Part 5/7:
An essential aspect of this venture is vehicle depreciation. It’s estimated that cars lose value at a rate of 8-10 cents per mile driven, which aligns closely with the 9 cents per mile I earned. This made it clear that I primarily broke even on depreciation after 4,500 miles of driving.
In terms of time investment, I estimated spending around 12-16 hours throughout the month managing the rentals. A rough calculation translates this into an hourly earning of approximately $26-$34, which actually exceeds my Uber earnings.