Is Driving for Rideshare Services Worth it?
Recently, an article came out claiming that Uber/Lyft drivers make $3.37 per hour in profit
Personally, I think this study is a bit misleading. If you are driving a new car full-time mainly during off-peak hours, this figure could be fairly accurate. The wear and tear on a fairly new car can be brutal, and ultimately make driving for rideshare not worth the hassle.
However, if you are driving a 10-year-old used car that isn't depreciating that much and you are driving primarily during peak hours, your profit will certainly be substantially higher.
I utilize ride-sharing in the way that many drivers do: as a side-hustle to make extra cash when I need it. As someone that intends to eventually become a full-time freelance writer, I believe it is incredibly useful to have in my back pocket in the event that work slows down.
Rideshare driving is definitely worth it, as long as you do it intelligently
I drive in Denver, a city that is full of young professionals looking to avoid parking and driving in the city, and the request rates are fairly high most days. As someone who spent the off-season piecemealing work together (I'm a gardener 8.5 months of the year), rideshare driving is a life-saver.
If you have an open schedule, choosing the primetime hours to work can make your profit per hour fairly high, in the $15-25 range. I typically work mornings from 6-9am before coming back to work on writing projects, and I tend to make anywhere from $50-75. Factoring in gas and maintenance, this figure comes down a bit, but since I'm driving a 2005 vehicle the depreciation rate is minimal.
Perhaps the biggest benefit to rideshare is the ability to network
I'm a freelance writer and I'm trying to expand my client base. I've found driving to be a fairly decent way of making connections. In fact, just this afternoon I met a woman who may utilize my services for her company, which could turn a $4 ride into something much more substantial.
I enjoy the conversations I have with people I would otherwise never interact with, although I specifically avoid driving at night to forgo the drunk zombie crowd. In the grand scheme of things, I can tolerate about 15-20 hours of driving before I'm tired of making conversation, which is why I certainly suggest only making this a part-time gig.
The ability to drive when I want to supplement my other income sources makes rideshare worth the hassle. If I had a fairly new car it would probably not be worth putting the miles on my vehicle. But for freelancers and entrepreneurs with an older auto, it's not a bad gig.
If you are interested in driving, here is my referral link to receive a sign-on bonus. I will also receive a bonus if you choose to sign up.
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Once you factor in taxes, wear and tear, maintenance, gas and time, it isn't worth it. Good luck though and thanks for keeping drunks off the road. Society needs to subsidize this service and get rid of the corporate profits, maybe bara and private companies should chip in. At my work we can't expense Uber...
I hear ya. Like I said, it depends on your situation. If you use it strategically with an older car it can be worth it in my opinion. The networking opportunities are what can really make it valuable
Are there any requirements on how new your car needs to be to qualify?
Good question. It depends on yoir city. My 2005 is right on the cusp of not being eligible, but I may have another year left. Check on Lyfts website for that info
My car is too old.
By this we can make new friends and avoid drunken driving hopefully. And of course meeting ppl and making new friends