Uber Shutting Down Car Leases after losing cash!

[JesseJamesFinn1]

http://fortune.com/2017/09/27/uber-closes-xchange-leasing-after-losing-9000-per-car/

I could not find the forum where the discussion about renting a car from Uber costed $165 per week with bad credit. Several posters mentioned how the cars with tremendous mileage become worthless, how did Uber lose so much cash on each of these cars?


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"Xchange Leasing, which has about 40,000 vehicles and 14 showrooms in the United States, turned out to be a bigger money loser than expected.

Uber began winding down the business this summer after learning that losses were $9,000 per car on average, steeply above the previous estimates of around $500 per car, the WSJ reported in August. That's 18 times steeper losses than expected."

 

[eliteubertrader]

Uber is best scam in last 100 years, so many drivers fell for it thinking they make money and it's a job.Ater trying it for last 6 month working 50 -60 hours a week , i will be lucky just to break even with my expenses. Majority of drivers paying uber to to do uber job without even realizing it , rofl .

 

[Millionaire]

http://fortune.com/2017/09/27/uber-closes-xchange-leasing-after-losing-9000-per-car/

I could not find the forum where the discussion about renting a car from Uber costed $165 per week with bad credit. Several posters mentioned how the cars with tremendous mileage become worthless, how did Uber lose so much cash on each of these cars?

Here is the orginal ET thread from June 2016:

https://www.elitetrader.com/et/thre...s-through-uber-but-prices-look-insane.300467/

You have to laugh at this post from S2007S:

$650 is insanely high...I mean off the charts high...like higher than Dow 18000 high....

 

[Macca1]

Uber is best scam in last 100 years, so many drivers fell for it thinking they make money and it's a job.Ater trying it for last 6 month working 50 -60 hours a week , i will be lucky just to break even with my expenses. Majority of drivers paying uber to to do uber job without even realizing it , rofl .

Whatever.

 

[JesseJamesFinn1]

Uber is best scam in last 100 years, so many drivers fell for it thinking they make money and it's a job.Ater trying it for last 6 month working 50 -60 hours a week , i will be lucky just to break even with my expenses. Majority of drivers paying uber to to do uber job without even realizing it , rofl .

The biggest Youtuber for Uber agrees with you, he stopped driving after he figured out the only way he could make more than a job at MCD's was to allow all his referral codes to keep his rate going. He has tens of thousands of followers on Youtube, after listening to Chris on SharkTank lament the fact he was not in on the ground-floor, I started researching it. I agree that most dont make more than min-wage unless they get big tips after all expenses. JMHO, Good Luck!

 

[Pekelo]

And let's mention that London has just kicked Uber out of the city...

They should do an IPO before they go bust.

"In May 2015, Uber revealed plans to raise between $1.5 billion and $2 billion in new funding, raising the value of the company to $50 billion or higher. ... Didi also agreed to invest $1 billion into Uber Global. In total, Uber has raised about $11.5 billion from 14 rounds of venture capital and private equity investors."