The concept of rent to own or car subscription plan is not new. You may be asking yourself – can you buy a car through Uber, or if not, is a car subscription plan worth it for Uber driving?
We can think of at least 15 factors you should consider before deciding between getting an Uber car through traditional car finance or a car subscription plan, such as the Splend Flexi own.
Before we discuss car subscription vs. car finance, let’s answer the main questions:
No. Although ridesharing wouldn’t be possible without a steady supply of good-quality cars, Uber is not a car supplier, and they don’t have their own fleet. Drivers either use their own car or rent or subscribe to drive one for Uber.
Yes. Thousands of people use a car subscription for Uber instead of buying or financing a car. In fact, according to a survey by Finder.com.au, close to twice as many drivers prefer to rent or subscribe to drive the car they use for ridesharing rather than buying one.
One advantage is that you can change your mind: if you decide that Uber driving is not for you, you can hand back the car after your minimum period.
Subscribing to drive a car for rideshare is not only more convenient than financing, but also cheaper. Have a look below.
|DYI Car finance||Splend Flexi own|
|Loss & accident cover2||$55||included|
|Registration & CTP insurance5||$19||included|
|Total weekly payment||∼$400||$369|
1Estimation based on a Toyota Camry Hybrid at a driveaway RRP cost of $37,888 (as of 13 December 2021) at 12% interest rate (APR) with weekly repayments and no residual/balloon payment at the end of the contract, not including upfront loan establishment fees or deposits.
2Estimation based on a 31-year-old male residing in Auburn NSW, having held a driver’s licence for 12 years, with no insurance claims in the past 3 years; with a 12 month-policy paid monthly for comprehensive rideshare insurance of a Toyota Camry Hybrid. The pricing assumes a $1,745 excess premium and 20,000+ kilometres travelled per year. The actual cost of your insurance policy might be different, and additional criteria may apply.
3Estimation based on scheduled servicing to 180,000 km for a Toyota Camry Hybrid as per the manufacturer’s guidelines.
4Estimation based on 10 replacement tyres, 6 x 2 replacement brake pads and 2 x 2 replacement brake discs for a Toyota Camry Hybrid over 4 years.
5Estimation based on a Toyota Camry Hybrid with the cost of registration and CTP insurance averaged across all Australian states.
6Estimation based on a Toyota Camry Hybrid with the cost of rideshare licensing and inspection averaged across all Australian states.
For less than the cost of DIY car finance, our Flexi own plan comes packed with features to help you minimise admin and maximise your on-demand income. We summarized below all the benefits of the Flexi own plan for the Toyota Camry Hybrid, an Uber favourite. Click the items in the first column to read more.
We don’t charge a deposit, but we do charge a one-off, non-refundable joining fee when you sign up. For the Flexi own plan, the joining fee is $990. This, however, grants you access to dedicated support, member benefits, and additional income opportunities that make the investment more than worthwhile.
When you buy a car through traditional finance, you also commit to a 4-5 year lease, with no flexibility to return the car.
With the Flexi own plan, you own your car within 3-4 years, depending on how much you drive, and you also have the flexibility to hand back the keys after a minimum subscription period of just 26 weeks. If you return the car within the first 12 months of your Flexi own agreement, we charge a $500 return fee.
Traditional car finance requires a good credit rating and a lot of supporting documents prior to approval. At Splend, we always collect subscription payments one week in advance, so we can consider every application regardless of credit history.
To date, we’ve approved 93% of applications received, and our team will always recommend the Splend product that’s right for your situation.
We give you a replacement car* if you ever have an accident, so you can continue to work and earn while your car is being repaired.
*subject to availability
Any professional driver knows that if you take care of your car, it will also take care of you. That can be a hassle at times, but not if you are a Splend member. Just give your Member Success Representative a call, let them know what needs fixing, and they will set up an appointment for you at the nearest service partner.
The costs? That’s the best part, and it deserves a separate paragraph:
Some parts don’t last forever and need to be replaced periodically in order to meet roadworthiness standards, and not least for your safety. If you’ve ever owned a car you know that these can slowly burn a hole in your pocket.
The Flexi own plan includes the following parts over the length of your agreement:
All Splend cars have valid registration and CTP insurance cover. This is also a huge time-saver, not to mention that you’re covered if you ever have an accident.
Accidents do happen sometimes, and you need to be prepared. Regardless of whether you choose a subscription plan or car finance, you’ll most certainly need a loss and accident waiver. At Splend, the Flexi own plan includes Loss and Accident cover, and we also take care of renewing it on time – saving you time and potential losses to penalty charges.
Each state has different rideshare regulations – you either need a special accreditation added to your driver’s licence, an additional safety certificate for your car, or both. Regardless of local specifics, they all take time and cost money to obtain and renew, reaching hundreds of dollars annually in some cases.
Splend’s support team processes all the necessary applications and we also cover the associated fees. All you have to do is make an appointment at your local Member Support Centre and sign up for the plan that best suits your needs.
All of our cars are roadworthy and inspected by Uber. They’re always ready for you to jump behind the wheel and start earning an income.
Being a Splend member means more than signing an agreement and subscribing to drive a car long-term. Apart from having your very own Member Success Representative to help you with everything from paperwork to data-driven feedback to maximise your earnings, you can also access a growing list of member benefits such as:
Driving a new-model car to earn a flexible income is just one part of the Splend experience. Did you know you can also supplement your rideshare income with referral bonuses?
In simple terms, you spread the word and we reward you with up to $400 off your weekly fee if you introduce us to your friends who are:
Of course, you can double your referral bonus for the same person if they sign up to both Uber and Splend using your unique referral code.
To sweeten the deal, your friend will also receive $50 off their joining fee if they sign up through your referral.
Read more about the Splend referral program to find out more:
Splend provides each member with a dedicated Member Success Representative to ensure you earn more and improve your rating with each shift.
When you only have 12 months remaining on your Flexi own agreement, you can buy out the car and pay off the remaining weekly fees in one go. We charge a $110 admin fee for early buyouts, and the regular $1 balloon payment for signing the car into your name.
If you get stuck on the road, with Splend you’re covered by default. Just call your Member Success Representative, and help will be on its way within minutes, free of charge.
We enable people to make money by driving for on-demand apps such as Uber.
We’re more than a car subscription provider. In addition to new-model cars and all the essentials to start earning money with Uber as quickly as possible, our members enjoy driver training and dedicated support via a personal account manager, as well as member benefits such as partner discounts and exclusive events.