Why I Quit Driving for UBER in Canada | Calgary | Toronto | Vancouver | Montreal

IgorRyltsev

12 Dec 202006:02

Summary

TLDRIgor, the YouTuber, explains his decision to stop driving for Uber in Canada. He details the financial challenges, including low pay, higher insurance costs, and the amortization of his car which depreciates faster due to extensive use. He also mentions the unpredictable income and the additional expenses like maintenance and cleaning, especially during the pandemic. Igor emphasizes that his views are personal and plans to remove old Uber-related videos to avoid misleading viewers, as he no longer endorses driving for Uber.

Takeaways

🚗 The speaker, Igor, stopped driving for Uber in Canada around 2020-2021 due to various reasons.
💰 Uber driving doesn't pay as much as it seems due to the need to account for taxes collected on behalf of Uber.
📈 Ride share insurance is significantly more expensive than regular insurance, adding to the driver's expenses.
⏱ There are many hours of waiting involved in Uber driving, which can lead to low earnings or even less than minimum wage.
🚘 Drivers must consider the amortization of their car, including increased maintenance due to the high mileage driven.
📉 The depreciation of the car is accelerated by driving for Uber, which can lead to a loss in the car's value.
🛠 Maintenance costs for the car, including cleaning and disinfecting, are additional expenses that Uber drivers must bear.
😷 The COVID-19 pandemic adds an extra layer of risk and responsibility for Uber drivers, including the need for masks and cleaning supplies.
🏢 Uber drivers are self-employed and thus bear all the liabilities and expenses, unlike regular employees.
📉 Uber takes a commission from each ride, but does not fully compensate drivers for the expenses and value lost on their cars.
🎥 Igor plans to remove his old Uber-related videos from the internet to prevent misleading new drivers and to reflect his current stance.

Q & A

Why did Igor decide to stop driving for Uber?
-Igor stopped driving for Uber because he found that it did not pay much after considering taxes, insurance, car maintenance, and depreciation.
What are some of the financial considerations Igor mentioned regarding Uber driving?
-Igor mentioned GST taxes collected on behalf of Uber, more expensive ride-share insurance, car maintenance costs due to high mileage, and the amortization of the car.
How does Uber's insurance cost compare to regular insurance according to Igor?
-Igor stated that ride-share insurance is about 30% more expensive than regular insurance.
What is the issue with the income guarantee when driving for Uber as Igor explained?
-Igor explained that there is no guarantee on how much money can be made within an hour; it's just an average, and drivers are not even guaranteed to make minimum wage.
What additional costs did Igor mention come with driving for Uber?
-Igor mentioned additional costs such as car maintenance, gas, cleaning supplies, and personal protective equipment like masks due to the pandemic.
How does the pandemic factor into Igor's decision to stop driving for Uber?
-The pandemic added the difficulty of maintaining social distancing within the car and the increased cost of personal protective equipment like masks, which contributed to Igor's decision to stop driving.
What was Igor's personal realization about the value of his car after driving for Uber?
-Igor realized that he was essentially paying Uber with the depreciation of his car's value and that Uber did not compensate adequately for the hours worked and car maintenance.
What is Igor's stance on sharing his personal opinion about Uber driving?
-Igor emphasizes that his opinion is personal and he is not trying to discourage or discredit Uber driving; he simply found it not worth it for himself.
Why does Igor plan to remove his old Uber-related videos from the internet?
-Igor plans to remove his old videos to prevent people from being misled, as they might think he is still driving for Uber and the videos were posted when it was a better situation.
What is Igor's current status with Uber and his YouTube channel?
-Igor has stopped driving for Uber, sold his car, and is no longer registering with Uber. He continues to create content for his YouTube channel.
What advice does Igor give to those who might have joined Uber after watching his old videos?
-Igor apologizes for any potential误导 caused by his old videos and informs viewers that he will be taking them down to reflect the current situation and his decision to stop driving for Uber.

Outlines

00:00

🚗 Uber Driving Experience and Challenges

Igor, the YouTuber, explains his decision to stop driving for Uber in Canada around 2020-2021. He discusses several reasons for his choice, including the low pay after accounting for taxes like GST collected on behalf of Uber, the higher cost of ride-share insurance, and the time spent waiting without guarantee of earnings. He also mentions the expenses related to car maintenance due to high mileage and the depreciation of the car's value, especially if there's a loan on it. Igor emphasizes that these factors made him feel like he was losing money rather than earning from driving for Uber. He clarifies that this is his personal opinion and not a blanket statement about the platform.

05:00

📢 Content Update and Future Plans

Igor announces his intention to remove old Uber-related videos from his channel to prevent new viewers from being misled. He acknowledges that the circumstances have changed since he initially praised Uber, with the value of cars depreciating and the overall experience no longer being worth it. He expresses regret if anyone joined Uber based on his past content and commits to taking down those videos. Despite no longer driving for Uber, Igor continues to create content for his YouTube channel and encourages viewers to subscribe for updates.

Mindmap

Keywords

💡Uber

Uber is a ridesharing company that allows drivers to use their personal vehicles to provide transportation services to customers. In the video, the speaker discusses why they stopped driving for Uber, highlighting the financial and practical challenges associated with it. The term is central to the video's theme as it sets the context for the speaker's personal experience and decision to quit.

💡GST

GST stands for Goods and Services Tax, which is a value-added tax levied on most goods and services sold for domestic consumption. In the context of the video, the speaker mentions that as an Uber driver, they are required to collect GST on behalf of the company, which impacts their net earnings. This term is relevant as it contributes to the financial analysis of why driving for Uber may not be as lucrative as it initially appears.

💡Rideshare Insurance

Rideshare Insurance is a specialized type of auto insurance designed for drivers who use their vehicles for ridesharing services like Uber. The speaker points out that this insurance is more expensive than regular auto insurance, adding to the costs associated with being an Uber driver. This concept is important as it illustrates one of the overlooked financial burdens for drivers in the rideshare industry.

💡Amortization

Amortization refers to the process of paying off a debt or loan through regular payments over a set period. In the video, the speaker uses the term to describe the depreciation of their car's value due to the high mileage accumulated while driving for Uber. This is a key concept as it highlights the hidden costs of wear and tear on a driver's vehicle, which is a significant factor in the decision to stop driving for Uber.

💡Depreciation

Depreciation is the decrease in the value of an asset over time due to use, wear and tear, or obsolescence. The speaker mentions that driving for Uber accelerates the depreciation of their car because of the increased mileage. This term is crucial as it emphasizes the financial loss a driver may experience through the natural aging of their vehicle, which is exacerbated by the demands of rideshare work.

💡Maintenance

Maintenance refers to the process of keeping something in good condition by regularly checking, servicing, or repairing it. In the video, the speaker discusses the additional maintenance costs incurred due to the high mileage and wear from driving for Uber, including cleaning and disinfecting the car. This concept is integral to understanding the ongoing expenses that Uber drivers face, which can erode their earnings.

💡Social Distancing

Social distancing is a public health practice intended to prevent sickness by maintaining a safe distance between people. The speaker mentions the difficulty of maintaining social distancing within the confined space of a car while driving for Uber, especially during the pandemic. This term is relevant as it raises concerns about the health risks associated with rideshare work.

💡Self-Employed

Being self-employed means working for oneself rather than for an employer. The speaker notes that as an Uber driver, they are considered self-employed, which means they bear all the associated costs and liabilities without the benefits of being an employee. This term is significant as it underscores the lack of job security and financial support that comes with being an Uber driver.

💡TNL License

A TNL License, or Transportation Network License, is a permit required in some jurisdictions for drivers who operate under transportation network companies like Uber. The speaker mentions they will not be getting a TNL license, indicating their decision to stop driving for Uber. This term is important as it represents a specific requirement for rideshare drivers and is part of the speaker's narrative of discontinuing their Uber driving activities.

💡YouTube

YouTube is a video-sharing platform where users can upload, share, and view content. The speaker mentions that they will continue to create content for their YouTube channel despite quitting Uber. This term is relevant as it signifies the speaker's ongoing engagement with their audience and their decision to pivot from being an Uber driver to focusing on content creation.

Highlights

Igor discusses why he stopped driving for Uber in Canada by the end of 2020 and 2021.

Many drivers in cities like Toronto, Vancouver, Edmonton, and Montreal have also stopped driving for Uber.

The main reason is that Uber doesn't pay much once you calculate the GST and other taxes.

Drivers have to pay more for ride-share insurance, which is 30% more expensive than regular insurance.

There is a lot of time spent waiting, which can lead to hours of low earnings.

Drivers are not guaranteed to make minimum wage due to the variable nature of earnings.

After taxes and expenses, drivers must also account for the amortization of their car.

Increased kilometers lead to higher maintenance costs and faster depreciation of the car.

Drivers with car loans find themselves not getting paid but rather losing money on their vehicle's value.

Uber does not fully compensate for maintenance and the lost value of the car.

Igor shares his personal realization that driving for Uber is not worth it for him.

He emphasizes that this is his personal opinion and not a blanket statement for all drivers.

Igor has decided to stop driving for Uber and sell his car.

He will not be registering his other car with Uber or getting a TNDL license.

Igor feels that Uber drivers are paid less than before and are taking on more liabilities.

He plans to take down his old Uber-related videos to avoid misleading people.

Igor apologizes if anyone joined Uber based on his old videos and will remove them from the internet.

He continues to create content on YouTube and encourages viewers to subscribe.