I believe in this emergence of the gig economy our vehicles and homes, but in this text we’re focusing on our cars, can be liken to the modern day mule. It’s a valuable work-beast if you allow it to be. I am constantly met with an unjust argument that me, you, others are fools for using a car rental service or our own personal vehicles for the gig economy. I often see on my YouTube channel Kimberly CEO DriveHer these statements “what about the wear and tear on you vehicle” “don’t your car depreciates?” “you’re making less money due to wear and tear and fuel costs” the comments are endless and moronic if you ask me. I believe the only ones that see it that way are those that simply have lacked being profitable in the gig economy and rideshare. Newsflash people, every piece of property you buy, own, rental depreciates on some level, even your bodies people. Now this blog will be not be loaded with statistical data and facts, I don’t have analytical numbers and charts to prove my point, but what I do have is common-sense and perspective. I plan to quickly help alter your perception and mind in how you can and ought to use your vehicle in such a way that you make it more of an asset than what it already is. This is opinion based, but opinions based upon facts for certain. So hear me out and hopefully you can begin to yield a greater return on your investment, that being your vehicle a tangible asset.
Let us begin with the word “asset” asset is defined in Merriam Webster dictionary as a: an item of value owned; which I believe best sums it up! Whether you are renting, leasing, financing, or own your car in this day to make a valuable return on it, you must use it optimally. Cars and meant to be driven. They produce new vehicles and the production of many of them are low quality and cheap, they are not built to last so you may as well work that mule to the death. Yes take care of your car, yes keep up with the maintenance, yes use it wisely, but for goodness sake USE IT! The argument of wear and tear to justify not doing rideshare is just ridiculous. Now if you have a vehicle on it’s last leg maybe you need to stick to primarily deliveries and not rideshare. Be smart, use your vehicle wisely. If you have a beat-up pickup truck maybe gigs like Byrd, LIme, and Roadie are best suited considering the caliber of jobs and heavy loading.
In the rideshare gig community I believe some people tend to overthink this process, you don’t utilize what they have appropriating it properly. Don’t go out purchasing a new vehicle stay on middle ground, remember things will happen. Newer vehicles cost more insurance wise, that’s risky. Your vehicle in the gig economy is an instrument, an investment, keep all costs low in reference to it so that it yields a higher return financially.
I currently use the Uber rental program and really like the option of not have to pay car insurance, nothing is in my name, and that is one less loan on my credit. As a minimalist to some degree this option works best for me. I use the rental for many of my gigs not just Uber. I maintain the vehicle, keep it clean, get it serviced regularly (at no cost to me on the servicing), and keep it damaged free. The entire cost for me to rent it monthly is $980, but if I complete 75-90 rides I get an extra $120 or $195 weekly bonus. If you subtract that I am actually paying less than $400 a month for the rental! Now, it still requires you to work a bit to get all those rides, but the trade off is sweet overall. I get unlimited miles, can take it anywhere I want, work where I want, and use it to do my other gigs!
So, if in the gig economy stop focusing on wear and tear and focus on profitability, focus on how you can make this “modern day mule” your ultimate work horse. Here are some rules to recap on:
- Don’t go into debt trying to get the nicest pricest vehicle.
- Use what you got and until you can afford to upgrade using cash no financing!
- Keep costs low. Use fuel points, cash back rewards on fuel, etc.
- Keep up with the maintenance but but in a cost effective way.
- Use you vehicle for multiple gigs, not just one.
- Start to see how your vehicle brings you value on a daily basis.
- Consider which gigs are best for you to do in relation to the type of car you have.
THE CEO DRIVEHER 