Should you purchase, lease, or rent a TLC car for Uber driving? Is a TLC car leasing the right move for Uber drivers?
For those interested in driving for Uber, you will need to have a car that qualifies for the service. It must be a 4-door car, pass a mechanical inspection, be comfortable and cosmetically pleasing, and made no earlier than 2007. For those who do not have such a vehicle, there are three options available. You can buy, lease, or rent a TLC car for Uber.
Buying a vehicle does have its advantages, especially if you can get one that meets the qualifications all for a low price. Consider also that even buying a new vehicle may mean paying less per month compared to renting or leasing. However, there are some issues that you will need to consider first before buying a car.
Maintenance Costs: Consider that you will be paying for some of the maintenance costs of your vehicle compared to those who lease or rent who may have special deals written into their contract. Depending on the needs of your car, you may find these costs to be quite high over time.
Replacement: If something happens to your vehicle, such as an accident that is your fault or major breakdown, you will be out of a qualifiable vehicle and must pay for another one to get back on the road. A rented or leased vehicle that suffers from a major breakdown can be replaced by the company quickly and often with no extra expense.
Renting or Leasing
In many ways, TLC car leasing is like purchasing a vehicle, but the payments do not stop. You are paying for the privilege of driving a vehicle that can be used for Uber. The advantages of renting or leasing are promising.
Replacement: If your vehicle should breakdown, the company will provide another vehicle quickly if it cannot be repaired in a short amount of time. This means that you can stay on the road and only miss a short amount of work.
Maintenance: Many TLC cars lease and rental plans include regular maintenance as part of your overall payment. This means that your budget is more predictable so you can track your earnings and what you need to do to meet the payments and make a profit.
There are also unlimited miles and your vehicle will be replaced when the odometer reaches a pre-determined point. The downside is the higher overall costs of paying a monthly premium along with interest rates which means that you will need to be driving in an area where there are lots of potential passengers.
For those in the NYC area, this is good news given how many people use Uber services. So, for those who are considering Uber to make extra money, you may rent a TLC car for Uber which provides you with a safe, approved vehicle that includes the necessary insurance that will get you started on the road of earning a second income.