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How much profit do you make?

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Well, depends on how much money u make on the specfic week

 

If you make £1000/week you have to cut the weekly expenses like insurance , petrol, tax man , car depreciation .

Some will say you real income will be around £600 from those £1000 but i think its unreal, looking at my histroy in the last 2 weeks.

 

My expenses are around £360 from £1600 made

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Hi Cardinal, thanks for sharing your info, I am new to this and considering driving on the evenings

Just couple of questions, to achieve £1320 in couple of weeks

how many mile do you drive per day on average?

and how many hours per day of uber driving?

What car do you drive?

Do you lease or your car?

What are your car costs per mile?

What are your petrol cost per mile?

What are your maintenance cost per mile?

Other cost per mile?

And how do you include insurance cost?

Your feed back and advise will be greatly appreciated.

Many thanks

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total / month                           £4000

 

uber commission         25%   -1000     before 20%  -800

petrol                                     -500

car wash                                -50

insurance                               -200

car value depreciation           -200

car parts  wearing                  -100

 

if car payment                        -£300 ????? ( by case, it could be more or less )

                                   

profit                                       £1650     before £1850

 

or

else

profit                                      £1950     before £2150

 

 

 

 

Any suggestions are welcomed!!

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According to your math, if you lease the car you're actually saving money because there is not depreciation , no car costs, just monthly payment!!

 

Hmmmmmm B) B)

 

Yes, but at the end of your contract, you have nothing.

At least if you buy the car, after finance you can sell it, get some money back

 

But maybe you're right, coz if you add how much your repairs were during finance, maybe is the same

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According to your math, if you lease the car you're actually saving money because there is not depreciation , no car costs, just monthly payment!!

 

Hmmmmmm B) B)

Mike24 by leasing a car you will make around £200 - £300 less a month! but no headache if problems with car or replacements issues and the hassle of doing things yourself and waste time. You have to assess and see what fits you better.

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I am reading in the forum people are doing £600-£1000 a week after uber costs?!

Realistically you have to deduct 50-55% as costs.

So if you do £600 a week your net profit/take home after costs is around £300 - £330. Or the same if you do £1000 a week your take home after cost is around £500 - £550.

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Mike24 by leasing a car you will make around £200 - £300 less a month! but no headache if problems with car or replacements issues and the hassle of doing things yourself and waste time. You have to assess and see what fits you better.

 

Yes, youre right, because i spent already since i have the car last 2 years, more than £4000 in repairs and service.

Finance is for 4 years, that means £8000 running costs during finance, and the value of the car will be around £10k if i want to sell it.

I will remain with £2000 profit but after loads of hassle and time spent at service!!!!!!

 

NOT GOOD

 

SO , yeah, is better to lease, no hassle, no time consuming

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Can someone tell me what is the average fare per mile we get for uberX before any costs??

Their website says £1.25 per mile for the uberX drivers, but when you calculate a journey it varies from £1.70 - £1.95??

Can someone also shed a light on how the surge rates and times work?

Many thanks

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Can someone tell me what is the average fare per mile we get for uberX before any costs??

Their website says £1.25 per mile for the uberX drivers, but when you calculate a journey it varies from £1.70 - £1.95??

Can someone also shed a light on how the surge rates and times work?

Many thanks

 

Uber fares are calculated by base + distance +time 

 

On UberX the base fare (which is charged the moment you enter the car) is £2.50. Then the fare is £1.25 per mile travelled, and £0.15 per minute for the journey.

 

So a 10 mile journey which takes 30 minutes would be £2.50 + 10 x £1.25 + 30 x £0.15 = £19.50 (which averages out at £1.95 per mile). 

 

Surge prices occur when the supply of drivers is low, and/or demand is high. This is usually temporary, often when there's a burst of customers coming out of an event, or a tube strike, inclement weather etc. The passengers pay a multiple of the basic fare from 1.2x to 5.0x or higher as seen on New Years Eve. Obviously the driver is going to benefit as they'll be getting paid more. 

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Realistically profit made will depend on how efficient you're running your business.

 

I'd say about 50% to 60% of takings, gross of tax. 

 

Remember you're also benefiting from the fact that you've already got car you use as your own personal transport (unless you got another), and if you want to compare to a normal PAYE job, commuting costs and times are included, though the usual sick pay, pension, holiday benefits aren't included. 

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Uber fares are calculated by base + distance +time 

 

On UberX the base fare (which is charged the moment you enter the car) is £2.50. Then the fare is £1.25 per mile travelled, and £0.15 per minute for the journey.

 

So a 10 mile journey which takes 30 minutes would be £2.50 + 10 x £1.25 + 30 x £0.15 = £19.50 (which averages out at £1.95 per mile). 

 

Surge prices occur when the supply of drivers is low, and/or demand is high. This is usually temporary, often when there's a burst of customers coming out of an event, or a tube strike, inclement weather etc. The passengers pay a multiple of the basic fare from 1.2x to 5.0x or higher as seen on New Years Eve. Obviously the driver is going to benefit as they'll be getting paid more.

LUED that's very good explanation. thank You for your input, appreciate your advise.

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I think the profit is dropping, as we have to stay longer on the roads. Stay longer you consume more, more coffees, more junk food, more cigarettes....:( :(  I think is somewhere around %35 now i may say.... so if you make £1000/week deduct:

- car £100

-insurance £60

-fuel £100

-food and water and cigarettes £100

-car depreciation £50

-uber commission £250

 

TOtal= £650

profit = £350

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