A lot of people seem to equate people without great financial options with "stupid." I'm sure a lot of gig economy workers are pretty aware they're borrowing from their future selves or at least they're choosing just not to think about it.

I'm sure some don't understand the real costs. But most are doing what they think they need to do in the here and now and, to be honest, if people are really trying to minimize car costs, they're probably at least a bit less than IRS allowances.

Many if not most just see Uber driving as a stop gap. So they are basically just trading equity in the vehicle they already have for money to get by right now and they know it.

>They just don’t have an option for better pay:quality of life at work ratio.

In some sense that's a tautology. Everything that anybody is doing is because they've made the decision that that is the best thing for them at that time given their current circumstances. Outside of that I wouldn't label it this way. Driving Uber is not the only option in America.

For many people though, it may be one of the few options that pays as well (even after depreciation) and has the flexibility that many people that are juggling multiple jobs and children.

Because remember that most jobs require you to show up daily at your own expense during off-the-clock time causing vehicle depreciation all the same.

And that is a difficult reality.

By definition, most people work at the job that they determine to be their best option.

Asymmetry of information is seriously at play here. It’s hard to believe that with access to better/timely information, many workers wouldn’t be able to find a better opportunity than their current gig.

>I think drivers know wear and tear and fuel and insurance costs $0.50+ per mile.

It doesn't cost that. That number is what the IRS accepts for deducting mileage expenses. That doesn't mean that's what it costs everyone. An older model and fuel efficient car will be less than half that on a per mile basis.

Assuming a car is required, the cost of replacing the car needs to be included in wear and tear.

Yes, that's included. You can get cars with 80-100k miles that will make it to 200k for ~$5,000 on Craigslist. That's about 5 cents a mile.

Uber places requirements on car make and mode year. You can’t get a 10 year old beater and drive for Uber.

Thats only certain cities and doesn't change the calculation much. You need to spend 7-8k for something ~7 years old. Your cost per mile doesn't go up much because they have fewer miles.

You can, actually. Well, not a beater, but if it's in good condition, in Los Angeles the requirement is 15 years old or newer.

Minimum wage limits "options". If we assume that minimum wage makes sense, then a higher minimum wage for people using their personal automobiles also seems to make sense.