How many of us rideshare in their Tesla model 3. For extra money? or just a tax deduction?
Let me know what you think.
Not I, but I do enjoy watching them on YT
haha true that M3phan
I put a couple of mine on Turo. I’ve had at least 10 people buy one after renting mine. Great platform to share and spread that Tesla love
I've thought of Turo but I'm scared with some of the horror stories. I have done ride share in the past. Between the two, I'd rather ride share as I'd still be in control of the vehicle.
I dont want stangers abusing my baby. I will let friends drive it for free. I dont care if I am flat broke, no strangers are driving my car.
You you are using your car for Uber, or Lyft or whatever, do you need more insurance? Or different type of insurance?
Same question if you are RENTING out your Tesla?
Hubby uses ours for Lyft when he can't sleep. We do have a ride share gap policy on our insurance...adds about $9 a month and covers the time that Lyft's policy doesn't.
I use Allstate for my personal commute insurance, but use the lyft and ubers insurance when driving. This comes standard when you sign up to be a driver. You can also purchase additional insurance through their platform.
I agree with ibew local 3. Allowing folks unfamiliar with Tesla’s unique layout of controls could be disastrous to the public at large and to your personal M3. Not only that, strangers assume no risk if your M3 gets damaged.
For folks interested in maybe buying an M3, let them make an appointment with Tesla for a test drive.
And on top of all I said before, my bride would kill me. Lmao
I let friends drive my car with me in the passenger seat.
Makes it easier to assimilate them into the tesla borg
Lol not letting to drive our cars to anyone friends or family. Very anal about that.
I used my M3 and, before that, my MS for Uber and Lyft, because I was curious to see if it was something worth doing. After a short period I switched to driving my wifes' Honda CRV because I didn't mind putting a lot of miles on it. I have an insurance rider covering rideshare for both cars through USAA. After a year and over 2000 rides I'm satisfied that there isn't enough money in it to make it worthwhile. So since June I've just gone out sporadically because it's interesting and fun. As long as I do it on that basis and not on the basis of thinking I'll make any money, I use the 3. It's a great "work" environment, I don't buy any gas, and the passengers love it. I love driving my car and I'm really out joyriding and cruising LA on their dime.
Warning: I did not do my homework by reading my paperwork. I'm sure some of you did, and may even know if the boilerplate has changed over time.
I had read that using the Model 3 for commercial purposes would void the warranty, hopefully this is incorrect.
If it is true, would driving for Uber/Lift fall under that clause?
On the side subject, other than Tesla, only my wife and I have driven my July 18 M3. My older son has asked a few times, some day I'll likely cave.
Almost without exception, rideshare riders have never ridden in a Tesla before. They ask questions, marvel at the ride, the acceleration, the seat comfort, the sound system....they want to talk about charging, solar, rebates, tax credits, reliability, and HOW THEY CAN BUY ONE. When I pick someone up it isn't a test drive for them, but it is a test RIDE and they uniformly love it. It's good exposure for Tesla and I wouldn't be surprised if some of the riders become buyers.
@Eztider I get the same exact comments from passengers as you mentioned above hahaha
@michiels.even Since Tesla doesn't advertise it's up to us to do it for them!
They guy on the youtube video is not very bright. Im pretty sure the IRS would disagree with his expense deductions if they knew he was not going to accept rides and just racking up mileage going to and from work.
Yeah OP or guy in the video is basically committing tax fraud. 5k miles expenses for example against 50 rides will not fly. Now if you show an actual net profit ... then yeah maybe a few miles here and there when you were “looking” for luxury select rides would work. But overall the IRS looks at expenses vs revenues and especially “net” on if you are truly operating a “business”.
I’ve done $16k revenue on the Tesla just part time, against about $5k in mileage expense. Any “profit” I show I place into a retirement account further shielding it from taxes. For most orrs if the country , I’d say Rideshare is not worth it.... good luck
Economically it's utter crap pay and that's driving a maintenanceless EV.
I did over 1300 rides before saying fuck it.
@Vsanca id you looked at the drive summary that was 2018- We are in year 2019. This is not tax fraud. Please do your homework before claiming this is wrong.
For more information on mileage deduction I found some more info. Again, I am not a CPA or a tax professional and none of this is legal advice. From the research I’ve done and the consensus from multiple CPAs agree that if you drive anywhere while the Lyft/Uber driver app is enabled and you ARE WILLING to accept any incoming ride requests, then it can be labeled as business mileage. Your deductible mileage is the mileage when you are AVAILABLE (logged into the app) for service. All Uber and Lyft drivers are sole proprietors meaning they are more than just self-employed; they are small business owners. As a rideshare driver and small business owner regardless of how many rides you take are eligible for several important tax breaks. Here are some more resources.
Good luck, just use judgement and make sure your numbers look reasonable.
I mean I could go drive all day with upper tier rides turned on and not get one ping... would writing off all those miles be “reasonable”.... in my opinion not really. If I nail a few rides and have maybe 15-20 unbillable but the app was on and I made $100 on 60 billable miles, is it fair to add some of the others .... sure.
It’s just using judgement , your numbers need to make sense or you will get caught. If you have $5k expensed miles vs $5k in revenue .... I think that’s a flag on $0 net income. After 2 years of $0 net income the irs will say that’s not a legit business.
Good luck the above is just my opinion, I’ve been doing Rideshare in the side for a while now.
I drive both Uber and Lyft in my Model 3.
I live in an area where big trucks rule, and my Model 3 is an anomaly.
People lose their minds when I pull up in the Tesla. Especially people under about 45. It's great fun to show them all the features, and they appreciate the ride. I make it fun, entertaining, and an all around great experience when they are in my car.
I don't make a ton, but with the car being so unique and my effort to make it an enjoyable ride, my tip rate is almost 50% of my rides. And they tip well.
I look it as more of an Tesla evangelistic role. I'm out there converting the masses, one ride at a time. :)
Now, if Elon would read this thread and let me beta StarLink because my internet sucks, my life would be complete.
"After 2 years of $0 net income the irs will say that’s not a legit business."
I think it's more like 5 years of lookback.