Which is the best time to drive for Uber or Lyft to earn the most money?
Basically the best time to drive for Uber or Lyft is different. It looks like a perfect side hustle to be a driver for Uber or Lyft. However, you might not earn as much as you’d think after the expense of driving strangers around town. We’ve done the research to find out if your time is really worth being a ride-share driver.
By now, instead of a cab, you’ve probably used a rideshare service like Uber or Lyft. After all, you can save $4.50 a ride in some cities like Chicago by using Uber rather than a conventional taxi service.
Some of you may also be considering being a driver for Uber or Lyft. Via supported social media and Craigslist advertising, both firms are actively hiring drivers. After completing 100 rides in 30 days, new Lyft drivers will also win a $300 sign-up bonus.
Driving with a ridesharing service seems like the perfect side gig, if you believe those advertisements.
A reader recently wrote asking us to find out if ride-sharing drivers are really raking in that much cash. We collected information and took out our calculators from a number of outlets. This is what we discovered:
When looking for the best time to drive for Uber, make sure to see everything because you do not receive what the firms advertise.
I’m probably saying this because it depends so much on the city you live in, how many hours you drive, the cost of your car insurance, the price of gas in your town, and so on.
It’s doubtful that you will take home what Uber and Lyft say, regardless of these variables.
Uber and Lyft, and the city in which you are traveling, still get a cut to begin with. In New York, Uber’s biggest market, for instance, Uber takes a portion of any fare:
On UberX, 20 percent (the cheapest service)
On UberBlack, 25 percent (black car service)
And on UberSUV by 28 percent
20 percent of each fare is taken by Lyft. The city also collects a sales tax of 8,875 percent from the fare and a 2.5 percent charge from the Black Car Fund.
But at any time, these fees will change. For example, when you sign up with Uber as a driver, you accept that Uber will increase the fees they charge drivers, and lower customer fares whenever they feel like it.
Uber launched a series of temporary price cuts that then became permanent,” says spokesperson Dave Sutton, “Who’s Driving You? ‘, a public safety program of the Association for Taxicab, Limousine & Paratransit. “So, there is no control over surprise cuts to their earnings for people driving for Uber.”
No wonder Uber drivers have protested outside the headquarters of the firm.
When looking for the best time to drive for Uber or other, look for hidden costs
Your Uber and Lyft payments could be the least of a rideshare driver’s issues, from petrol to insurance to self-employment taxes.
The other hidden costs associated with being a ridesharing driver exist, such as:
- Carwashes and the specifics of the interior
- Payments for vehicles
- Taxes on self-employment
And, of course, driving a lot (and driving with intoxicated people who get sick in the back seat) means that more frequently you can take your car to the mechanic.
“The heavy wear and tear placed on their cars will dismay individuals who use their personal vehicles to drive professionally,” says Sutton. “Passengers can easily wreck vehicles as well. So, after only a few years of driving, a ridesharing driver may find he has to replace his car, far faster than he or she can expect, a massive unanticipated expense.
So, with one of these programs, can you make money driving? Sure. Oh, sure. But is this going to be a lot of money? Not unless, just like any other company, you go about it.
How do drivers with Uber/Lyft gain more?
Strategic rideshare drivers, as with any company, can become two or three times as profitable as the average.
The highest-earning rideshare drivers, for instance, would learn to minimize costs, optimize tax write-offs, and position themselves to triple their average fare using surge pricing.
As an Uber and Lyft driver in Southern California, Harry Campbell turned his business background and expertise into an online course that teaches new rideshare drivers everything they need to know about making the most cash. The best and quickest way to gain more as a ridesharing driver is Full Ridesharing Earnings.
Ready to begin to drive?
It’s pretty easy to get started as a rideshare driver. Next, you can go through a few online steps to check that your region is hiring a service and that you and your vehicle meet specific specifications. You could be off to work after a background check and some paperwork!
- Drive with Lyft: Find out more here or sign up. After completing 100 rides in 30 days, new drivers receive a $300 sign-up bonus!
- Drive with Uber: Get more detail or register here.
Better than no side hustle is some side hustle. Rideshare driving is certainly an opportunity to earn additional cash on the side, but it’s not easy cash, just ask any career cab driver!
Expenses and taxes will take a big bite out of how much you will make traveling with Uber and Lyft, so if you want to earn more, you need to learn how to minimize expenses, maximize your taxes and find the most lucrative trips.