The IRS mileage cost of 0.70/mi is for a car in a situation that an Uber driver should never be in, that is, an average car with average fuel economy being professionally serviced and maintained, with average depreciation and interest rate. None of those should be the case for anyone driving Uber.
But that was the lure of ridesharing. Bring your own average car, no need to buy special equipment.
If you do have to buy a car just for uber, then you would have to consider the interest payments as additional cost (not just the depreciation of the equipment, which will be super brutal for a brand new car).
In any case, you are looking at something north of 50 cents per mile.
Um, I think you're taking my comment reversed. Using a new car for Uber is what you should never do. You should be using the shittiest car possible. Buying a new car for Uber is not good. The cost per mile, as calculated by IRS, goes up with a new car because that cost includes depreciation and interest. The cost is not actually that high if your car is old.
