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Costs of owning a car as a Full-time PHV driver


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Will you do it if you are in my situation?  

38 members have voted

  1. 1. Will you do it if you are in my situation?

    • Yes
      9
    • No
      21
    • Need more details about my situation.
      8


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I think this is the same guy who posted this.

 

 

 

 

 

 

 

 

 

 

 

Now i begin to worry to have another such personality on the road full time.
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Best is to rent one and try out for a few months to limit your financial exposure.

Otherwise , there are so many used PHV cars on sales in the market now, just go grab one, there is no need to buy brand new.

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Whatâs your previous job?

And the important question is how much he making per month now?

So buying a car and to drive grab to cover back the cost of owning one?

 

Better just take public transport and spend time with family better.

This is a case of someone who is a marginal buyer. Cannot really afford but need to stretch financially to buy one.
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Hypersonic

Hmmm ...... Car is a horrible asset to carry in SG lor.

 

a) If I have 75K now. Tomorrow, I go buy Singtel share, xd Late July. Then wait for it rise lor.

 

b) In out in out whole year can achieve 10K easily lor.

 

 

c) The next thing is PHV very crowded now, getting harder to earn a decent dough lor. If the app flash and you don't pick up customer, will get penalized one. No time to pee OK. My neighbour idling downstair show me Go from Bedok to Tampines fetch to Pasir Ris $5. He said $%#%^^##$%^^&$#^ the APP lor.

 

 

d) If you never drive a PHV, go rent out a 6week stint and try out lor.

 

I think I last hear 6 week, 10~12 hours drive = Nett income $2400. Not very successfully

 

The failure rate is quite high. And that is before Uber go eaten by Grab lor.

 

 

e) If you still MUST buy a car, I would go for the Mit Attrage 63K. The cheaper the BETTER. No emotion on Brand one. Just drive.

 

f) Or if you are 40 and above, I strongly recommend to take up the Enhanced SkillFuture scheme, take a degree or masters. You are better off re-entering the job market.

 

g) If you already have a Masters or high, teach lor can get $200/hr.

wah 75k in out in out whole year can achieve 10k profits easily?

 

can teach or not?

 

 

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Turbocharged

And the important question is how much he making per month now?

This is a case of someone who is a marginal buyer. Cannot really afford but need to stretch financially to buy one.

 

I think it's common 2 to 3 years back when earning for driving for uber is still good. Now is very different, too many drivers on the road and it may not be sustainable to drive just to stretch as marginal buyer. One reason why COE is on a downtrend. 

Best is to rent one and try out for a few months to limit your financial exposure.

Otherwise , there are so many used PHV cars on sales in the market now, just go grab one, there is no need to buy brand new.

 

Lots of Mazda 3 with depreciation at a low of $7k plus entered the market after the recent last round of clearing Uber rides.

 

 

http://www.sgcarmart.com/used_cars/listing.php?ORD=PRC_DESC&ASL=1&MOD=Mazda%203&RPG=20&RGD=&DP2=&DP1=0&PR2=&PR1=0

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wah 75k in out in out whole year can achieve 10k profits easily?

 

can teach or not?

 

ðð

he mentioned sing and tell.

 

I almost want to park my coffin money with him75 one year 10k?

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Supersonic

Agreed too. But I was hoping to tap on people's knowledge as well to get a good gauge before even renting. 

 

I am just missing one variable which is the average intake/hour for PHV drivers. I know it depends on hours driven, but I just want the worst case.

 

I also think that $20/hr is too unrealistic. A Grab ride these days costs $6-8 for a short distance, and I reckon one can probably do 4-5 jobs in an hour? That will be $30 at the bare minimum, $24 if 4 jobs. 

 

 

 

Can I also ask if AD charges the same if I paid in a lump sum? As in $74999 advertised on AD will be $74999 if I paid in lump sum?

 

Just get a used PHV car with very low mileage that is selling in the second hand market now, if you really want to buy instead of rent.

Like the Mazda 3, which has a bigger interior than the Fit.

 

I presume you have passed the PHV new regulations. 

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Agreed too. But I was hoping to tap on people's knowledge as well to get a good gauge before even renting. 

 

I am just missing one variable which is the average intake/hour for PHV drivers. I know it depends on hours driven, but I just want the worst case.

 

I also think that $20/hr is too unrealistic. A Grab ride these days costs $6-8 for a short distance, and I reckon one can probably do 4-5 jobs in an hour? That will be $30 at the bare minimum, $24 if 4 jobs. 

 

 

 

Can I also ask if AD charges the same if I paid in a lump sum? As in $74999 advertised on AD will be $74999 if I paid in lump sum?

 

Worst case? Worst case is $0 an hour lor. Car break down, stuck in carpark, super jam etc.

 

But seriously, $20 an hour is about average. Don't think as a passenger where you take a short ride and its $8. Think from the other side where :

 

Peak hour : Fare high but jams everywhere, including that non-revenue part where you are spending 15mins to get to a passenger 1km away only.

 

Non Peak : Your pax want to go Sungei kadut/lim chu kang/tuas south and after sending the pax, you need 20-30 mins to get back to civilization to get next pax.

 

No loss to you to rent 1week or 1 month and see for yourself. Everything else here is just talk. You need to see for yourself.

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Turbocharged

You should request to be a part time taxi driver and see how the lifestyle is first.

 

A retiree near my place does that, hardly drives his cab usually just playing mahjong in the house

 

From what I understand being a cabby is less taxing then a grab driver, trying that way first to ascertain if the life is suitable is probably a good way to start.

 

 

 

Hi everyone. I started this thread to get a second opinion from more expert car owners on the costs of owning a car. 
 
In my case, I would like to own a car and finance it with Grab driving, and also earn some side income. Currently doing self-sustaining investments, so don’t mind driving to burn all my spare time and also to ferry my family around.
 
It is my hope that this thread can also guide new aspiring PHV drivers. 
 
Key Assumptions

  • Buying Honda Jazz 1.3 from AD, no loan ($74,999 at Kah)
  • Driving 6 hours for Grab a day, 8 hours on the road, $5/hour fuel
  • Gross takings for 1 hour of Grab is average $32 (Before commission+expenses)
  • Medisave is still your own money so don’t need to count contributions as expenses

Daily Cost of driving PHV (Worst Case Scenario)

  • Car Cost ($74999/10 years, $7499.9 PARF) = $18.49
  • Insurance Price ($2000/year) = $5.48
  • Maintenance Fees ($1000/year) = $2.74
  • Road Tax ($578/year) = $1.58
  • Additional Costs (Accidents, Wear and Tear) ($4000/year) =    $10.96
  • Carpark Fees ($110 HDB season, $6/day Misc) = $9.62
  • Fuel Costs (8 hours/day @ $5/hr) = $40 

Total Daily Costs: $88.78
 
Estimated Daily Earnings 

  • Gross Takings (6 hours, $32/hr) = $192
  • After 20% commission = $153.6
  • Taxable income = $56064
  • Income tax paid = $400

Nett Daily Income (After all deductibles) = $63.72
 
Worst Case Scenario Monthly Income (6 hr/day for 30 days) = $1911.72
 

 

 

 

Key Questions to be answered

  • Is the $32/hr average gross takings by PHV drivers realistic? Assuming the most newbie technique - to aim for incentives.
  • Would renting a car be a better option?

 

 

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Hi everyone. I started this thread to get a second opinion from more expert car owners on the costs of owning a car.

 

In my case, I would like to own a car and finance it with Grab driving, and also earn some side income. Currently doing self-sustaining investments, so donât mind driving to burn all my spare time and also to ferry my family around.

 

It is my hope that this thread can also guide new aspiring PHV drivers.

 

Key Assumptions

  • Buying Honda Jazz 1.3 from AD, no loan ($74,999 at Kah)
  • Driving 6 hours for Grab a day, 8 hours on the road, $5/hour fuel
  • Gross takings for 1 hour of Grab is average $32 (Before commission+expenses)
  • Medisave is still your own money so donât need to count contributions as expenses
Daily Cost of driving PHV (Worst Case Scenario)
  • Car Cost ($74999/10 years, $7499.9 PARF) = $18.49
  • Insurance Price ($2000/year) = $5.48
  • Maintenance Fees ($1000/year) = $2.74
  • Road Tax ($578/year) = $1.58
  • Additional Costs (Accidents, Wear and Tear) ($4000/year) = $10.96
  • Carpark Fees ($110 HDB season, $6/day Misc) = $9.62
  • Fuel Costs (8 hours/day @ $5/hr) = $40
Total Daily Costs: $88.78

 

Estimated Daily Earnings

  • Gross Takings (6 hours, $32/hr) = $192
  • After 20% commission = $153.6
  • Taxable income = $56064
  • Income tax paid = $400
Nett Daily Income (After all deductibles) = $63.72

 

Worst Case Scenario Monthly Income (6 hr/day for 30 days) = $1911.72

 

 

 

 

Key Questions to be answered

  • Is the $32/hr average gross takings by PHV drivers realistic? Assuming the most newbie technique - to aim for incentives.
  • Would renting a car be a better option?
Better get a used car to do grab.

 

Self employed cpf contribution can be $6k ++ depending on much u earn n I read the news, there r some tax rebate for phv driver liao

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Er, coffin money is for really buying coffin one.  Not for you to play one leh.

 

Spare cash other than coffin money ba.

 

Again, I only ask why need 75K of fund for coffin money.  10K can do simple one, 20K can even get teochew singer to sing for your honour leh.

 

Watch S, SMM, CDG machap like brothel.

 

BTW, there is a 20% chance of a major market correction.  It is the 10th year since the last great recession.  Time flies, DBS was selling $4.50.

 

 

he mentioned sing and tell.

I almost want to park my coffin money with him75 one year 10k?

 

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Hypersonic

Can laaa, this year very good. S, SMM, CDG.

ok ok... pls broadcast entry and exit points in stock market thread let us follow

 

i also want to earn >10% easily

 

this year i already -50% le

 

 

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And the important question is how much he making per month now?

This is a case of someone who is a marginal buyer. Cannot really afford but need to stretch financially to buy one.

With reference to what TS mentioned about his financial status, it feels more like insecurity without a full time employment.

 

So getting a car and driving grab as part time does seem prudent. The question is how to manage it the best way.

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With reference to what TS mentioned about his financial status, it feels more like insecurity without a full time employment.

 

So getting a car and driving grab as part time does seem prudent. The question is how to manage it the best way.

He should not stretch himself too much . Grab is not easy to drive.
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Turbocharged

If I got 75k to pay for a car.. likely I got abt 100k spare cash.. (assuming car is 30% of my total $$)..

 

If so driving Grab is more on passing time.. got earn n don earn should not be a key concern but more to cover operation cost.

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