Should you rent a car or buy one for Uber?

Today I’m partnering with The Rideshare Professor to bring you some great information about accessing a car to use for Uber. The Rideshare Professor is a great Youtuber to check out, so after you watch this video make sure to check out the rest of his channel and his course!

Check out his video, then read the transcript below.

Should you rent, or should you buy?

This video is about the decision that you have to make whether you’re going to rent a car or whether you’re going to buy it and commit to Uber. I’m going to give you an example in Los Angeles. There are tons of different offers for UberX cars on the market. Even Enterprise has a great offer where you can rent a Prius. Then there’s a lot of other companies that make them available. But you always want to check what you lock yourself into.

Renting is a good first option if you don’t have the money to buy

Now, I honestly think if you don’t have a car and you’re really short on the money, start off with the option to rent. Don’t lock yourself in. Make sure that within a few months, if you’ve accumulated enough money, make a down payment on a Prius or a small car. It’ll really make more economic sense paying off that car and owning that car one day.

Does it make sense to rent cars for UberBlack, Select, or SUV?

There are other categories like the Black or SUV category, where you can rent an SUV from guys for anywhere from $500 to $800 a week. Does it make sense? It does make sense if they buy the insurance for you, the transport license, pay the insurance, and pay the repairs.

In that case, you’d just need a few long trips to make it worth it. To use LA as an example, if you get long rides to Calabasas or West Lake Village or Malibu and out to LAX, you’ll be on your way to paying back the rental fee. You make way, way more money in the SUV category than Uber X. You’re going to have to take 10 trips in Uber X for every SUV trip. Your potential earnings per week are far, far higher in the SUV class.

Now, I speak from experience. I’m not just blowing hot air out there. I’ve driven in all of those categories. X, XL, Black, SUV, luxury division. In the luxury division, I just don’t see the market there unless you may be in Abu Dhabi or in some very, very high end area. In LA, the LUX category does not make sense. So don’t go commit yourself to an expensive car because you’re not just getting the trips. I’ve heard numerous stories with SUV drivers are making way, way more money than LUX drivers.

It all depends on your budget. If you need to start off with Uber X, absolutely start there and build your way up, just like I do. I own five vehicles now in an Uber partner account. I have over 2,500 trips.

A formula for many trips and high ratings

You also want to know how to make the highest amount of tips, the highest amount of money on trips per week, and maintain the highest ratings. There’s definitely a formula that I abide by. It works every single time. Two nights ago, I drove a group. It was a $130 trip, five people. I drove them to LAX. I did all the work and I went beyond. It was a $130 trip and the guy said, “Here you go. You totally deserve a $100 tip.” It was $230 for 45 minutes of work. Everything is possible. I’ve had people pay me up to $500 tips. That’s because I spent the afternoon driving them around. In L.A.

I would be a great person to contact. Comment on my video and I can also show you how to make a lot of money referring your drivers. It’s a very, very lucrative business referring other drivers in different cities. I’ll gladly share and show you that formula. I’m really excited to hear from you and help you. Thank you.