Purchase Vehicle to Uber

[Kevin Phu]

So an idea crossed my mind and I've done a little thinking about it. Wanted to see what the community's opinion is on it and if they feel it could be a good idea.

General Info on my situation:

Primary vehicle: No payments but can't use as Uber (it's heavily modified)

Debt: ~9k in CC (0% apr/21 months due to balance transfer)

RE Goal: Build capital ASAP to put myself in good position to purchase

Overall Budget: I make good money and after bills/expense I still have a lot left over

I was thinking about purchasing a economical vehicle to double as my daily driver and Uber on the weekends for extra income to put towards RE goal. I was thinking about a used Honda Accord for $10-13k. I would finance it with 0% down at a low rate (around 3.9%) and use the weekend Uber Money to cover payments and insurance. Adding this 2nd vehicle to my policy would increase my insurance premium about $20/month. 

$13k loan at 3.9% over 60 months = $238.83/month

Insurance = ~$20/month

Overall cost per month (excluding gas) = ~$250

I would be driving in my local area (Ventura county) but could also drive 45 minutes away into Los Angeles. I also travel down to San Diego frequently for work so I could also Uber drive there as well.

[Arlen Chou]

@Kevin Phu I totally believe in the power of the side hustle.  There will be a ton of people who will say "your time is worth more" networking, looking for deals, etc etc.  But those activities are fairly limited...  Driving an Uber for extra cash is what the side hustle is all about; you can do it whenever you have extra time.  You also are forced to drive neighborhoods and learn the lay of the land.

About buying a 2nd car... I personally would sell the "boy toy" and suck it up and roll with the 4 door as my only ride.  Dumping money into a pimped street ride is a waste of money, unless you are going with something that is collectable.  I know, because I now cry about all of the money I have blown on various cars.  Just keep in mind that once you have a ton of cash you will be able to buy better toys.