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

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.

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