IFSHR:


Is the 2.5m buying a new car? No.

Kia cerato, Toyota matrix, honda civics, honda CRV, I drive honda CRV currently...I bough it 800k spent less than 200k....the car don produce another honda CRV after 1.1 years ... I don't buy from abroad ...I buy here and spend 200k to put to standard...as long as the engine, gear is good...then you can bring to speed any other part without breaking the bank

This is someone that understands d business.
I bought 1 car each in the last 2yrs. Not more than 1.2m As soon as u multiply ur income it's easier to scale. Not going to buy one car for 2.5m and coming to look for who will pay you back in 6months.

With all these arguments upandan, most driver needs to work smarter than working hard. Whether Na 30k or 50k just work smart and work more smarter to get your self out of that level of driving to remit.
No matter how cheap a lease is going to be it will never be yours. So when the chips are down what do you have left?

Drivers take note. You already know this.

IFSHR:


I said "most" meaning not all the dashboard falls in my second opinion

.

Pearl1910:


Wonderful. Driver will work under sun and rain from Monday to Sunday and make 60k and u will fold your legs inside ur house and collect 40k. And leave him with 20k. Fear God o.

So if u discover driver is making 120k u will demand 80k from him. That's why driver will scatter the car for u without remorse. No mercy for the wicked.

I'm just surprised as well

Pearl1910:


This is someone that understands d business.
I bought 1 car each in the last 2yrs. Not more than 1.2m As soon as u multiply ur income it's easier to scale. Not going to buy one car for 2.5m and coming to look for who will pay you back in 6months.

Exactly my brother....this hustle is a cash cow..

Matrix414:


Mesef won ask say which day?

It's obvious most of these guys don't know the realities that surrounds this job

CheerfulGiver:
I see where you're coming from. It's gloomy.

First off, I've always posited for 30k weekly payments and Nigerian used Tokunbo standard vehicles. Another thing is that driver pays for servicing and brake parts and linkages. By the grace of God, I've been able to systematically format the strategies of 6 investors on this platform.

Estimates

Corrola 2006 : 1.4M
Matrix: 1.2m
Honda City: 900k
Kia Rio: 800k

Minor repairs before deplyment: 200k
Total outlay: 1.6M, 1.4M, 1.1M, 1M


**Running expense and income

1st year total rental at 30k : 1.56m for 12months


. Shock absorber (30k), tyres (20k) (twice a year at the least for a well maintained car: total is 220k)

Papers & comp. insurance (5%): 80k - 50k

Miscellaneous: 70k

Net income to partner:1.56M - 370k

1.190M

The problem is that ITK owners never want to see beyond their noses. I'm enjoying my Nigerian used as do many others.

Strategy is key

And another one.
That guy was paying 180k for insurance and licence renewal. How u wan take break even.
And we never saw all these car owners when we were clamoring and striking for fare increment o.

Pearl1910:


And another one.
That guy was paying 180k for insurance and licence renewal. How u wan take break even.
And we never saw all these car owners when we were clamoring and striking for fare increment o.

Over hyping of tokunbo and corolla. Tokunbo that'll look worse than a Nigerian used if driven by a made in hell driver. Ignorance plays a big role as well.

We go dey format them dey go.

Pearl1910:


This is someone that understands d business.
I bought 1 car each in the last 2yrs. Not more than 1.2m As soon as u multiply ur income it's easier to scale. Not going to buy one car for 2.5m and coming to look for who will pay you back in 6months.

They must have been calculating with exceptional dashboards posted.

The easiest way to replicate the dashboard you're seeing is to drive the car yourself. Anything short of that is foolishness.

Instead of arguing back and forth about rental fee, i think owner partners should give their cars out on HP. That should solve the problem

CheerfulGiver:


Over hyping of tokunbo and corolla. Tokunbo that'll look worse than a Nigerian used if driven by a made in hell driver. Ignorance plays a big role as well.

We go dey format them dey go.

Tokunbo, I can understand but you see that corolla, OMG.
Someone here said price of entry doesn't matter, what do I know?

Pearl1910:


Wonderful. Driver will work under sun and rain from Monday to Sunday and make 60k and u will fold your legs inside ur house and collect 40k. And leave him with 20k. Fear God o.

So if u discover driver is making 120k u will demand 80k from him. That's why driver will scatter the car for u without remorse. No mercy for the wicked.

Its only in this ehailing business in which an employee (even if a free agent) will expect to earn more than his employer. So if you earn 60k, your employer who bought 100% of the means of production is too greedy to ask 66% to cover his cost of capital and make a little margin?

In my years of experience I have never seen where employee expects to earn more than his boss, very greedy folks here

I can only pray God will also make you an employer so you can be a very generous man.

Very easy stuff.

Buy your car at whatever amount and give it out on HP.

Comot your eye for another man money. If he makes 100k a day it isn't your business. You cannot eat your cake and have it.
You gave out a car on rental, driver pays you the agreed fee, you still wan dey suffocate him choppings.
Do you know there are weeks drivers borrow to pay rental? Do you know there are some drivers whom won't want to inform you in every little hassle he can solve?

When i was driving rental, it was 35k, with full repair on owner. Even to the least things. After almost 2 months he asked me if my car no get issues that he has called the mechanic in case I need to go there. I just told him I have worked on the needed worry which was a leaking exhaust pipe. I still paid that week. (The person is here tho)

So its two ways....

Buy and put on HP and forget repairs since cost of parts won't let you rest.

Buy and drive yourself and enjoy full dividend


You can't say because my salary was increased at work I should come and pay my Landlord double rents. mbanu chukwu ma'kwe

Oluwabengz:
Instead of arguing back and forth about rental fee, i think owner partners should give their cars out on HP. That should solve the problem

Spot on

Advision:


Its only in this ehailing business in which an employee (even if a free agent) will expect to earn more than his employer. So if you earn 60k, your employer who bought 100% of the means of production is too greedy to ask 66% to cover his cost of capital and make a little margin?

In my years of experience I have never seen where employee expects to earn more than his boss, very greedy folks here

I can only pray God will also make you an employer so you can be a very generous man.

Otunba... Nobody is your employee, you better remember that before salah day so that you go know who you go share meat for

tojahh:
Very easy stuff.

Buy your car at whatever amount and give it out on HP.

Comot your eye for another man money. If he makes 100k a day it isn't your business. You cannot eat your cake and have it.
You gave out a car on rental, driver pays you the agreed fee, you still wan dey suffocate him choppings.
Do you know there are weeks drivers borrow to pay rental? Do you know there are some drivers whom won't want to inform you in every little hassle he can solve?

When i was driving rental, it was 35k, with full repair on owner. Even to the least things. After almost 2 months he asked me if my car no get issues that he has called the mechanic in case I need to go there. I just told him I have worked on the needed worry which was a leaking exhaust pipe. I still paid that week. (The person is here tho)

So its two ways....

Buy and put on HP and forget repairs since cost of parts won't let you rest.

Buy and drive yourself and enjoy full dividend


You can't say because my salary was increased at work I should come and pay my Landlord double rents. mbanu chukwu ma'kwe

This is at least fair. Why will people recommend 25k with repairs on owner. They want to send the man back to hia village.

Its not my business what my driver earns, however I must also earn a decent return on my investment and so I have always modelled what my cost is and what my driver earns as revenue before making any new contract.

We cant all be dru23 charging 25k

tojahh:



Otunba... Nobody is your employee, you better remember that before salah day so that you go know who you go share meat for

if driver like, he can call himself my employer. Make money complete, that is the koko

Advision:


Dont give out a tokunbo car for less than 30k weekly except you want to run an NGO. Calculate the average cost of routine servicing, replacement of parts and cost of a tokunbo car before making a decision.

Moreso bolt have upped the rates

Anything less then 35k is a waste of time, however you most be responsible for all repairs

smallvill:

Everybody is vouching for you, you much have made a good impression on them.
1 what happened to your last car?
2 where do you leave?
3 Are you married?
4 Am using a tokunbo car which you will be the first to drive in Nigeria because I don't want stories.
5 you are sure of 25k weekly?
6 it's a 2006 Toyota Corolla is it ok? Or you
have specifications?
Expecting to hear from you.

Dont give your car out for 25k o, unless you are an NGO, i rent mine at 35k weekly but l do all repairs.
Anything less the 30/35k is an incredible loss, forget vouching o, that is deception, its either 30/35k or keep your car at home, drivers should not be telling you the best rent to pay, off course they will give you an amount that serves their interest and that will ultumately ruin you, you should be asking partners and owners, 35k is the most ideal amount when it comes to rental, at the end of the day drivers no dey send you, when things go turpsy turvy, bad.
Trust me on this.

Advision:


Its only in this ehailing business in which an employee (even if a free agent) will expect to earn more than his employer. So if you earn 60k, your employer who bought 100% of the means of production is too greedy to ask 66% to cover his cost of capital and make a little margin?

In my years of experience I have never seen where employee expects to earn more than his boss, very greedy folks here

I can only pray God will also make you an employer so you can be a very generous man.

In as much as you still sees drivers as your employee, you can't understand the point they are trying to pass accross
Drivers and owners are partners.
I come to rent a warehouse from you to store my consignment
Any amount I make from the consignment
in the store doesn't concern the landlord provided I did not owe the agreed rent.
If you slash 50k on your rental, drivers that will accept it will, but you might not like the condition of the cars after few months.
Slow and steady win the race

DonnyE:

I am really surprised that alot of guys here boost of making over 30k a day here, how come 25k remittance to car owners is recommended? Meaning the owner of the car of 2.5M is only getting one day of work. Or it's not possible to make over 25k a day? It doesn't seem fair to car owners.

Its very terrible the way Nigerians take advantage of an ignorant person with no experience of care rentals, very sad indeed, l blame the car owner for not consulting widely and doing proper feasibility,

dapotemi:



No sir, its not easy to be honest.. Its not about lion share, its about being reasonable and fair.. I work for someone, i earn salary, i got a degree to be qualified for that job, i put in alot of effort to get that degree, i leave my house 5am everyday to get to work 7/8am....You see that my CEO, she stays in banana island, usually come to work around 11am or even 1pm, sometimes she does not show up self and there is nothing we can do.. My self and all other staff put in the CRAFT and INTELLIGENCE, facing threat every day at different bus stop, jumping bus etc.. You know what, on monday am going to walk up to my boss and explain to her, why i should be earning more than her? Pls advice me..
You see how you driver reason here..

Your boss has 500 workers add up their salary and find out if it up to her own earning or profit per month... See how u reason now?

Godfather10:


Its very terrible the way Nigerians take advantage of an ignorant person with no experience of care rentals, very sad indeed, l blame the car owner for not consulting widely and doing proper feasibility,

Cheerfulgiver has rightly given a very valid advice that car owners too can test the water themselves to get the proper feasibility report they needed before designing their contract as well as the rental fee. Very simple logic
Nobody is taking any advantage on anyone here. Thank God it's our country. We don't need permit to drive except driver's license

Advision:


This is at least fair. Why will people recommend 25k with repairs on owner. They want to send the man back to hia village.

Its not my business what my driver earns, however I must also earn a decent return on my investment and so I have always modelled what my cost is and what my driver earns as revenue before making any new contract.

We cant all be dru23 charging 25k

Baba, are you saying it's all 25k rental agreement that has the maintenance on the car owner?

XGhost:


Tokunbo, I can understand but you see that corolla, OMG.
Someone here said price of entry doesn't matter, what do I know?

Lol, indeed.

They'll realize soon.

So a driver doesn't meet up, owner will drag him.

He meets up with enough extras, owner will drag him.

Okay.

IFSHR:
How much the driver makes with a car on rental is not the business of the car owner.. the problem is not the earning, the problem is the contract details used, and the man management prowess of the car owner....

The average car owner don't know anything about the business, and their failure starts from asking for just any rental agreement contract, they modify the name and validate the contract without personalising it to fit their preference and what they are offering..imagine a landlord in VGC using same tenancy agreement with a landlord in Akute e.t.c. Your rental agreement must represent the current economy and projected economy of the business (if not you will complain and cry every-time)

Secondly, Rental implies giving out/transfering possession of a particular thing (not ownership) to a second party for use in return for an agreed fee, termed rental fee) the returns generated from the use of the item is basically the rentee largese and by law in return he is expected to pay the agreed rental fee to the renter .... So whether the rentee makes more than the rental fee that's his gain and if the rentee makes less than it, definitely his loss, anything other than this is just individual play of give and take. For instance: you rent out a house and the company makes a lot of money and you feel cheated, the legal thing to do is to activate the part of the contract which states the rental fee is open to renegotiation, but the question is how many of this rental contract have such provision (none that I have seen)

Thirdly, under rental especially for an item that has depreciating or appreciating attribute there must always be a well stated plan of action, when it comes to maintenance and repairs, most of the rental agreement just indicate repairs and maintenance to be handled by owner (wrong move) some indicate that repairs below or above this amount (wrong move). Imagine renting a house and your bulb gets spoilt and you start disturbing your landlord (?). For car , there are two type of cost ...running cost and repair cost....running cost such as fueling, servicing, buying of battery, electrical fault ought to be handled by the driver, why repairs such as engine related, gear related and other high end expenses should be handled by the renter (ownership is not transferred)

Renter (car owner) have every right to review his rental fee, very legal, that can be done reviewing the current earning possiblity, the current repair expenses, and you draw up your contract and table your offer to the rentee (driver) it's left for him to accept, reject or counter offer. (simple).

Lastly, the man management skill, if you don't possess it, you have no business investing in this nature of business... You must be ready to hire, review, fire, and inspect....lack in any of those areas and you will cry bitterly...

I will restate my point, any amount the driver makes out of the car is never the business of the car owner....if you want most of the earning to be yours as the owner, then what you have to do is employ drivers (I moove)

I love this. You've spoken the truth. Many owners do not personalize their contracts. As a matter of fact, many owners do not have a basic understanding of this business. They "dive" in only because they hear there's profit to be made.

CheerfulGiver:
So a driver doesn't meet up, owner will drag him.

He meets up with enough extras, owner will drag him.

Okay.

No. Let them try it with danfo drivers.
Of course, they definitely make more than owners. Provided, they have remitted without stories. They move on

CheerfulGiver:
I drive my own car. And here's my current weekly earnings. I'll quote you again at the end of today

No police, no lastma, no mechanic, no repairs.

I only added a liter of engine oil cos I realized my oil was short just after 3000 miles from last service.

Look for another name to use for your analysis. I have broken all shackles.

Bros welcome back o... Hope you represented us well at Oba? Lol



I come in peace o... Ejoor

I was once on rent, now I drive my own car, soon I'll give out my own cars to drivers.

Because I am experienced, I know how to deal with them in the right way. Will never be jealous of another man's success because I gave him a car.

Duty calls o jare.

Dedynast:




Bros welcome back o... Hope you represented us well at Oba? Lol



I come in peace o... Ejoor

They have bad roads like Ijegun. I cancelled the trip.