without your permission and uber will help them ! This is from my experience! Buy a clanker for $3000 and drive it to the ground!


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## Adieu (Feb 21, 2016)

allsummer17 said:


> I am deciding if I should lease through Uber Xchange or consider buying a car instead.
> 
> With the newest version of Xchange, the terms include a $250 deposit, a lease starting a minimum of $100/week, and basic maintenance included. Pros are unlimited mileage, a newer car than I would afford on my own, however I would be responsible for rideshare insurance and gas. Just back of the envelope I am easily paying $600-$700 per month for the car. Based on talking with family members who Uber I would recoup twice the amount, however that's still money I could be pocketing by buying a car.
> 
> I have good enough credit and savings to afford a car. I feel much better about not getting into a lease agreement with Uber, however I am worried about running up so much mileage with a new car. Any advice or information I'm missing to make the decision?


Cheap old XL van if not vain

...cheap old XL truck if yes, vain


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