CheerfulGiver:
Hire purchase is slavery, and a scam.

I'm going to factually analyse this stuff again for the last time, then anyone who goes ahead to get a hire purchase is free to do so at his own risk. I'll be using the bread and butter of every average uber driver, the 2006 Toyota corolla.

Fact 1
There is no higher purchase on a corolla that is less than 4,000,000 naira, unless it is by the special grace of God, the almighty.
Fact 2
Average weekly rental on a corolla is 30,000 naira, while weekly deposit on a HP is 35,000 naira.
Fact 3
A guy on HP must deliver 35k weekly unfailingly, with a 2 - 4weeks grace of delay in payment, and he must do so in 110 weeks.
Fact 4
An average driver must do 1000 miles a week of driving.
Fact 5 A driver on HP is responsible for All repairs on that corolla, for the next 110 weeks. While a driver on rental splits repairs with partner.
Fact 6 Every driver must be able to save 6k daily. Whether rental or HP, else you're just a fool.

Fact 7 A very good Tokunbo corolla should come with at least 170,000miles.

Now, there are 52 weeks in a year. Our HP driver has at least 2 years on his contract. Let's say he works for only 50weeks, cos partners will never hear story, he must always pay his installment. In fact, moove will not hear story, but I'm just trying to be conservative.

In 50weeks, he would have remitted 50 x 35,000 = 1,750,000 and added 50,000 miles to the corolla and car is not his yet. His mileage should now be 220,000 miles

Remember the guy on rental, who pays 30k weekly, and who saves 6k daily? With the mentality of a hard working HP driver, but paying 5k less every week, he has a savings of 47k weekly.

47k x 50 = 2,350,000

So if my guy on rental gets a Nigerian used corolla at 220,000 miles, at the rate of 1.6m, he still has 750k to fix up car with.

Year 2, HP guy completes his payment, car is at 270,000 miles. Becomes his.

Former rental guy now adds 15k weekly to his savings, since he now drives his car 62,000 x 50 = 3,150,000.

Who really get sense?

mejai:
My guy lost his two fans after driving through lekki swimming pools during the weekend. Igboefun and lekki phase 2. Choi and chai!!

Better to park ur car during raining period in lekki than collect gbese.

CheerfulGiver:
Its a trap I set with people with your mentality.

You believe you can maintain and drive one car on HP for 2 years without change of car or partner, but you don't believe a guy on rental who pays less weekly rental and who pays less in repairs can do the same in 1yr.

It's a shitty negative mentality. You never see anything positive...

CheerfulGiver:
Hire purchase is slavery, and a scam.

I'm going to factually analyse this stuff again for the last time, then anyone who goes ahead to get a hire purchase is free to do so at his own risk. I'll be using the bread and butter of every average uber driver, the 2006 Toyota corolla.

Fact 1
There is no hire purchase on a corolla that is less than 4,000,000 naira, unless it is by the special grace of God, the almighty.
Fact 2
Average weekly rental on a corolla is 30,000 naira, while weekly deposit on a HP is 35,000 naira.
Fact 3
A guy on HP must deliver 35k weekly unfailingly, with a 2 - 4weeks grace of delay in payment, and he must do so in 110 weeks.
Fact 4
An average driver must do 1000 miles a week of driving.
Fact 5 A driver on HP is responsible for All repairs on that corolla, for the next 110 weeks. While a driver on rental splits repairs with partner.
Fact 6 Every driver must be able to save 6k daily. Whether rental or HP, else you're just a fool.

Fact 7 A very good Tokunbo corolla should come with at least 170,000miles.

Now, there are 52 weeks in a year. Our HP driver has at least 2 years on his contract. Let's say he works for only 50weeks, cos partners will never hear story, he must always pay his installment. In fact, moove will not hear story, but I'm just trying to be conservative.

In 50weeks, he would have remitted 50 x 35,000 = 1,750,000 and added 50,000 miles to the corolla and car is not his yet. His mileage should now be 220,000 miles

Remember the guy on rental, who pays 30k weekly, and who saves 6k daily? With the mentality of a hard working HP driver, but paying 5k less every week, he has a savings of 47k weekly.

47k x 50 = 2,350,000

So if my guy on rental gets a Nigerian used corolla at 220,000 miles, at the rate of 1.6m, he still has 750k to fix up car with.

Year 2, HP guy completes his payment, car is at 270,000 miles. Becomes his.

Former rental guy now adds 15k weekly to his savings, since he now drives his car 62,000 x 50 = 3,150,000.

Who really get sense?

pope191:


No lies, learnt that when I lost my compressor to that igboefun flood

YeyeGbami:


I’m starting to prefer to do all my driving on mainland, 2 short trips within mainland will fetch me what a long trip to lagoon will gimme.

Bad road better pass flood, then to see trip back to mainland another headache. I set destination on sat night to ikeja from addo rd ajah till i reach oshodi i no hear anything.

Pearl1910:


Good and detailed analysis, but we have to level the playing field.
Assumptions:
1) Both drivers earn the same amount every week.
2) Rental driver should be saving to buy same car that HP guy is paying for.
3) Spend roughly same amount
4) 6days work a week

Now that field is leveled let's compare.

Gross 150k/week about 25k minimum a day
Net (of fuel and commission) is 90k/week

Rentals fee 30k Balance 60k
HP Fee 35k Balance 55k

Deduct living expenses of 30k/week for both men
Rentals Savings 60-30= 30k/week
HP savings 55-30= 25k/week

Now let's assume servicing and repairs gulps 20k every month. That amounts to 240k a year. (U did this analysis on shocks, linkages, hub etc some time ago)

At the end of Year 1
Rentals guy has 1.5m - 120k(half of repair cost)
HP guy has 1.250m - 240k

Savings at the end of year 1
Rentals guy 1.3m
HP guy 1m

What are the lessons?
So at the end of Year 1, rentals guy has 30% more cash than HP guy.

Assuming price of d car doesn't change in the next 1yr...Rentals guy buys his own car and saves more since he no longer pays rentals fee.
A few more months HP guy can also afford another car. Even while still paying for the first car.

You see that first car that was direct tokunbo used and managed by the HP guy, d rentals guy will need prayer and fasting to get a 1 or 2yr used and well maintained car to buy at that price.

Don't go for a very expensive car if u want to do HP.

Felicity001:


What an ironic mentality! You just shot yourself in the foot!

So please tell me how a driver on rental can drive 12 months stretch without having a change of partner. Show me how please.

You should be educated and experience enough to known that there's a huge gap btw the classroom and the industry.

So go back and tear that write up paper you did up there in shame!

There is no biding clause that states owner partner can't retrieve, call for personal use of his car or terminate at will in a rental agreement.

There's no rental I'd taken where is was agreed that come what may driver will have a particular renting tenor or period before a review or termination of rental contract.

A good rental agreement should have a quit notice should any partner whats out, but in this line of business, there's virtually non.

So should any of these happens what happens to the driver's savings? He'll starve or watch his family die of hunger pending when he gets another job(car)?

On the other hand (HP), there is a biding agreement hiding both parties mutially together till end of contract so 'puchasie' does not have any right whatsoever to retrieve car unless a clause as been bridged over time.

A hard working driver according to you who does a 1000 miles weekly is suppose to be able to upset a payment of 4m witin a year with a BAZ001 low millage car (also according to you) of 170k-miles because for you to do a 1000miles weekly your earnings should be nothing short of 150k after all deductions and fueling. Same car should do 12months without having any major fault.

So if you can be honest enough to have done the math together with me you'd agreed that it's very possible to remit 100k weekly. 60k for bolt comm, 30-40k to fuel and the remaining to whatever. In 10months that driver is done with payment. And car is his.

Mind you tue shorter the lesser.

Don't doubt it young man, some drivers have good customer's relationship and driving skills so some good Inter state trip can give them 100-200k without haven to drive 1000miles... Don't doubt it... I've experienced and i's haf sin.

Now argue with yourself

pope191:


No lies, learnt that when I lost my compressor to that igboefun flood

northbird:


Though not constant, ikoyi is a better place if you are looking for mainland trips on weekends.

CheerfulGiver:
Hire purchase is slavery, and a scam.

I'm going to factually analyse this stuff again for the last time, then anyone who goes ahead to get a hire purchase is free to do so at his own risk. I'll be using the bread and butter of every average uber driver, the 2006 Toyota corolla.

Fact 1
There is no hire purchase on a corolla that is less than 4,000,000 naira, unless it is by the special grace of God, the almighty.
Fact 2
Average weekly rental on a corolla is 30,000 naira, while weekly deposit on a HP is 35,000 naira.
Fact 3
A guy on HP must deliver 35k weekly unfailingly, with a 2 - 4weeks grace of delay in payment, and he must do so in 110 weeks.
Fact 4
An average driver must do 1000 miles a week of driving.
Fact 5 A driver on HP is responsible for All repairs on that corolla, for the next 110 weeks. While a driver on rental splits repairs with partner.
Fact 6 Every driver must be able to save 6k daily. Whether rental or HP, else you're just a fool.

Fact 7 A very good Tokunbo corolla should come with at least 170,000miles.

Now, there are 52 weeks in a year. Our HP driver has at least 2 years on his contract. Let's say he works for only 50weeks, cos partners will never hear story, he must always pay his installment. In fact, moove will not hear story, but I'm just trying to be conservative.

In 50weeks, he would have remitted 50 x 35,000 = 1,750,000 and added 50,000 miles to the corolla and car is not his yet. His mileage should now be 220,000 miles

Remember the guy on rental, who pays 30k weekly, and who saves 6k daily? With the mentality of a hard working HP driver, but paying 5k less every week, he has a savings of 47k weekly.

47k x 50 = 2,350,000

So if my guy on rental gets a Nigerian used corolla at 220,000 miles, at the rate of 1.6m, he still has 750k to fix up car with.

Year 2, HP guy completes his payment, car is at 270,000 miles. Becomes his.

Former rental guy now adds 15k weekly to his savings, since he now drives his car 62,000 x 50 = 3,150,000.

Who really get sense?

davidwemby:


Do you use elm 327?

northbird:
People living around agungi ajiran road, how do you deal with the flooding.

Last Saturday, took a lady from ikeja to one estate around there, when it got to a point, I had to turn back, she was yapping that, is it not other cars going..... Bla bla.


BTW, some drivers on rental bad sha, I mean some guys were still plodding through the deep water like that. , haba, pity the owner na.

.... Back to the story.
I told her.

Me: if this car stops in this flood, Will you push the car for me? She couldn't answer.

We had to turn back and follow the Osapa London route ( after she made a call to one of her friends who suggested a route) to connect to the back of agungi ajiran.

Anything flood, you are on your own, if your car gives up in the flood. Tomorrow, she will still order another car to come and pick her.

Na you and mechanic go dey reason how to resuscitate the Golden goose.

CheerfulGiver:
New month started as planned. One more trip and it's good night...

1m, receive me with open arms..

Devising a means to make extra 185k...

northbird:


Though not constant, ikoyi is a better place if you are looking for mainland trips on weekends.

CheerfulGiver:
I was waiting for you...

Nice analysis. It's good you referenced my earlier posts. Though you didn't mention the car suggestions in that post. I'll continue from where you stopped, even though I have other pathways, I'll use yours.

At the end of year one, rental guy has 1.5m and decides to buy a Kia Rio. A Kia Rio is way less than 1.5m.

You dare not doubt the reliability of the Kia Rio or it suitability for the job. I'll refer you to a post made by Carshopper who has a fleet of Kia Rios, going strong for him years after.

https://www.nairaland.com/2653841/uber-partner-lagos-please-share/389#63793821

I deliberately used a corolla in my analysis, but this was my end game.

At the end of year 1, rental guy has 1.5m and decides to buy a Kia Rio. He buys a Kia Rio and continues his hustle. Now let's look at your own analysis again.


Gross 150k/week about 25k minimum a day
Net (of fuel and commission) is 90k/week

Rentals fee 30k Balance 60k
HP Fee 35k Balance 55k

Deduct living expenses of 30k/week for both men

Rentals Savings 60-30= 30k/weekNow saves 60k a week.

HP savings 55-30= 25k/week

Now let's assume servicing and repairs gulps 20k every month. That amounts to 240k a year. (U did this analysis on shocks, linkages, hub etc some time ago)

At the end of Year 2
Ex Rentals guy has 3m - 240k(half of repair cost)
HP guy has 1.250m - 240k

Savings at the end of year 2

Rentals guy 2.76m

HP guy 1m

Now look at this Kia Rio and tell me if it looks abused. Found it on jiji for a asking price of 1.4 . I could price it to 1.25

FuckEveryday:
Do people really drive by dis tym

brosiye99:


Please, where can I get this Oil. I am interested. What reviews do you have on it? If its good, I would prefer this to Mobil 1 extended which I Use but its crazy expensive.

Pearl1910:


Any oil without this seal they fear me to use o.

XGhost:


You can do NordKapp full synthetic, 12k per 5ltr jug

Pearl1910:


Ikoyi? Weekend
Ikoyi ke. Which part of Ikoyi abeg...in my 4yrs plus Ikoyi is one of d worst locations...I remember that time Uber placed permanent X1.2 in some areas just to encourage drivers to be in those areas. Ikoyi was always one of those areas cos few trips so drivers r always scarce. Then come be weekend again, weekdays even try small during closing hours but weekend Ikoyi is like a graveyard. U will sleep and wake up and sleep again, u will think ur network is bad or something is wrong with ur phone/app...but d moment u cross Lekki bridge into Lekki or falomo bridge into VI trip will enter.
Another time u get trip in Ikoyi is after midnight clubbing on Awolowo.
Asides these times na prayer and fasting...very very unlikely.

BAZ001:


My fear is that if I change oil now, it might affect the engine of my low mileage Camry, let me just continue with my palm oil.

Hol up hol up!
We at oyel seller will not like this news
Our very own Supertech oil is coming and I’m a brand ambassador.
Just exercise a lil more patient

[img]https://media./images/0a714b7628d39672ea63e27bb9a84fe5/tenor.gif[/img]

CheerfulGiver:
New month started as planned. One more trip and it's good night...

1m, receive me with open arms..

Devising a means to make extra 185k...

BAZ001:


This new months I also declare 1 million naira receive me with open arms.
I think 1 million, I speak 1 million, I sleep 1 million. 1 million I see you coming to me.

I’m motivating myself this morning
.... and devising a means to join d ant leagues.


[img]https://media1./images/c917e2b10a3b2120e088e80191c58c3d/tenor.gif?itemid=17509850[/img]

davit:
Yes. I saw some trips like these when coming out of Shores Hotel around 2 am 2 days ago. Ironically, some drivers still collect the BS fares by that time of the day.