5 ways to get a car you need to drive for Uber or Lyft
If you ’ d like to drive for Lyft or Uber but wear ’ deoxythymidine monophosphate have a cable car, there are a draw of new options to get you rolling. rental agencies, finance companies and even carmakers are jumping into the game to supply cars to the growing numeral of people interested in rideshare drive. Which choice best matches your budget and life style ? here are five to consider .
1. Buying a car
A cable car is no small purchase, so consider how much you can expect to earn. Rideshare drivers average $ 14 to $ 16 an hour, according to Glassdoor.com.
A used vehicle in the $ 5,000 to $ 15,000 range gives you the best prospect of paying for the car with your rideshare earnings. vehicle standards are regional, therefore check Uber ‘s and Lyft ‘s requirements before you buy. Models like the 2013 Toyota Corolla or the 2014 Volkswagen Jetta will keep riders happy and price between $ 10,000 and $ 12,000. Don ’ t make a huge fiscal decision entirely for Uber or Lyft. But if you need a car anyhow, buy could be the best option. You avoid hebdomadally rental payments or an expensive lease, which can cost more than payments on a use car. Just factor in the expense of vehicle depreciation and rideshare indemnity .
2. Express Drive
Lyft has partnered with General Motors to provide rental cars via the Express Drive Program, with weekly rates between $ 135 and $ 250. Drivers are eligible for $ 0 hebdomadally rates when they hit 75 rides a workweek. You ’ ll need to drive most of the week to trust that many rides, so it ’ mho best for people who are looking to test the full-time driver life style but don ’ thymine want to commit to buying a car .
3. Hertz and Enterprise
Hertz has partnered with Lyft and Uber to provide rideshare rentals. Lyft ‘s cover starts at $ 165 for hebdomadally rentals of compact sedans. After a certain count of rides per week, which varies regionally, drivers can earn a Power Driver Bonus to cover the rental cost. Uber ’ s deal with Hertz is like to Lyft Express Drive, but the two programs are offered in different cities. The Uber broadcast has a $ 180-per-week base rate, which drops to zero after 75 rides a week. Enterprise ’ randomness rentals, specifically for Uber, are a costly $ 215 a week. Renting is typically more expensive than buying a cable car and making monthly payments, but if you ‘re a high-volume driver it basically can become spare. Plus, if you don ’ triiodothyronine like rideshare drive, you can quit after a short test time period .
4. Uber Xchange
Uber Xchange offers short-run car leases from partnering car dealerships. Drivers pay a $ 250 deposit to start and make weekly payments over three years. Xchange leases to people with poor people credit, but monthly totals and sake rates are much higher than with conventional finance. For exemplar, a 2013 Toyota Camry L Base leased through Uber Xchange may cost 156 weekly payments of $ 130, or $ 520 monthly. relatively, leasing a 2017 Camry through a Toyota trader is only $ 199 a calendar month — though you need a commodity accredit score.
Xchange saves drivers money by including alimony and indemnity, but this means full-time drivers are dependant on Uber servicing their cars promptly. “ My car was in a denounce over a calendar month while a call was investigated, and the people in the Xchange office had no willingness to work with me on payments since I was generating no income, ” says James Taylor, an Uber driver from Los Angeles. however, Xchange offers inexhaustible mileage, whereas traditional leases typically start charging excess after 12,000 miles. It besides allows members to return the car and back out after 30 days – minus the $ 250 lodge. Consider Xchange alone if you ’ re driving 40-plus hours per week, want a car for personal use and can ’ triiodothyronine get early finance because of your credit. Remember, some lenders may be able to help you buy a use car at a better price .
Hyrecar is a peer-to-peer rental service specifically for ridesharing. Uber and Lyft drivers connect with car owners to use their vehicles at varying daily, weekly and monthly rates. There are no contracts or sign-up fees, and daily rates are ampere low as $ 35. weekly rates float around $ 200 to $ 300. Hyrecar is bang-up if you want to try rideshare driving for the day and you don ’ metric ton want to deal with paperwork or a security deposit. You can sign up on Hyrecar ’ s web site to find cars near you .
Your best option?
Don ’ t take big fiscal risks for rideshare drive, like quitting your stream job or buying a car you can ’ metric ton afford. But if you ’ re in an active marketplace like Chicago or New York and you need a car anyhow, it ’ s possible to make it work financially. diffident of your commercialize ? Try renting for a few weeks. It ’ ll price more in the shortstop term, but you won ’ triiodothyronine be locked into a demanding fiscal obligation. MORE: How to buy a secondhand car Auto loan calculator
used-car lease hits the fresh spot Nicole Arata is a staff writer at NerdWallet, a personal finance web site. e-mail : narata @ nerdwallet.com. NerdWallet is a USA TODAY content spouse providing general news, comment and coverage from around the web. Its contentedness is produced independently of USA TODAY .