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Poll: Will you do it if you are in my situation? (31 member(s) have cast votes)

Will you do it if you are in my situation?

  1. Yes (9 votes [29.03%])

    Percentage of vote: 29.03%

  2. No (18 votes [58.06%])

    Percentage of vote: 58.06%

  3. Need more details about my situation. (4 votes [12.90%])

    Percentage of vote: 12.90%

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#1

Posted 24 June 2018 - 12:52 PM

TayBoonSiang
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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 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?

Edited by TayBoonSiang, 24 June 2018 - 01:01 PM.

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#2

Posted 24 June 2018 - 12:58 PM

Kengheng450
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day dream can nowadays no more $32 per hour,more likely $20 per hour

#3

Posted 24 June 2018 - 01:02 PM

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I had to do a comparison with renting a car. 

 

Assuming the most insane car rental rate of $50/day with all things covered

 

Daily Cost of driving PHV (Worst Case Scenario)

  • Car Rental = $50
  • Carpark Fees ($110 HDB season, $6/day Misc) = $9.62
  • Fuel Costs (8 hours/day $5/hr) = $40 

Total Daily Costs: $99.62

 

Your income per month will drop to $1586.52

 

 

day dream can nowadays no more $32 per hour,more likely $20 per hour

 

I was using data from 

 

https://driver.grab....MkaAnP2EALw_wcB

 

and 

 

http://jefferson-soh...rs-earn-hourly/

 

Are these not accurate any more?

 

According to what you say though, i should revise my average per hour income downwards. 

 

https://www.grab.com/sg/1-7hgco/

 

$24/hr seems to be the minimum tier.


Edited by TayBoonSiang, 24 June 2018 - 01:09 PM.


#4

Posted 24 June 2018 - 01:07 PM

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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.
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QUOTE
do to others what you want others to do to you......

#5

Posted 24 June 2018 - 01:10 PM

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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.

 

Thing is, I am a full time investor and have the whole day free, while family members are usually only around in the early mornings/evenings.

 

Can easily monitor my investments while driving. 



#6

Posted 24 June 2018 - 01:17 PM

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Thing is, I am a full time investor and have the whole day free, while family members are usually only around in the early mornings/evenings.

 

Can easily monitor my investments while driving. 

 

The best advice is to rent a car and drive for 1 month first. You will :

 

1.) Figure out how much gross per hour you can really earn

2.) See if you think that 6-8 hour a day is worth the extra stress on your body

 

You can pay cash means you can buy that Jazz anytime you want. Why not test water first?


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#7

Posted 24 June 2018 - 01:24 PM

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The best advice is to rent a car and drive for 1 month first. You will :

1.) Figure out how much gross per hour you can really earn
2.) See if you think that 6-8 hour a day is worth the extra stress on your body

You can pay cash means you can buy that Jazz anytime you want. Why not test water first?

Totally agree. The cost of rental isn’t much. Can try out 2-3mths with limited loss.

#8

Posted 24 June 2018 - 01:28 PM

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The best advice is to rent a car and drive for 1 month first. You will :

 

1.) Figure out how much gross per hour you can really earn

2.) See if you think that 6-8 hour a day is worth the extra stress on your body

 

You can pay cash means you can buy that Jazz anytime you want. Why not test water first?

 

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?


Edited by TayBoonSiang, 24 June 2018 - 01:33 PM.


#9

Posted 24 June 2018 - 01:30 PM

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Thing is, I am a full time investor and have the whole day free, while family members are usually only around in the early mornings/evenings.

Can easily monitor my investments while driving.


Better not monitor while driving but when taking a break.

I'm thinking of quitting my job and doing PHV full time.
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Me sad Newcastle fan

#10

Posted 24 June 2018 - 01:36 PM

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I did not read your details write up.

a few major questions you need to asswer before plunging into PHV ownership.

if you are sick. do you still need to pay rental not to mention medical cost.

after driving for hourserrors day will you still be able to spend hours infront of your PC to monitor your portfolio.

Do you really need a car on a daily basic.

imo.
I did not read your details write up.

a few major questions you need tonasmwernbefore plunging into PHV ownership.

if you are sick. do you still need to pay rental not to mention medical cost.

after driving for hourserrors day will you still be able to spend hours infront of your PC to monitor your portfolio.

Do you really need a car on a daily basic.

imo. I like your no loan policy. full cash. On there hand I would rather your investment the sum into other portfolios. Take the public transport or car rental/sharing type.

Edited by Kopites, 24 June 2018 - 01:33 PM.

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#11

Posted 24 June 2018 - 01:43 PM

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I did not read your details write up.

a few major questions you need to asswer before plunging into PHV ownership.

if you are sick. do you still need to pay rental not to mention medical cost.

after driving for hourserrors day will you still be able to spend hours infront of your PC to monitor your portfolio.

Do you really need a car on a daily basic.

imo.
I did not read your details write up.

a few major questions you need tonasmwernbefore plunging into PHV ownership.

if you are sick. do you still need to pay rental not to mention medical cost.

after driving for hourserrors day will you still be able to spend hours infront of your PC to monitor your portfolio.

Do you really need a car on a daily basic.

imo. I like your no loan policy. full cash. On there hand I would rather your investment the sum into other portfolios. Take the public transport or car rental/sharing type.

 

Thanks for your genuine suggestion. 

 

I have been unemployed for 5 months and I have understood my routine. Too many free time, too unproductive. 

 

Health wise. I have considered 6 hours a day in a car to be on par with slaving at work at my desk for 8 hours a day. Not much difference. I have factored in regular exercise in my 6 hours/day driving calculations.

 

My investment portfolio is those kind that only need to spend 30 minutes looking at it everyday. 

 

I don't really need a car on a daily basis, but it is boredom to me without a routine job. 



#12

Posted 24 June 2018 - 01:57 PM

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I think you are intertwining the two issues (car ownership and driving Grab).

From your posts:

You don’t really need a car, but you’d like to own one, and you’re considering to offset the costs by driving Grab.

I frankly think it is a bad idea.

Just keep the money, and live a stress free life.
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#13

Posted 24 June 2018 - 01:58 PM

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Thanks for your genuine suggestion.

I have been unemployed for 5 months and I have understood my routine. Too many free time, too unproductive.

Health wise. I have considered 6 hours a day in a car to be on par with slaving at work at my desk for 8 hours a day. Not much difference. I have factored in regular exercise in my 6 hours/day driving calculations.

My investment portfolio is those kind that only need to spend 30 minutes looking at it everyday.

I don't really need a car on a daily basis, but it is boredom to me without a routine job.

What’s your previous job?
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I'm always learning how to drive...

#14

Posted 24 June 2018 - 02:00 PM

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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?

Usually, pay full cash to buy car, AD will charge 1 to 2k more or so called give less discount for w/o car loan.

IMO, after July as many can't pass the PHV license, there will be less PHV drivers on the road, the hourly income should be more current situation;

But I am not sure you ald have PHV license boh.

And is Jazz1.3 qualified to be crab car, need to find out first before purchase.

Lastly, like other bros suggestion, test water before commit car purchase.
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#15

Posted 24 June 2018 - 04:58 PM

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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.

 

 


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#16

Posted 24 June 2018 - 08:34 PM

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I think this is the same guy who posted this.


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.


Like I said, not a road hogger if at speed limit. By law definition.

Even if you did a Google search and it implies I am a hogger, not against the law on Singapore roads. More law abiding then when you try to overtake me above speed limit.





Want to speed, go petition LTA to increase maximum speed limit of lane 1 please.

It is as clear cut as it gets.

Hopefully when LTA trials some kind of driver baotoh system for speeding in the future, we get less of this kind of “I am entitled to speed on lane 1 mentality”




Emergency car will give way according to the law. Otherwise no farks given.

Lets give another hyperbole example since you like them.

A thief asks you to give way in the shopping mall. Will you give?


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#17

Posted 24 June 2018 - 08:55 PM

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Just one accident and you lose alot of money / earning.. did u factor that in ? Pls factor in summons as well
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#18

Posted 24 June 2018 - 09:14 PM

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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?

You get 2 or 3 jobs an hour. You umcio liao. U drive there no need time. Still need to wait for passenger to arrive.
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#19

Posted 24 June 2018 - 09:45 PM

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I think this is the same guy who posted this.

 

 

I hate this type of "law by law" individuals. Not only stubborn but he think he knows a lot about law and use it to threaten you.

 

It's a miracle he can grow up to become a jerk.


Feel so rich. Or just an illusion?

#20

Posted 24 June 2018 - 09:49 PM

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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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