Purchase Vehicle to Uber
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.