I Do Uber Eats in Melbourne in a Car - What Do You Think about My Approach?

LFrugalDealSeeker on 15/01/2020 - 09:01
Last edited 16/01/2020 - 00:11 by 1 other user

A few points to be noted:

• I am a temporary resident which severely restricts my credit options when it comes to purchasing a car.
• I have a decent full-time job, so Uber Eats is a supplementary income

Ok so, I bought a car on a cash-credit loan (I know that may sound dumb but hear me out), a Honda Accord 2009 from a dealer driveway. I got $5000 approved + $1500 of my own money and another $50 for pre-purchase inspection was all I paid towards the car. My loan instalment is $125/wk. After work at about 5 pm, I work about 1-2hr every day and this results in a net payment of approx $250/wk - $30 for fuel which I would have to pay anyway for public transport (I commute in Zone 2 almost exclusively). The loan interest goes up to 30% pa but there are 2 silver linings:

• Car is not under finance so I can basically sell it anytime as I am betting the car would still hold value more than the remaining payments and after about 6 months I would still make a profit regardless
• As per the first point, I don't have any finance options anyway

Final Thoughts

My insurance ($104/m) + fuel ($30/w) are basically the only running costs. I have not serviced yet so I am not sure about maintenance.
I am open to suggestions and criticisms.

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  dwuuuu on 17/01/2020 - 19:14

  My DAD bought a 1999 Ford Falcon Sedan, it was driven in Melbourne for $1800, last week

  Its a 4 ltre so uses petrol, for air con, over 300,000 km

  I think you should have a look at Ford Falcons, made for Australian conditions !!!
  It is a better car than the Touota camry but is is bigger and a longer but more comfortable to drive especially hot.

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    Jugganautx on 19/01/2020 - 03:30

    Hahahahaha. Thats all i have to say about that.

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    FrugalDealSeeker on 19/01/2020 - 11:55

    Ford Falcon is a gas guzzler with a giant engine. It would cost me about the same in the long run. For the features with respect to Accords, I think Camrys are overpriced. I don't want to start a riot, just expressing my insufficiently researched opinion.

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  SpaceNinja on 17/01/2020 - 22:37

  Why buy such a large car for UE? 1.0-1.3 lit car would have been perfect, easy parking, cheap, low maint.

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  Mrgreenz on 17/01/2020 - 23:10

  So you work and pay off your car loan with the proceeds from your work.

  Doesn't really matter what job you decided to do, the fact that you use the car you purchased to under take the work that will pay it off is kinda irelevant, I guess if you enjoy it thats pretty handy.

  But if you could pay it off faster doing extra shifts at your main job, that might be a better option.

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  citybargainhunter on 18/01/2020 - 07:27

  I think it's silly

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    11112007 on 18/01/2020 - 09:04

    We need a poll to validate community sentiment haha

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      FrugalDealSeeker on 18/01/2020 - 12:10

      +2

      Yes, we do, by far 2 popular opinions I have had were:
      * You are working 2 hours a day with UE to save 1 hour of commute to work and bought an unnecessarily expensive car.
      * You are hard-working, we approve.

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  Eeples on 18/01/2020 - 21:42

  I don’t trust strangers to transport my food.
  What was the rest of your question?

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  alienurbanite on 19/01/2020 - 07:20

  This post is depressing… now where are those ANC Wireless headsets that none of us need 5 pairs of? Anybody have a deal on that?

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