I think my assertion is much more likely than yours that people were in higher paying jobs and moved to Uber/Ola, a lower paying job, so you should give a source for that.
Nevertheless the source is my twice daily ride with Uber and talking to the drivers. Most of the drivers are youngsters from villages with no degrees and no skills now making a living. They also don’t own the car and drive for someone else. The fact that the Uber/Ola commission is able to support the driver and owner should tell you something.
So let’s say you’ve paid 20% of it as advance, plus you’ve spent a year figuring out Uber and Ola are fleecing you. In that year you’ve put down another 10% into instalments.
What then ? You’ll give up 30% of the money just because you don’t like Uber and Ola anymore. If the bank takes the car back, the driver loses all the money he’s toiled to make.
If you speak to a lot of them, they’ll tell you that once they clear the car debt and sell the car, they’d most probably head back home to their villages and just go back to farming.
They work a few hours a day and make 100-200$ a month. Vs making almost the same by toiling 12 hours a day in a car and in some of the worst traffic conditions.
Maybe it’s different in India but can you not sell the car and use the proceeds to pay off the lien to the bank and keep the difference?
Or are you saying they’re underwater on the loans? If so, what can the bank do about it besides repossess the car? How exactly are they stuck in the city working for Uber?
Source please. Also can you quantify "much better"?