The answer to that is, yes it is profitable to lease a car and drive on Uber. This is owing to a few factors; the main one being inflation.
The leasing installment is a constant amount. The amount paid as the monthly installment does not change with inflation. However, the amount that the owner of the car earns from riding it on Uber can vary, mostly for better. The vehicle owner can pay the leasing installment with the income from Uber. When the owner secures more money from the rides than a monthly installment, there is a clear profit margin. It is a matter of accepting more rides.
The inflation factors
Another positive for the owner of the vehicle is that they secure the ownership of the car with less effort. The addition of all monthly installments amounts to more than the price of the vehicle. However, worldwide inflation makes sure that the net worth of the vehicle increases with time. As the leasing installment remains the same throughout, it is a win for the owner of the vehicle. Buying a car on lease is also a method of buying a vehicle that you could not afford in bulk. Even if you only possess the funds to buy a bike, a lease lets you buy a car.
Wear and tear
This is another small but important way in which the owner of the vehicle profits from both lease and Uber. When riding vehicles on Uber, you could stop were the last ride ended and start the next ride from there. This is healthy for both the vehicle and for your finances. It minimizes the amount of wear and tear of the vehicle and lessens the maintenance expenditure.
Moreover, you do not have to look for hires when you ride your vehicle on Uber. The Uber company and app make that effort for you. You provide the ride, and you save the money that you spend on advertising if you had your private company. You also save tons of time. You secure yourself an asset without much effort at the end of the leasing period.
Uber is a secure company
It is also a very telling factor that Uber is a popular company. Uber has been a stable establishment worldwide for many years and the need for it increases steadily. It is not any time soon that every single person in the world learns to drive and buys a car. Companies like Uber will remain popular for many years to come.
Another interesting aspect is that with a company like Uber, you could locate the vehicle anywhere and anytime. The details of the vehicle are recorded securely. So, even if you employ a driver, you could be sure that the whereabouts of your vehicle are safe. It is a given that it is more profitable if you drive the vehicle yourself without paying a third person.
You can, therefore, clearly secure a profit margin when you lease a vehicle and ride it on Uber. Whatever you save from doing this could be invested elsewhere. In short, this practice is a win-win for you, for the leasing company, and Uber.
Please do tweet at us on @RENTALL and let us know how you were successfully able to lease a car and drive on uber.