Planned to buy a second-hand car year 2014 above, either Saga, Axia, Myvi or Persona to drive for uber for about 4 hours a day on a part-time basis.
This would amount to about RM50 net profit per day based on what my friend who drives for uber said.
So this would amount to RM1500 profit per month, but based on my calculations after deducting the depreciation, maintenance, fuel and insurance, the actual profit is about RM630 to RM912 per month, RM21 to RM30 per day or RM5.25 per hour to RM7.5, depending on which car I use.

The price of fuel used for this calculation was RM2.24 per litre and fuel consumption for the relevant cars obtained from fuelly.com.

What do you think about this values? Still worth driving? Mcd pays more and would not have any overheads if the figures are right.

Copied the values below from my spreadsheet.



Saga
Cost of car 21000
Tires 600
Repairs 1500
Insurance 817
Ownership transfer 600
Cost of buying 24517

Fuel Cost
liters/100km 8
Price per 100km 18.4
Price per 1000km 184
Price per 10000km 1840

Yearly cost
Insurance 817
Tires 600
Fuel 2208
Repairs 1500
Total yearly cost running for 1k km per month 5125


Per year depreciation at 4% per year 840

Yearly running cost at 1k km per month 2208
Yearly running cost at 1k km per month and maintenance 7333
Overaul Yearly of cost running, maintenance and depreciation 8173

Profit of RM50 per day for a month 1500
Profit per year 18000

Profit per year minus costs 9827
Profit per month 818.9166667

Car depreciation of 4% per year 5040
Estimated car value after 8 years 15960

Profit after 5 years 90000
Profit after 5 years after selling car 74040
Profit per month after selling 8 year old car after 5 year use 1234


Persona
Cost of car 26000
Tires 1000
Repairs 1000
Insurance 910
Ownership transfer 600
Cost of buying 29510

Fuel Cost
liters/100km 10.3
Price per 100km 23.69
Price per 1000km 236.9
Price per 10000km 2369

Yearly cost
Insurance 910
Tires 1000
Fuel 2842.8
Repairs 2000
Total yearly cost running for 1k km per month 6752.8


Per year depreciation at 4% per year 840

Yearly running cost at 1k km per month 2842.8
Yearly running cost at 1k km per month and maintenance 9595.6
Overaul Yearly of cost running, maintenance and depreciation 10435.6

Profit of RM50 per day for a month 1500
Profit per year 18000

Profit per year minus costs 7564.4
Profit per month 630.3666667

Car depreciation of 4% per year 5040
Estimated car value after 8 years 20960

Profit after 5 years 90000
Profit after 5 years after selling car 69040
Profit per month after selling 8 year old car after 5 year use 1150.666667


Axia
Cost of car 26000
Tires 600
Repairs 1000
Insurance 817
Ownership transfer 600
Cost of buying 29017

Fuel Cost
liters/100km 6.5
Price per 100km 14.95
Price per 1000km 149.5
Price per 10000km 1495

Yearly cost
Insurance 817
Tires 600
Fuel 1794
Repairs 1000
Total yearly cost running for 1k km per month 4211


Per year depreciation at 4% per year 1040

Yearly running cost at 1k km per month 1794
Yearly running cost at 1k km per month and maintenance 6005
Overaul Yearly of cost running, maintenance and depreciation 7045

Profit of RM50 per day for a month 1500
Profit per year 18000

Profit per year minus costs 10955
Profit per month 912.9166667

Car depreciation of 4% per year 6240
Estimated car value after 8 years 19760

Profit after 5 years 90000
Profit after 5 years after selling car 70240
Profit per month after selling 8 year old car after 5 year use 1170.666667


MyVi
Cost of car 30000
Tires 600
Repairs 800
Insurance 1000
Ownership transfer 600
Cost of buying 33000

Fuel Cost
liters/100km 8
Price per 100km 18.4
Price per 1000km 184
Price per 10000km 1840

Yearly cost
Insurance 1000
Tires 600
Fuel 2208
Repairs 1000
Total yearly cost running for 1k km per month 4808


Per year depreciation at 4% per year 1200

Yearly running cost at 1k km per month 2208
Yearly running cost at 1k km per month and maintenance 7016
Overaul Yearly of cost running, maintenance and depreciation 8216

Profit of RM50 per day for a month 1500
Profit per year 18000

Profit per year minus costs 9784
Profit per month 815.3333333

Car depreciation of 4% per year 7200
Estimated car value after 8 years 22800

Profit after 5 years 90000
Profit after 5 years after selling car 67200
Profit per month after selling 8 year old car after 5 year use 1120

Part timer 12 hours drive on Saturday Sunday only. Fuel RM55.20. Only calculated fuel. Average of almost RM30 per hour.

if net RM50 for 4 hrs, just go and do McDonald better

Agree +1.
At least whatever mistake you might do at McD won't cost you much $.

On the road is a totally different story, you might get injured or your car might get damaged in accident.
If it's just for so little money, not worth it at all.
Unless you have a different objective for driving altogether.


And your calculation might be wrong.
Driving for 4 hours/day is not going to be 1000km/month.
It's more like 3-4000km/month.




This post has been edited by Utopia Angel: Apr 25 2017, 10:35 PM

What i experienced and depends on luck, you can get minimum rm20 for 1 hour.

Rm50 for 4 hours is really low

Not really bro. To get rm1.5k u need to do full time with ot

Assuming mcd pay per hour rm5 x 4 hours x 30 days = rm600

Uber average lowest possible per hour rm15 x 4 x 30days = rm1.8k

Minus petrol and other 30% = rm1.2k

Good enough to pay for car loan and some savings and other expenses

Assuming that u wont get worn out do 4 hours everyday

This post has been edited by maxizanc: Apr 27 2017, 10:00 AM

Car depreciation you can calculate 30% only, unless you drive full time

Minimum rm20/hour after petrol and maintenance ?
On a lucky day, yes.
Otherwise you must be kidding.

rm50 for 4 hours can happen on a bad day.
rm50 for 4 hours before petrol is a charity day for riders.
I have seen even worst, rm10/hour before petrol.

And now bad days happen so often in a week LOL...



This post has been edited by Utopia Angel: Apr 27 2017, 12:14 PM

Rm20 excluding petrol and such la

Already said from my experience, that means for me even the most bad day was still a good day lol

i not saying Mc D is better than Grab, i still driving Grab

but i saying Grab need to drive at the right time

i mostly drive HP, P time , seldom P time

i getting ard > RM400 incentive per week. i am happy for that.
if not because i need to take care of my son, which results me cannot drive 6a-7am, and evening and nite time on weekdays too, i think incentive RM1K-RM2K per week is achievable.

Since you can drive the car for 8 years only and have to sell the car at a loss, why didn't include depreciation cost? Good enough to pay the car loan, but you will sell the car at a loss and maintenance must also be taken into consideration.

Even if your income is RM1800 per month, after maintenance and depreciation deduction, your net income would be around RM1100 assuming you are using an Axia, for other cars running cost would be higher and your income would be compromised.

So RM1100 / 30days = RM36.66 per day income.

RM36.66 / 4 hours per day = RM 9.16 per hour.

Not discouraging anyone, but the figures are not very favourable for me unless I'm missing something.

You are not missing anything. We are not painting a nice picture, in order to get you to sign-up under us.

I am telling the fact. Now I am driving "suka-suka" only, not even part-time.

I used to set a target for myself every time I drive, but most of the time I am giving extra pressure to myself - and in the process did quite a lot of stupid money-wasting trips for Uber.

The best way is to use your current car, drive for 1-2 weeks and then see for yourself it is worth it. Maybe drive 1 week for Uber, another 1 week for Grab.

i am a part-timer. my uber-time is monday - friday, everytime i go and back from work.

my plan is simple, after 5 years, i will sold off my car, and get a new one. this way, i can happily get new car every 5 years, and do extra uber daily, enough to get lunch money, fuel and car loan. riders pay for my car.

but i dont go all details in calculating this and that, since im just diong this as part time. my car which i use for uber, is the same car for me to travel to work, weekend outing etc.

all i do, is calculate how much fuel i use for each ride. so later on end of the weekend, i re-pay the fuel cost i use for uber. my ride has its built in fuel consumption calculator, so i use that as a guide,

gross earnings = total earnings - fuel - tolls

this is not accurate, and not the proper way to calculate my real earnings. but since this is just part time, and the fact that im just doing this so i dont have to pay for lunch, why bother. enough headache from my main job, LOL

i use credit card for fuel. easier for me when rider dont pay in cash.

who says living in rural area not worth it?

This post has been edited by ghoster: Apr 29 2017, 09:56 AM

Video with calculation on driving for uber https://www.youtube.com/watch?v=fgQPj90OrQE

This post has been edited by leftback: Jun 4 2017, 01:27 PM

The thing is if you already own a car use it to try and see ..dont purposely buy a car just to do uber/grab ..but still in kl u need car most of the time tho

Totally agreed on what you said. Do it part time, enjoy it.

incentive reduced month by month or week by week

now hardly gain with incentive, drivers aiming for fare play

part time quite tough as plenty of drivers during weekends

It is something "freelance on my own" as a Uber/GrabCar driver.

Definitely worth it.

I will go part time after i get new job.

Or

Go full time if i still got no job by next month.

Already quit the company half a month ago due to dirty politics and I not afraid to die since I still commitment free.