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2016 Toyota Fortuner
Condition: Used
Mileage: 97000
Colour: White
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Condition: Used
Mileage: 15000
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2018 Renault Sandero Stepway
Condition: Used
Mileage: 15000
Colour: Rose Red

Uber Car Leasing VS Uber Car Finance

SA Motor Lease provides non-finance vehicle solutions for people with low credit scores and people who are blacklisted.

Most Uber drivers don’t have a credit score as they do not have payslips and their month in come and expenses fluctuate from month to month and week to week.

In South Africa there is a definite advantage to leasing your Uber vehicle.  The biggest advantage of leasing is that leasing companies offer courtesy cars while your car is being repaired for both mechanical and accident repairs.

When one compares leasing your uber and buying your uber it is best to look at the factors below:

Cost of Buying Your Own Uber

Price

Monthly repayment (60 months) 4 200.00
Monthly insurance 2 200.00
Tyres  480.00
Services and Brakes 1 150.00
Big Maintenance saving 300.00
Data 300.00
Tracking 200.00
Annual licensing 100.00
Total Cost

8 930.00

With the SA Motor Lease affiliated product you will end up paying R10,000 per month, but this includes your courtesy car. Our experience shows that the average Uber car spends about 12% (6 weeks a year) off line.  The reason for this is as follows:

  • Vehicle in for maintenance repairs
  • Vehicle in for panel beating
  • Driver’s profile blocked due to documents required
  • Awaiting activation

Once one takes into account the 100% up time that a leasing company gives you and the shorter terms of the lease (lease is 48 months and finance is 60 months), the lease really does work out a lot cheaper than owning your own Uber.  The other huge benefit of leasing is that most leasing companies dealing with Uber allow you to return your Uber anytime.  When you deal with a bank, you are tied in for 60 months.  With the lease, they encourage you to stick with them for 48 months, but you are not locked in.

A further advantage is that when you try to run a vehicle to 60 months on uber you will be pushing 500,000kms and the maintenance becomes prohibitive during the last year.  The shorter period of the lease means you get a new car when you need it.

From the table below it is simple to see that the cost of leasing is actually cheaper than ownership, and when considering the additional benefits of leasing for uber, it’s a no brainer to rent your Uber.

 

Cost of Buying Your Own Uber

Total Cost

Per month

Cost of Uber   8 930.00
Cost of down time 6 weeks per year 12 018.46 1 001.54
Payments for extra 12 months 50 400.00 1 050.00
Total cost of ownership   10 981.54
     
Cost of leasing    10 625.00

 

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