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

[kennyyy]

why people think because a fella do grab as part time means slogging to pay off condo....

 

it could be he just have spare time and don't know what to do with it

 

Err, I think u made wrong assumption. I think some commentators here only think that this particular friend of Ysc3 is slogging to pay off condo. That's what he wrote in his story regarding his friend mah   . It's not abt other Grab Drivers.

[LPPL]

Whichever way you look at it, cars are a liability. Even if you can make back the cost of the car, the time you spend earning it back by driving grab will take away that precious time you are supposed to use it for family. Buy a car only when you really need one to enhance you and your family's lives. To tell you honestly, without a family, I would rather ride a bike coz I can get around faster and it costs next to nothing.

[Ake109]

got a friend who just bought a pte condo unit, got married and a bought new Honda shuttle and also just change job.

 

his job is 8:30-17:30 x 5 day week.

 

weekday he gets up at 5am every morning and drive grab until 7am + before going to work.

 

after work, he drives grab until about 9pm +.

 

Saturday, he drive a whole shift of grab.

 

sunday he rest.

 

he tells me that the "grabbing" he does is enough to cover the ALL cost of maintaining his car, and he should be able to settle the car loan in 5 years.

 

that will leave him his/wife salary to pay for the condo.

 

All I can say is that your friend got a damn good job. Can afford condo with a strict 830am to 530pm job. Civil service ah?

[Galantspeedz]

True for some, but definitely not for the below scenario though.

 

weekday he gets up at 5am every morning and drive grab until 7am + before going to work.

 

after work, he drives grab until about 9pm +.

 

Saturday, he drive a whole shift of grab.

 

sunday he rest.

 

dunno leh, i know of friend do 2 jobs including weekends because his thinking is young should earn more not because he really needs it

[Wt_know]

Whichever way you look at it, cars are a liability. Even if you can make back the cost of the car, the time you spend earning it back by driving grab will take away that precious time you are supposed to use it for family. Buy a car only when you really need one to enhance you and your family's lives. To tell you honestly, without a family, I would rather ride a bike coz I can get around faster and it costs next to nothing.

if one has to work 20hrs a day, 7 days a week non-stop

to fund and support his used Ferrari

then all can say Ferrari is easily attainable ... “can afford”

[RogerNg_185295]

Seems he has gone missing while we are still discussing

He's just a troll, doubt he even knows about car ownership. His Parf he just took 10% of car selling price lol. How is fuel cost measured by hourly basis

 

[kennyyy]

Seems he has gone missing while we are still discussing

 

Seems he went missing right after someone here posted this abt him:-

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*Quote*

 

I think this is the same guy who posted this. 

 

 

Quote

I know this is a controversial topic. 

 

I drive lane 1 at speed limit, is it right or wrong? 

 

Why do so many friggin cars expect me to drive 10-20 above speed limit???

 

I am just being law abiding. 

 

Some more lane 2 so slow, 60-70 usually.

 

It is not road hogging when you are at speed limit FYI.

 

And singaporean Drivers need to have more patience.

 

*Unquote* 

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[LPPL]

if one has to work 20hrs a day, 7 days a week non-stop

to fund and support his used Ferrari

then all can say Ferrari is easily attainable ... âcan affordâ

It is a sad state if a person's quality of life is just based on these tangibles. I have seen hdb dwellers driving R8s and lambos when such cars should supposedly be parked in the front porch of a landed or some posh condo.

[Alfc]

All I can say is that your friend got a damn good job. Can afford condo with a strict 830am to 530pm job. Civil service ah?

 

I am surprise there is no clause in the full-time job employment contract that states one is not supposed to moonlight. And there must be a declaration done each year. Driving grab part-time is a breach of contract.

[DACH]

It is a sad state if a person's quality of life is just based on these tangibles. I have seen hdb dwellers driving R8s and lambos when such cars should supposedly be parked in the front porch of a landed or some posh condo.

There's no right or wrong of which cars should be driven based on their dwellings. They just set their priorities and finances based on their interests. Nothing wrong with that.

I think we also shouldn't dispute those living in landed or posh condos driving Toyota Corollas or Honda Civics.

[LPPL]

There's no right or wrong of which cars should be driven based on their dwellings. They just set their priorities and finances based on their interests. Nothing wrong with that.

I think we also shouldn't dispute those living in landed or posh condos driving Toyota Corollas or Honda Civics.

 

There is wrong when priorities are not right. 

[DACH]

There is wrong when priorities are not right.

Different people have different priorities. Nothing right or wrong.

[Vratenza]

Oh... You mean like the selected head of state that insisted on staying in her HDB... Wasting public resources to set up tentage and designated parking for her to show her priorities? When her annual salary is enough to buy up her entire floor of neighbours. 

 

There's no right or wrong of which cars should be driven based on their dwellings. They just set their priorities and finances based on their interests. Nothing wrong with that.
I think we also shouldn't dispute those living in landed or posh condos driving Toyota Corollas or Honda Civics.

 

[RogerNg_185295]

Have you bought a car and start driving to earn money already?

 

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?

 

 

[Raychay]

When you see a PHV, it's usually a new Mazda 3, Vezel, Shuttle, Corolla, Vios or maybe COE renewed Japanese/Korea car,

Noticed that there are some more premium makes and models with PHV decals.

It doesn't make economic sense to me why they are doing that. Anyone can enlighten me?

 

 

[hakim1794]

On 6/24/2018 at 12:52 PM, TayBoonSiang said:

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?

Can you teach me how can I have a self-sustaining investment as well please?

[ferrytales]

1 hour ago, hakim1794 said:

Can you teach me how can I have a self-sustaining investment as well please?

Invest in yourself first. 

[burnandfreeze]

Now with this covid-19 best dont do phv, dont buy car. Save money hide at home