How much money have you made with Uber or Lyft?
I know location and frequent rides are a factor when making money with this service, but I was wondering what a usual talk home pay a week is since I need some side work to do
- NancyLv 71 month ago
It really does depend. You will not make as much as you think. There are many out-of-pocket expenses you have to pay over and above the percentage you have to give Uber or Lyft, which can change prices on you at any time, Uber being notorious for suddenly giving deep discounts and the leaving them in place for very long periods of time, some even permanently. But in addition to all that, you have to consider the increase cost of insurance, because you need to notify your insurance company you're using your car commercially or it will not cover you if you wreck your car; the cost of gas; the cost of washing and detailing your car, at least daily but sometimes more when you have some dirty customers or a customer who gets sick in your car; the perks you give to get those coveted stars, like bottles of water and gum for passengers; the wear and tear on your car which will mean increased maintenance costs and costs of repair as well as a very strong likelihood you will need to replace your car in just a few years because it is no longer up to Uber or Lyft standards as ride-share passengers are notoriously hard on your car, both on its interior and exterior; added depreciation in your car's value that you will incur when you go to sell it; and paying local, state, and federal self-employment tax as well as 15.3% of your net income from self-employment to Social Security.
Studies have shown that extremely savvy drivers that know how to game the system by driving during surge times, minimizing their costs, and figuring out how to maximize their tax write-offs can net about $12.00 an hour. That's after taxes, so it's not really comparable to a $15.00 minimum wage because that hasn't subtracted taxes or any of the costs you incur in going to and from that job or on wardrobe for that job, etc. So at best, $12.00 an hour is what you get to put in your pocket after all is said and done, including setting aside allowances for maintenance and depreciation that you shall not dip into lest you not have it when the time comes. off of their taxes. Business Insider did a study of numerous drivers and found that drivers who were not clever at gaming the system and driving at peak times and who did not live and drive in conducive markets and who were not careful at minimizing their costs netted about $4.50 an hour.
Also, Lyft seems to be the better service to drive for because it takes a smaller 20% cut across the board while Uber takes between 20% and 28%. Also, Uber is more known for suddenly giving big discounts that they haven't told you about but that you then have to eat all but 20% to 28% of, which can be hefty because all discounts cut 100% into your profit margin as your fixed and variable costs remain the same, meaning if your costs for a ride are $5 and the rate is $10 with $2 going to Uber, your net profit is $3, but if Uber gives a 20% discount, the rate just dropped to $8 and your profit drops to $1.20, so that 20% discount Uber gave without you knowing it just cost you 60% of your profit, that's cutting your pay by more than half.
- Anonymous1 month ago
Ask some friends locally who drive for them how much they typically make and how many hours.
- 1 month ago
If you are lucky you will earn 800 dollars a week.Source(s): It depends on the city working an average of 8 hours a day.