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Is a new car a worthy investment for Uber?

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  • Is a new car a worthy investment for Uber?

    A friend of mine is getting ready to take out a loan to buy a brand new car that is up to code with Uber so he can be a driver.

    I feel like this is a bad investment for 3 main reasons:
    Uber doesn't pay enough to equate the value
    Millage gain and general wear and tear of the car will happen faster
    He already owns a perfectly fine car he is still paying off

    I don't see the logic in this, do any of you?

  • #2
    I agree with you. He can use the existing car instead of buying a new one. With other drivers and new competitors, buying a new car for Uber purpose is not worth the investment.

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    • #3
      There are other options out there other than Uber. If this is something he wants to do, he should check that first. Buying a new car for this kind of job is not a good idea.

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      • #4
        Sounds really silly when you think about it. Did your friend change his mind? I sure hope he did. Uber is not worth that unless you live in an area where it is a demanded service and you work it full time.

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        • #5
          No way, that's silly.

          Uber allows you to use a car up to 15 years old as long as it's in good enough shape.

          People aren't paying for a luxury taxi nor are they expecting it. They expect a cheap and quick ride, nothing more.

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