flyinguber Posted April 13, 2015 Report Share Posted April 13, 2015 I’m not really a business person. That’s the problem I have with all of this. How much profit are you guys making? I’m sure the amount varies. How much of what you make is actually profit? Quote Link to comment Share on other sites More sharing options...
cardinal Posted April 13, 2015 Report Share Posted April 13, 2015 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 Mr. Wolf 1 Quote Link to comment Share on other sites More sharing options...
Mr. Wolf Posted April 13, 2015 Report Share Posted April 13, 2015 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 Quote Link to comment Share on other sites More sharing options...
admin Posted April 22, 2015 Report Share Posted April 22, 2015 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!! Quote Link to comment Share on other sites More sharing options...
imperator Posted April 22, 2015 Report Share Posted April 22, 2015 Dont forget the water, parking, some treats if the case!! I will cut another £100 from profits!!! Quote Link to comment Share on other sites More sharing options...
fullpower Posted April 22, 2015 Report Share Posted April 22, 2015 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) LUED 1 Quote Link to comment Share on other sites More sharing options...
mike24 Posted April 22, 2015 Report Share Posted April 22, 2015 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) 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 Quote Link to comment Share on other sites More sharing options...
Mr. Wolf Posted April 22, 2015 Report Share Posted April 22, 2015 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) 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. Quote Link to comment Share on other sites More sharing options...
Mr. Wolf Posted April 22, 2015 Report Share Posted April 22, 2015 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. Quote Link to comment Share on other sites More sharing options...
mike24 Posted April 22, 2015 Report Share Posted April 22, 2015 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 Quote Link to comment Share on other sites More sharing options...
Mr. Wolf Posted April 22, 2015 Report Share Posted April 22, 2015 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 Quote Link to comment Share on other sites More sharing options...
LUED Posted April 22, 2015 Report Share Posted April 22, 2015 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. Mr. Wolf 1 Quote Link to comment Share on other sites More sharing options...
LUED Posted April 22, 2015 Report Share Posted April 22, 2015 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. Mr. Wolf 1 Quote Link to comment Share on other sites More sharing options...
Mr. Wolf Posted April 23, 2015 Report Share Posted April 23, 2015 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. LUED 1 Quote Link to comment Share on other sites More sharing options...
flyinguber Posted April 23, 2015 Author Report Share Posted April 23, 2015 wow, thanks for the reply guys. much appreciated all these informations Quote Link to comment Share on other sites More sharing options...
readean Posted April 26, 2015 Report Share Posted April 26, 2015 Very good topic, i wonder how many of us realize how much money we have to pay every month just to be able to work!!! Quote Link to comment Share on other sites More sharing options...
LUED Posted April 26, 2015 Report Share Posted April 26, 2015 Very good topic, i wonder how many of us realize how much money we have to pay every month just to be able to work!!! Those who have been in the job for a number of years! Quote Link to comment Share on other sites More sharing options...
danthedriver Posted April 26, 2015 Report Share Posted April 26, 2015 After you pay your tax, food and house rent or mortgage. That it, no more money left. Surviving, not Living !!!! Quote Link to comment Share on other sites More sharing options...
george Posted November 17, 2016 Report Share Posted November 17, 2016 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 Johny 1 Quote Link to comment Share on other sites More sharing options...
Johny Posted November 19, 2016 Report Share Posted November 19, 2016 PLus the backpain.....:( Quote Link to comment Share on other sites More sharing options...
haji Posted August 27, 2017 Report Share Posted August 27, 2017 driving for Uberx you get like £15/hour where your real profit is half of that! but your car is included! LUED 1 Quote Link to comment Share on other sites More sharing options...