OlugbengaE:
Buy the cheapest corolla you can get but also know uber requirements are never stable. They might reevaluate and change year of requirement to 2009 what happens to your 2003 car?

That's a good question actually.

But unless Uber reduces their commission or increases their fares, I don't see 2015 cars coming back to the platform in the foreseeable future. And doing either of the 2 doesn't make much business sense for Uber for now.

Also consider that Uber intends to spread to other states in Nigeria; Rivers, Ogun and the rest. How many partners in those new states will be willing to sacrifice their newer vehicles just to join Uber? My guess is not so much.

Finally, Uber wants more partners to come aboard their platform which is why they have such long-running promos targeting partners. In this present climate, no businessman will want to invest in what will tie down capital unprofitably for long periods. And Uber is very much aware of this, which is why they dropped the minimum requirements in the first place.



So, while there's a likelihood of Uber raising the entry requirements, I think I will take my chances.

ashiwajew:
please do renting

Thanks for the tips.

sehawale:
Buy the minimum required car year model. That way you save money. If you buy 2017 model, you'll still make same money with a 2005 car.

Really? Wow.


I appreciate all the contributions. I believe I have now gotten enough info to safely get started. Thank you all.

ashiwajew:


1 Toyota

2 Go for 03/04 (to save more of what you intend to invest)

3 Save 5K every week from the proceeds to cater for monthly servicing and contingencies

4 If you have the time, start by driving it yourself to have an idea of the potential income and faults that may arise, you can install a tracker to always mitigate the risk of drivers telling you 'tales by moon light'. Give a driver but you are not guaranteed of a good driver, ensure that part of the agreement with your driver is for him to always bring it for you to inspect may be Sundays

5 I can send a sample to you. just DM me

6 Please do the registration as a car owner yourself under Uber for now and add your drivers so you can benefits from promotions as your account will always be credited if need be

7 Just get a driver referred to you by a close and trusted fellow and ensure he stands as a guarantor together with an additional guarantor. Know your driver's house address as in where his family lives. you can give the car to him but to always bring to you for inspection once in a week

Thanks for the concise answers sir.

What's your opinion on renting vs hp?

ebubedrums001:



Just coming online now. Well, I've read all d posts and they've said it all, honestly Infact, I even learnt one or two things from Wat they said.
I can get a good driver for u, he's very responsible. He stays in Akoka, yaba.

Gracias

Alright.

I'm open to more suggestions... From the short time I've been following this thread there have been fights insults arguments and counter-arguments. Is Uber/Taxify still profitable or not? Or are drivers just lazy..? And so on.

I'm looking at this purely from an investment standpoint. For those that have been in the system for 2 years plus, what makes sense the most?
- A clean, almost brand new 09-14 Toyota corolla VS 2 very clean direct tokunbo 03-06 corollas?
- Give out your car out on a rental basis and sell after recouping investment VS do hire purchase?

Please help a brother out. Thanks.

1simbo:
Wow, I feel like I'm about to attempt an essay question in school. God deh. Here goes...
I'm answering based on personal knowledge and experience as an uber driver.
1. Toyota cars are more durable and fuel efficient. Kia is fuel efficient though not as durable ( cant cope with rain or water for instance) but Riders really like them. So I recommend a Toyota Corolla 2009 - 10. (Corolla is easier to maintain than Camry).

2. The newer the car the better so Toyota Corolla 2009 - 14. Or Kia Rio 2015.

3. The driver takes care of all maintenance costs - servicing, cleaning etc. You will only handle the serious mechanical repairs. You keep the costs down by getting a mature skilled and responsible driver who will care for your car like its their own.

4. You get good drivers right here on Nairaland. There is really no way to get information about a potential driver over and above what the driver or the person recommending them tells you. You have to use your own judgement.

5. Rental or HP amount, duration of agreement, number of hours or riders per day, how and when payments are to be made, who fixes what (maintenance and repairs), who's responsible for communications (data and credit), expiration of contract or agreement etc.

I have a good template drafted by a lawyer I would be happy to share with you.

6. You are required to register on Uber/ Taxify for yourself because partners need to have an account to to operate on Uber/Taxify too. The driver will register and request for Uber/ Taxify to link your accounts. At least that's how Uber works.

7. Some partners like to have the car returned everyday, others ask the driver to bring the car once a week for inspection. I recommend the once a week inspection because its expensive and time consuming to have to pickup and return the car every day. Also the best hours for Uber are early morning and late night and the driver can only benefit from these hours if there is easy access to the vehicle. My take.

If you want to recoup your money within a year consider doing a HP instead of a simple rental. Hire Purchsa aka HP is well the driver buys the car from you by paying part of the money in lump sum and the rest in instalments over an agreed period. Its also cheaper because the driver who is the on you are hiring the care to, is also responsible for the repairs as well as maintenance. You will make alot more money from it too - up to 2* its value when you bought it.

My 2 kobo. Hope it helps your enquiry.

Thanks so much boss, I appreciate.

To business... You advised to go for a Toyota Corolla 09-14. That will use up my entire 3m, and on a rental basis I don't think I can get more than 45k to 50k weekly. Won't it be better to go for 2 separate 03-06 cars that will cost about 1.5m to 1.6m, but earn 35k x 2 weekly? This is all about the money, I'm not interested in owning or driving. It is just an investment.

I will very much need your contract template when I'm ready, thanks.

I prefer the once a week inspection model, and I think most drivers like to rest on Sundays. So how long will the drivers typically park the car, and what things do I check for when they bring it?

I am very much open to hire purchase. But what is the going weekly rate paid by drivers, and are you really sure you can get a driver to pay 6m for a car? Like really?? My target is 2 x all funds spent after a year.

And my biggest issue with hp is that it is unlike renting where you can simply terminate your contract and ask for your car back if there's a disagreement and everybody goes their separate ways. What will happen if there is a disagreement with your driver in hp? Will you have to refund his money or what?



And yes, you have been very helpful. Thank you.

ebubedrums001:


Well, I think I can help with some information considering d fact that I once planned of getting a car for uber, (though, d plans never came to a reality) and sincerely I did quite a lot of survey, of which I find maybe useful to you at such a time like this. U can send me your email, or whatsapp contact, so I can reach you. Gracias

For others to benefit from your knowledge as well, do you mind posting the info to this thread?

Thanks.

Hello house.

I have about 3m that I want to put to use, and Uber/Taxify seems to be a good investment for now. The only experience I have with Uber & Taxify is from chatting with the drivers I rode with, so I need help with some questions:

1. Which brand & model of car is best in terms of initial cost/rider preference/ease of driving/spare parts/maintenance/resale value? Toyota/Kia/Hyundai/Honda?

2. If I'm to go for Toyota Corolla for example, should I go for an 09/10 model for 2.5m - 3m or two 03/04 models for 1.3m - 1.6m each? Whichever car(s) I'm buying, it will be direct tokunbo NOT Nigerian used.

3. If I go the rental route, what additional spending should I be realistically expected to do over the course of a year in terms of maintenance and repairs? How do I keep these costs down?

4. I have never seen a prospective driver that said they were bad and terrible, but we keep hearing stories of bad drivers... So where/how do I get good drivers?

5. What items should be included in the driver-owner contract to make sure both parties are properly covered?

6. Should I register with Uber & Taxify on behalf of the drivers, or should I just have an agreement with the drivers and they do the registration and the rest by themselves?

7. Last but not the least.... where will the car be parked? Or will I just have moto and never see it again?


My aim for this is to recoup my purchase costs within a year and then immediately sell it off, so this is very simply an investment.

I know I'm asking for much, if you can't answer please ignore. Also if you can't answer here on this thread, please ignore as well.

Thanks in advance.