How hard is it to buy a car as a Lyft driver?

I’m a Lyft driver and have been using Lyft’s Express Drive program to rent a vehicle, but I feel like if I can afford to rent a car every week, I can buy my own car with no problem. How hard is it to buy a car?

Buying a car can be intimidating, especially if you rely on the vehicle for work. Fortunately, some prior research and preparation can make the process much easier.
Before looking at vehicles, you should determine your budget. If you plan to take out a car loan, consider getting pre-approved to understand how much you can borrow and what the monthly payments will be.
Don’t forget to budget for:
  • A down payment of at least 20% if financing the vehicle
  • Taxes and registration fees
  • Car insurance costs
  • Maintenance costs
Once you have a budget, you should determine what you are looking for in a vehicle and perform research to narrow down your search to a few makes and models that meet your criteria.
Now that you know what you’re looking for, it’s time to find your new car! Most dealerships have useful car-finder tools, but you can also look at private seller’s listings. You should compare a few vehicles and use Kelly Blue Book to avoid overpaying. Once you decide on a car, be sure to negotiate with the seller and fully understand the terms of your contract.
Finally, before you can drive home, you need to purchase car insurance. Because you’re a Lyft driver, don’t forget to include rideshare coverage!
To compare quotes from over 50 top insurance companies and find a policy that is customized for you, download the Jerry app. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away. The average Jerry driver saves $879 a year on car insurance!
Jack Walsh
Answered on Nov 10, 2021

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