Recently I wrote an article about a rideshare driver vehicle company called Splend.
Rather than being simply a car rental company, Splend put a great deal of focus on customer service and support. Their thinking, which I believe is very wise, is that happy and successful drivers will continue to drive.
The more drivers, the greater the demand for automobiles and for companies such as Splend.
This post is a paid partnership with Splend. We only partner with companies we believe are actually helpful to our readers. You can see our affiliate policy here.
Splend: Not Just A Rideshare Vehicle Rental Company
Another thing that sets Splend apart is the option to purchase your rideshare vehicle. They call this purchase option “Rent to own” (or Rent to buy in the UK).
If you just need a car for a short amount of time, for example, two months, then the Uber car rental option makes sense. If you will be making rideshare driving a full-time gig, then the Rent to own option may make sense for you. Let’s break down both options:
Renting a Car Through Splend
Let’s start by looking at the cost. These prices are in Australian dollars. $100 US dollars is currently equal to $150 Australian. Therefore the Kia Sportage would be approximately $132 USD per week.
That is quite a good deal considering I was paying $200 a week for the Fair for Uber car rental program vehicle.
In addition to the car, you are also entitled to the following list of benefits:
- Your Uber approved car
- Six-weeks minimum contract
- Personal account manager
- Advanced driver training
- CTP insurance
- Rideshare insurance
- Servicing, maintenance, repairs
- 24/7 roadside assistance
- Member Support Centre access
- Community events
- Replacement car after an accident*
* Subject to availability
Renting to Own a Car Through Splend
Now, let’s look at the prices for the Rent to own option:
We can see that the Rent to Own option for the same Kia Sportage is $137 Australian dollars more per week (or $91 USD).
What does that extra money do for the rideshare drivers? Let’s look at the details:
In 3-4 years, you can achieve car ownership through the Splend Rent to own program.
While the per week price is higher, there is a huge benefit to establishing ownership. Owning a car is good for your credit score, and allows you to build equity in an asset.
I also find that owning a car makes me feel good. I don’t worry so much about every little dent or ding when I know it is my car and no one is going to be doing a thorough walk through when I bring the car back to the provider.
The other more traditional option you have is to buy a car from a dealer. Splend compares that option to their Rent to own option:
I feel the most compelling argument Splend makes here is that you don’t need a good credit history in order to own a vehicle through Splend.
There are many rideshare drivers in the world who don’t have good credit. The opportunity to own a car regardless of your credit history is huge for many drivers.
When Does Rent To Own Make Sense For A Rideshare Driver?
It makes sense to use Splend’s program when you have determined you want to be a full-time driver. First, you must make a minimum 12-month commitment.
Second, you need to want to own a car. Some of us prefer the transitory nature of a car rental agreement: use the car when you want, turn the car in when you want. If that is you, then the Rent to own program is not for you.
Third, if you want to improve your credit score, then owning a car can make a big and positive impact. Since you don’t need good credit to own a car through Splend, this is another huge advantage and reason to move forward.
Rent vs Own has always been a big decision for rideshare drivers. Unfortunately, it can’t often be completely determined by numbers alone, although we do have a spreadsheet in case you want to run the numbers.
The car you want, the price of the car, your credit score, your rideshare career plans, and the company you will be working with all play a big role in your decision. Splend definitely makes it easier for drivers to transition to car ownership.
Add to that Splend’s customer service and ancillary benefits, and you have a compelling reason to take full advantage of their Rent to own program. Be safe out there.
Drivers, would you be interested in a Rent to own program like the one Splend has?
-Jay @ RSG