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Read this before you rush out and buy an Uber car

by , 27 September 2016
Read this before you rush out and buy an Uber car
Uber is no doubt one of the most convenient and cost effective transport solutions in the country right now. As an avid Uber user myself, I've never waited more than five minutes for the driver to pick me up once I make the booking on the user friendly app.

The car is always clean, the driver is always friendly and I've never had an incident where I was unhappy with the service.

It's safe too…

When you use the Uber App, you can see the make, model and registration details of the car coming to collect you as well as the name and face of the driver. You can even share your journey with your family and friends so that they can track your journey online.

As a result, many alternative investors looking for an unconventional income stream have considered buying a car, hiring a driver and registering with Uber to make extra income every month.

But before you rush out and invest, here are a few things you need to know about investing in Uber.
 
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South Africa’s saturated with Uber drivers and there’s even more to come

 
Whenever I catch a ride with an Uber driver (about six times a week), the first question I ask is, “Are you having a busy day?” In 2014, the answer was, “Yes, this is my fifth trip for the day.” 

But in 2016, the answer has changed dramatically to, “No it’s quiet. There are too many Uber drivers on the road today.” 

When Uber first started in South Africa, there were very few Uber drivers on the road. As demand for Uber drivers increased, the company went on a major drive to attract new drivers into its fold. 

Today, there are more than 4,000 Uber drivers on South African roads. 2,500 of these drivers are located in Gauteng alone. Unfortunately, this dramatic increase in drivers saturated the market. Yet, Uber wants to add another 15,000 drivers in the country in the next two years. 

When this happens, drivers will struggle even more to find passengers. This will spell disaster for investors. Drivers will need to work even longer hours to increase the amount of trips they make a day just to cover the cost of petrol, car services and general maintenance on the vehicle. 

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R250,000 for an Uber vehicle – High cost and low return  your investment

 
When it comes to buying an Uber car, you can expect to pay around R250,000. To make between R4,000 and R5,000 a month, the car would have to be on the road every day, 24 hours a day for fifty months just to break even. 

Since you’re pushing the car to its driving limits, you’ll find that replacing tyres, regular services and general maintenance of the vehicle becomes more expensive. To keep the car working at this pace, you’ll need to employ two or three drivers whose salaries will eat away at your income. You need to supply these drivers with smart phones and pay them about 20% of your income.  

The long hours the drivers work also takes its toll. Having a tired driver behind the wheel of a car puts your vehicle and your passengers at risk. This increases the risk of accidents that could further eat away at your income and investment. 

If you’ve been thinking about buying a car, hiring a driver and making some extra income from Uber, think again. 

That doesn’t mean Uber doesn’t offer you an opportunity to build your wealth. Next week, I’m going to show you how using the Uber service saves me R3,456 every month. 
 
Let’s build your wealth together,
 
 
Aiden Sookdin
Contributing Editor, Real Wealth
 
P.S. Each month I give readers of Real Wealth an alternative investment opportunity just like the one you just read about with details on how much you stand to make from the opportunity and more importantly - whether the opportunity could successfully aid in building your long-term wealth.SaveSave


Read this before you rush out and buy an Uber car
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