Uber the Car Value Advance Company | BeatTheBush

Analysis of the economy of ride sharing company Uber and the like. This is in the perspectives of the user, the driver, and the company itself.

How’s it going everybody this is beat the bush today i want to talk to you about driving for uber as you know i’m pretty on top of my finances having like credit card videos and how to build net worth and stuff like that so when i look at uber i look at how much does it cost me to drive for it i actually don’t drive for uber and i have never done it i just wanted

To analyze how much you can earn you can get like a couple hundred dollars a thousand dollars most the time people are smart enough to factor in gas because you pay out immediately however maybe some people would actually factor in the maintenance car of the car itself and also maybe the car depreciation looking at it on the surface if you drive a brand new car

With uber you’re most likely going to break even or make something really little like two to three dollars an hour after you factor in the depreciation of cost of everything the maintenance cost and everything so you’re not going to earn very much but there’s a lot of report out there saying oh yeah i earn so and so thanks boober or whatnot that is only because

You are extracting money out of your car you can think of it as you have a brand new car you’re driving around you depreciate it by driving people around so you actually have to put work in four to three dollars an hour to exchange the value in your car into cash that you can use today so in a sense is kind of like a payday advance thing in payday advance you

Have anticipated payday and you can get some payment before even your payday except you have to give it some fees and stuff for uber it’s kind of like getting an advance on the value of your car you think you’re earning that money but that chunk of cash is actually the value in the car that you’re just kind of digging it out of the car if you drive a new bird

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Car let’s say full-time for four three years you’re going to kill your car your car will likely not work at the end of three very intensive years driving with with uber and let’s just say you bought the car for thirty forty thousand dollars and yes maybe you were able to make 30 40k by the time you subtract the depreciation cost of the car you have to take some

Money and buy a new car in the end you’re going to be earning a really little like kind of less than minimum wage with uber so make sure you don’t actually use a brand new car if you do decide to drive her ooh brr that is probably the best way to do a lot of work and spin your wheels and make make it feel like you’re actually making progress but you’re not actually

Making any real money you’re just taking money from the value of the car and turn it into your cash but then it’s not you’re not getting paid from somewhere else you’re just taking it from your own value of the car so that’s just a realization i have so it’s really you think of uber as a ride-sharing business but you can also think of it as a car value advanced

Business but the act of conversion of that value in your car into cash you actually have to work to do that conversion versus a paycheck advance you just go in some store and then you pay the fee and then you get it right it doesn’t take you that long maybe five ten minutes or something however with the uber you actually have to put time in maybe your extra time

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To withdrawal that money from the value of your car so uber actually has a huge following right because it’s a sixty billion valuation company or something like that right now and it has a huge fleet of cars that are owned not by uber all the depreciation is on the users so if you look at credit card companies have this huge vast network infrastructure and they

Take a percentage out of every transaction so uber is kind of like that because they’re actually not taking the value out of the car in terms of depreciation the user doober driver is depreciating their car and they’re taking the value out there the car and put it in their pocket now during that trend action the rider pays the driver and some of it goes in the

Driver some of it goes towards uber and so you can almost think of it as um every single driver there taking value out of the car and putting into their own pockets they’re getting a little bit of value from the rider and then a bunch of the money from the rider goes to oberst so uber is kind of like a transactional receiver for the service the the driver provides

A service and and it’s kind of like self-contained except uber gets to sit over here and take a cut from this transaction and so the more drivers you have the more cut you can get for me looking at this it’s a really bad deal if you drive a new car it has to be not too old usually around like 2001 but if you buy a car that’s 2001 it could be likely that maybe a

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Year or two later you can no longer use it with the service so you got to have a good margin of safety the best thing is to drive a used car with uber with a bit of margin of safety i don’t know get like 2005 it varies by the city also the maintenance costs if you do that yourself you can save a lot of money and in that sense you are kind of earning money from

Doing your own car maintenance work so you’re pocketing that rather than paying it out in a sense it’s like if you have your own car and you drive it not for uber and you do your own car repair you also save a lot of money so it’s just another way to save money and saving money same thing as earning more money i hope you understand this perspective and after you

Watch this video you’re gonna go oh yeah of course i should not buy a new car to drive uber and make note that if you do drive for are you going to make very little after you factor everything at car depreciation which you cannot immediately tell you only notice after a few years and you know a lot of people are out there they are starting to notice and they’re

Protesting and saying oh my gosh you can’t earn living wage and etc so i hope you like this perspective on driving for uber and kind of know what you’re getting into before you actually get into it let’s beat the bush don’t forget to give me a like comment over here down below and don’t forget to subscribe over here thanks for watching

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Uber the Car Value Advance Company | BeatTheBush By BeatTheBush

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