ScottP Posted September 29, 2016 Report Share Posted September 29, 2016 Hi there, If anyone with experience can give a straight up rundown of whether or not it is economically viable to drive with uber in Birmingham that would be very much appreciated. To give a bit of background, I am a 23 year old, recently moved to Brum area and looking to grow my online business while making some cash on the side. If anyone can correct me on any costs I'm missing out or anything that might be off please do let me know. With Uber taking 25% and taking into account petrol I have estimated I need to bill in total about £1200 PM to break even. So in this scenario (of making £1200): 25% to Uber - £300PM Lease of Car - £450PM Insurance - £200PM Petrol Costs - £200PM (This was a bit of a guess tbh, To make £1200 I am not sure how many miles and therefore petrol that would be, some more info on that would be great) Car maintenance - £50PM Total - £1200PM Does this seem like an okay estimation, is there any costs I am missing/ anything I am off? I am hoping to put in the hours to clear £1000PM profit for myself, which if these numbers are correct would mean taking in total around the £2200 mark. How many hours of driving do you think this would take? Baring in mind I will be working Friday and Saturday nights and always peak hours. Can anyone also give a brief rundown of exactly what needs to be done from start to on the road with Uber? Any feedback and wisdom from yourselves is very much appreciated Thanks, Scott Quote Link to comment Share on other sites More sharing options...
LUED Posted October 15, 2016 Report Share Posted October 15, 2016 Before continuing, I would definitely check if you'll be accepted for a lease, and ensure you are able to use the car for hire and reward, as some leasing contracts may not allow you to do so. You also need to ensure you have the V5 document, in case it's required when you have the car licensed as a private hire vehicle by your local authority. As for insurance, make sure you get quotes first, and that you'll definitely be covered on a lease car, since you won't be the owner of the car (the finance company is), though you may be the registered keeper. Another thing about leasing, is that the initial payment may be 3, 6, or 9 times the amount of the monthly cost (i.e. £1350, £2700 or £4050), make sure you can meet this cost in the first month. Being self-employed and new, the first payment is not likely to be 3 months, worth, but 6 or 9 times. basescu 1 Quote Link to comment Share on other sites More sharing options...
basescu Posted October 21, 2016 Report Share Posted October 21, 2016 On 29/09/2016 at 3:27 PM, ScottP said: Hi there, If anyone with experience can give a straight up rundown of whether or not it is economically viable to drive with uber in Birmingham that would be very much appreciated. To give a bit of background, I am a 23 year old, recently moved to Brum area and looking to grow my online business while making some cash on the side. If anyone can correct me on any costs I'm missing out or anything that might be off please do let me know. With Uber taking 25% and taking into account petrol I have estimated I need to bill in total about £1200 PM to break even. So in this scenario (of making £1200): 25% to Uber - £300PM Lease of Car - £450PM Insurance - £200PM Petrol Costs - £200PM (This was a bit of a guess tbh, To make £1200 I am not sure how many miles and therefore petrol that would be, some more info on that would be great) Car maintenance - £50PM Total - £1200PM Does this seem like an okay estimation, is there any costs I am missing/ anything I am off? I am hoping to put in the hours to clear £1000PM profit for myself, which if these numbers are correct would mean taking in total around the £2200 mark. How many hours of driving do you think this would take? Baring in mind I will be working Friday and Saturday nights and always peak hours. Can anyone also give a brief rundown of exactly what needs to be done from start to on the road with Uber? Any feedback and wisdom from yourselves is very much appreciated Thanks, Scott Yes, that is about correct. You need to spend minimum £1000 / month just to be able to work. Is like any other business, invest 1000 to get 2000-3000 from where you get the profit. But like I said, if you have an office job, you still need to pay for the car, insurance, petrol, etc if you want a car Quote Link to comment Share on other sites More sharing options...