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Is ridesharing a good idea / hustle?

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DStark

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Just wondering, does anyone on here use a ride sharing platform for primary or secondary income? Would you recommend it?

I work full time on shifts Thursday thru Saturday, and every other Wednesday, 6:30 AM-7:30 PM. I am getting a business going now but am thinking of using ride share as means to help bring in extra income as i get this going. Problem is I have a 20 year vehicle and would need to go into debt to get a vehicle that is newer. Would you go into debt to pick up a vehicle or would you just say screw it and keep on the business and not go in debt?
 

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Jeff Noel

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Wouldn't you rather take the amount you'd put into a new car and put in on your business ? You'll be able to afford better cars once your business is rolling.
 

JG17

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Going into debt to buy a new(er) car to do this sounds like a bad idea to me when you already work long shifts and are trying to set up/grow a business. You could get burnt out if you add another responsibility.

Not sure if I’m recommending this or not, but perhaps work out how many hours of driving you’d have to do to break even on the car, and then commit to parking your business (pun unintended, I promise) until you’ve paid off most, if not all of the debt. That way you can replace the time spent driving with working on your business and you’d have a new(er) car and a method of supplementing your income that you’re comfortable with. Only problem is you'd be putting your fastlane goals on hold to pursue something entirely slowlane.
 

MJ DeMarco

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I love ride-sharing as a hustle because the flexible hours it gives entrepreneurs. That said, you're paying a premium for that convenience by not making a lot, net-net. I'd be weary about purchasing a new, or nearly new car to make this hustle happen. IOW, it won't be worth the debt.
 

JunkBoxJoey_JBJ

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I do not personally use ride sharing for primary or secondary income. As far as recommending it, just not familiar enough to give you feedback.

However:

Congratulations on getting a business up and started. Keep up the good work.

And, I would not go into debt to purchase a new vehicle. There should be other creative ways for your "process" and business adventure to be a success and to come out ahead financially.

See also:

Car Loan craziness!!!
https://www.thefastlaneforum.com/community/threads/7-million-people-have-this-problem-2019.86926/

Edit: title updated/answers updated
 
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minivanman

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2 things.

1. I'd never go in to debt for anything if it was me.

2. Anyone thinking of going to work for Uber/Lyft/etc, why not get your own customers and make all of the money? This is so easy to do, if you can't make this work, you will have a hard time making something else work. Live in a big city, trips to the airport can be your best friend. Live in a rural area, trips to a nearby town or large town a little further away can be your best friend. Set up specific times and days so you can take as many people as your vehicle will hold. Live by a base, this can be your best friend. Same here, you can set up specific times and load your vehicle with riders. Or, you can continue to work for 'the man' and follow Uber/Lyft/etc rules while making chump change.
 
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socaldude

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I would not go into debt to do ridesharing. Its helpful to remember that these companies pass the cost of maintenance and insurance on to you. If you buy a new car thats a sizeable depreciation hit. I think you can get away with buying a used 3k 4 cylinder asian car to destroy doing rideshare. Maybe you can trade your current car for one?
 
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DStark

DStark

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Thanks to everyone who replied, I appreciate the help. I wouldn't congratulate me too quick on starting a business, I have a ton of experience starting but when it comes to executing and not having shiny object syndrome I suck shit lol.

I picked up a 2015 Honda Accord just to do the ride share and I was gonna keep the Avalon as my commuter to and from work. But after the responses, and this solidified what I was feeling in my gut, I have decided to return the car. I do need to get a newer one because this Avalon will need to be replaced soon but I will wait and milk as much from it as I can. Besides there are the food delivery options I could use to help make some extra cash.

I am gonna put my thought process on why I made the original decision and if interested please tell me where I may have a blind spot or erroneous thinking. Maybe this can help someone who may be in the same boat.

The way I came to the decision was this. My goal is to make a quarter million in income this year. My job covers around 110 of this. With the 3 and 4 days off and the ride sharing platforms saying that the Bay area, on average, can make 30/hr. I figure with the way my schedule works I wake up around 430-5 AM every day which would allow me the early morning commuters and then I could do everything I need for my business for the remaining half of the day.

I figured if I can make a 100 a day (Sunday - Tuesday or Sunday - Wednesday) I could cover all my living expenses, which I keep extremely low right now. I can put my entire paycheck into savings and by the end of the year if i beast mode it I could have over $100K in the bank and all debt paid off and the car would essentially pay for itself as long as i focused on working this model. This would allow me to leave my job and have more than enough for living and for business.

Did I think about this correctly or is there a better way/ something I am not taking into account that I need to factor into my decision making?
 

lowtek

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In your case, no. It's just an excuse to get a new car. If you had a reasonably new car that you could use, then OK, but ... taking out a loan / debt or even spending the money upfront isn't a reasonable idea.

If you want extra cash, do some consulting or freelancing.
 

Blu H

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Unless you're really in dire financial needs... I'd recommend to avoid Ridesharing... unless you do it very very sparingly. I've done Ridesharing... and the toll it takes on a vehicle is simply too harsh!

Add in the cell phone data expenses, the risk of accident (which insurance companies in my area require a deductible no matter the fault) + the extremely high supply of Drivers driving down wages === to be avoided unless the $$$ is needed.

From reading about how much Uber used to pay it's drivers compared to now... It's crazy! Uber's a Fantastic fastlane for the owners... but it's almost a Payday Loan merchant for the Drivers! Driving someone in your car for 12 minutes... and getting paid $4 for it... almost feels like getting Robbed!

Used to be a Huge Proponent of Ridesharing... not anymore!!
 

DURABLEOILCOM

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I have a friend that drives Uber, Lyft, and is now solely doing Uber Eats because he does not want annoying/crazy people in his car. I recommend you buy a certified pre owned Toyota. You save money and get a great vehicle to work with. You can even do Amazon Flex as well.
 

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John F.

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I also did the rideshare thing and the money is not worth your time if you are already making 6 figures doing something else full time. The time would be much better spent on your business. Even if you have a problem with executing, the time can be spent learning to re-focus your attention on the important next step in your business. Learn to execute with that time.

Debt is bad in almost all cases. I know, I still have 6 figures worth of it and it's all bad. Not a single dime of it was to help me move forward in things that matter.

Don't fall into the trap of getting into debt just because it's the easy short term solution. The long term problems it will cause are not worth it.
 

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