Making Money With Ride Sharing - Part 2
How much can I earn?How much you can make by driving with these companies will vary. It can be affected by where you live when you decide to drive, and what program you're using. However, here are the breakdowns.
Uber driversYou can expect to earn an average of $19/hour.
Payment is calculated based on mileage and minutes, with per mile and minute rates depending on what city you're driving in. In Los Angeles, for example, the rate is $0.15 per minute and $0.90 per mile. During periods of high demand, fares may increase by 1.3 to 2.1 times that amount. Uber keeps 25% of all fares earned.
Lyft driversLyft is less clear on driving earnings. However, the company says drivers can earn up to $35/hour. The average fare was $12.53. The Company takes 20% of the entire fare collected.
You can earn more with Uber, although Uber will take more out of your fare.
What if I don't have a car?If you don't have a car, both companies have options for you!
Uber runs three separate programs for those who do not have a vehicle, may qualify to drive but need assistance obtaining a car. Those options are:
Car rentals. Make a $200 deposit for a rental car, and then drive. You can rent by the week, weekend, or hour from approved car rental companies.
XChange leasing. The Company will subsidize the cost of leasing a vehicle. You can drive with no caps, unlike a standard lease, and lease for up to 36 months.
New car discounts. You can get discounts of $500 to $8,000 on popular new cars. You can drive until you help pay off the initial discount and then well after.
Lyft runs a rental program as well that operates differently. You can rent the car without paying anything upfront. Instead, you pay off the rent as you drive. You can keep the rental as long as you want and can return it within a 24 hours' notice.
Can I get paid in cash?No. Both companies use a 100% electronic payment system. You need to have a bank account for money transfers from either company. However, you can easily transfer money you have earned to your bank account at the touch of a button from your driver app.
Is there a minimum amount of time I can drive?No! You can drive for however many hours suit you. In fact, both companies have "average hourly guarantees" in place. If you drive during the hours that you specify and don't hit the minimum hourly amount, both companies will cover the difference under certain conditions, which you can read about on both company websites.
Ride sharing is an easy way to make money with your car. Whichever company you choose, ride sharing can provide you with a supplemental income or even a full-time job. If you have the car and the time, and you enjoy driving and meeting people, it's an opportunity you won't want to miss!