<prompt> Human: Let me start off by saying, I know the general suggestion is to not buy a car specifically for ridesharing. But hear me out and tell me if its still a stupid idea.I want to buy a used car around the 10-13K range. Im also planning on financing this car, so Id have a monthly cost for the car and insurance. I am planning on working full time. I dont have any other expenses living, food etc except for leisure activities. I live in the Miami area, so I think there is a decent demand. So my thought process is, if I make around 10-15hr after expenses gasmaintenance and I use that to pay for the car and insurance, would I be taking on too much? I figure if I could make at least 1000 per month, then maybe about 800 would go to the car and insurance payment. That number seems a little low, but its better to underestimate than overestimate. That way, I could finish off paying for the car within 2 years. I dont plan on selling the car afterwards, so I dont really care much about resale value. I want to get a car I like and drive it till it dies. Am I setting realistic goals? Is it doable without pulling out my hair? Assistant: It isnt too profitable. Heres why.1 Over the past week, there were a few posts about TCO total cost of ownership of various vehicles, with a per mile rate of 30-40 cents per mile. 2 Uber charges 90 cents per mile in my city. Taking the 20 cut, thats only 70 cents for you. 3 If you take the 70 cents per mile, and subtract the 30-40 cents for insurancedepreciationmaintenance, youre left with 30-40 cents profit per mile.Now, the issues: 1 Most likely, youll need to drive back to your starting post. Deadmiling. Making no money to get back to a more profitable area. 2 Youll need to wait between rides. You might sit at a parking lot for 5 minutes, or maybe 30 minutes waiting for a ping. 3 Commercial insurance. The costs of car ownership likely used personal insurance. Plan to spend a bit more, and youll reduce profits further. 4 Have fun paying the 1099 self-employment taxes.Now, some good news: 1 Surge pricing: It will definitely help you make more money per mile. 2 Its something you enjoy doing. Might not pay, but its great to find cool people to chat with.Disclaimer: Im not an Uber driver, but was genuinely curious on whether it will turn a profit. Some people with a bit more insight on fees might be able to chime in, but the profits dont look as juicy as the commercials.Human: Most likely, youll need to drive back to your starting post. Deadmiling. Making no money to get back to a more profitable area.Yes, if this is frequent it might end up costing me quite a bitYoull need to wait between rides. You might sit at a parking lot for 5 minutes, or maybe 30 minutes waiting for a ping.This is actually a bonus for me. Give me time to stretch out my legs, grab foodcoffee, use restroom etc. I wouldnt mind the break as long as its short and frequent.Commercial insurance. The costs of car ownership likely used personal insurance. Plan to spend a bit more, and youll reduce profits further.Dont Uber take care of that when the app is on? I dont plan on getting my own commercial insurance. Just the plain old personal insurance. Have fun paying the 1099 self-employment taxes.I am not looking forward to that, but Ill maybe look at it as a learning experience. Or pay to get it done if Im lazy. Idk, right now that just feels like worrying about the prize without even starting the race. That said, those numbers dont look good. Driving 100miday would only yield 30 profit. 30day seems low but its still at least 900month which is enough to at least let me pay the car monthly bill. Hmm  <response>: Dont Uber take care of that when the app is on? No. Coverage is dependent upon passengers, not just being on the clock. Explicitly ask whatever ride sharing company what their coverage is either only while a passenger is in the car or possibly en route to pick up a paid for passenger, which might also have different coverage levels. Your personal auto insurance will deny everything while the app is on because it explicitly excludes commercial usages. If you want complete coverage while the app is on you will need commercial insurance or to find a company that will offer a ride-share endorsement on top of a personal auto policy. Also, under the companys insurance you will likely have much higher deductibles i.e. out of pocket expense after an accident than your own coverage, so if you want a lower deductible no matter what your current status is youll need commercial insurance. You will not be able to skirt by on a personal auto policy unless youre willing and able to take that risk and eat any potential costs, a really bad idea and you will have to pay additional premium.Edit: should go without mentioning your state law and company specifics will ultimately be the determining factors. You will need to know exactly what coverage is afforded by the ride-sharing company and then exactly what coverage is offered by the insurance carrier, whether with a ride-sharing endorsement or commercial insurance. Either way you will need to go over this with an agent in your state. Just a standard personal auto policy is not sufficient. 