Pros and Cons of Being a Rideshare Driver

Have you considered being a rideshare driver? I have come up with a list of some pros and cons I've discovered while being a rideshare driver:


Pros

*Setting your own hours
*Learning about many different walks of life
*Can come up with a creative blog idea and share my musings on this platform!
*Freedom to drive as much or as little as you want
*I can still pay my bills
*Can get extra side money while having a full time job to pay off your debts or bank extra money
*Passengers can give you cash (or humorous) tips


Cons

*Wear and tear on YOUR car
*You have to pay ALL overhead (gas, repairs, maintenance, etc.)
*Many insurance companies reject you because you have to get extra rideshare insurance, which costs more anyway
*You have to pay for your own tickets (while on duty)
*You have to pay for your own (health) insurance
*You have to pay for the extra employment tax percent (also part of overhead)
*A large percent (25 for me) gets taken from your check and goes straight to Uber/Lyft
*Possibility to have someone puke in your car


Is it worth it in the end? As long as you're happy with the extra money you're receiving and are able to pay your bills, keep doing what you're doing!

The Skeptic of the Rideshare Model: Can Full Time Drivers Make a Real Profit, Especially on the New Uber System?

That moment when your skeptic has been showing about whether or not you can make a profit driving for Uber (and Lyft)... until your friend shows you a $1600+ dollar earnings week and a passenger shows you a $1900+ dollar earnings week. I think both of these people drove 50-60 hours (of being signed into the app) though. 

I've been asked by plenty of people if you can really make money by driving for a rideshare company. I tell people they can make money if they "actually drive" and get out there; I also tell people I sometimes fear the cost of repairs, gas, and other overhead may feel like it's exceeding my profits. I also have various other passions and gigs I'm trying to pursue, as well as maintaining a healthy lifestyle I neglected in college. 

I started driving for Uber and Lyft at the end of January, 2016 and one of my friends who I live with started driving in August, 2015. We both live in Chicago. For a few months this year, Uber was doing this promotion of "guaranteed hour rates", where you're guaranteed a certain amount of money (ex $35 dollars per hour) if you get at least 1.5 rides per hour, accept at least 80% of the rides, and stay online for the majority of the guarantee period. This is handy for days when it is very "dead", no surge, you just get a number of 10 minute or less rides, or you have to wait for your passengers for awhile. 

Now, this rate is gone and your "guaranteed hours" is now somewhere between 1.3 and 1.5 surge rate (most of the time) in a giant bubble within the central part of the city. I've also noticed that during rush hour periods (early weekday mornings 5-9am and after 4pm to about 8pm on weekdays) is less crowded and not surged anymore. What happened?

Are people becoming "slaves" to the system? Where you as a "contractor" drive and drive and drive until your car goes into the ground, but they don't care. They're taking their giant royal fee of 20-25 percent out of your check, reducing the amount of fare drivers can make behind your back, and not caring about you. Although you can write off some of your overhead at tax time, I feel like there's a giant overhead cost to driving, excluding time of waiting for passengers. For instance, if I make $200 dollars net in a day driving, I'd generally have to fill up my tank twice; that's $80 dollars straight into the gas tank. The corporate honchos don't care. They're making money! Without these guarantees, I feel like I sometimes make $15 or less an hour while wearing out my expensive car and needing more frequent maintenance. Plus, I think I have "driver's knee" now and fear causing injury to myself from driving. 

Why do you think rideshare companies keep recruiting drivers and not passengers? It's where the corporations make the brunt of their money. Don't forget about the wear and tear in your car. Chicago is notorious for lots of potholes, which destroys the suspension. What about that passenger who opens your door into a pole and scratches it? That person who spills something in your back seat? The parts you need fixed? That random ticket you acquired from a red light camera? It seems to be your losses and everyone else's gain. The vicious cycle continues.

I also drive an older car (2004 Toyota Highlander). Since my car is larger and older, my car requires even more maintenance and costs than your average 4 door sedan that's newer. I also have an independent insurance policy where it costs more to have it solo, as well as rideshare insurance costing more. I am over 25 now and have no accidents on my record (*knock on wood*), but I still feel like I pay a ton. A lot of companies reject rideshare drivers, but luckily the insurance I was on already was the only place that didn't reject me. 

It's like a facade of making a profit, but actually digging yourself into a hole of further debt. The head honchos get all the money and the drivers are the little peons to the people on their thrones.

Is the ridesharing model "really" lucrative for full time drivers? Some people make lots of money full time, but part time drivers can make an extra $200 or so dollars per week and not put as much wear and tear into your car or have to deal with as much overhead. You could do it full time, but as for me, I'm going to transition to part time!

Best Times to Drive for Uber and Lyft (in Chicago)

Weekday Morning Rush (Monday-Friday) (6am-10am) -- A lot of people like to go to the loop with a side dose of going to Hyde Park. People are generally either tired, not super social, or a bit impatient. Sometimes, you even get "that person" on a conference call in the morning or to their meeting they're running late for while I'm stuck in traffic. When that happens, I sometimes get canceled on. The GPS enjoys having spaz attacks in the loop, so make sure to ask the rider for directions. If they don't have any idea where to go, use your best directional judgement. Surge during this time is seldom for me. Going outside of Chicago limits hasn't happened for me, but has happened for one of my roommates several times.

Weekday Morning/Afternoons (Monday-Friday) (10am-3pm) -- This time is more like "dead o'clock". Rides are a lot of the time pretty spread out and sometimes scarce. Sometimes, I'd even end up as far away as 83rd and Stony Island. Many rides are often 10 minutes or less, which especially during surge, can prevent you from making more money. Driving during this time can sometimes be lucky, but not usually. Going to the suburbs at this time is very unlikely.

Weekday Afternoon Rush Hour (Monday-Friday) (3pm-7pm) -- People are getting off work and traffic is backed up. I actually feel like I sometimes have a large gap in between getting rides and if I'm stuck in traffic, I get canceled on. I feel like I fare better in morning rush hour than afternoon rush hour (unless I get lots of surge) because EVERYONE wants to drive at this time, especially because it's ideal. Rides are lengthier and surge is pretty common for me. People generally don't feel rushy and are more social because they're glad to be off work and probably not super tired. I have had to go to the suburbs a few times, but the farthest I've had to go up to this point is Elmhurst (not super far).

Weekday Evening Hours (Monday-Thursday) (7pm-2am) -- Surge still may be lingering, especially if there's a sports game. I seem to get pretty steady rides around this time with easy going passengers. Some people may be going to work still, but people like to talk. Going to the suburbs is a possibility, but I generally don't end up going past Elmwood Park, Villa Park, Schiller Park, or something like that. Sometimes I do though. You could also end up with some drunk people at this time. If I end up receiving tips, it happens during this time. Unfortunately, since a lot of people like to drive at this time, you may not receive as many ride requests as you'd like...

Weekday Night Owl Hours (Monday-Thursday) (2am-6am) -- This consists of the late night studiers, the late night get-off-workers or early morning workers, and several trips to the airport. I mainly get trips to O'Hare, but sometimes Midway. Surge is rare, until it hits about 5am and trips are longer distances. People who are going to the airport and work are more social, as are drunk people. People who are drunk generally aren't sloppy, especially because they may have work the next day. Rides are generally pretty frequent, but sometimes I may need to switch apps if one of them ends up being kind of dead. Weekend night owl hours generally come out way better for the money.

Saturday Morning/Afternoon (7am-5pm) -- It's festival time in the summer and sport time all the time. Sometimes the roads will be closed to the point where I'll drive through one by accident and get yelled at by security guards directing traffic. Oops! Traffic is eminent if there's a festival or parade. Drunk people bar crawls and concert fests can happen at this time too. Avoid Michigan Avenue and the loop at all costs if possible. Museum campus is also a hot mess. However, surge pricing is common. Stay safe drivers. People drive like crazy and cancel if they're impatient while I'm stuck in traffic or my GPS is spazzing out by saying I'm farther away than I really am! I've also been hit up to go to the south side more than other times. Thankfully, since a lot of people like to enjoy their weekends, this is a good time to drive!

Friday/Saturday Night: (5pm-2am) -- People are going to their dinners, shows, just getting off of work, or various other events. People like to party. Wrigleyville is a hot mess during that time. Surge possibilities are high, as well as a small dose of sloppy people. Driving to the suburbs is possible. At least people like to talk, especially if they're drinking. Be wary of River North as well for high traffic areas and awful drivers. I definitely have some adventures that's forsure!

Weekend (Friday/Saturday) Night Owl/Drunk People O'Clock (2am-6am) -- People are drunk (or getting off work) and ready to go home. Sometimes when it's later they go to the airport. You may have to deal with sloppy people who hopefully can contain themselves and their cookies. If you see someone you can tell is sloppy and your passenger, be sure to drive away and cancel without charging. Belligerent passengers are unlikely. You may even get tips, suburb adventures, or free food when the drunk people want their noms. I've snagged a gyro and Indian food before. Both are lucrative, but I guess people like to stay out later and go out more on Saturdays...

Sunday Morning/Afternoon (7am-5pm) -- Airport and short rides are possible during this time, as well as some surge. The suburbs aren't super likely. People are generally behaved, but could be tired in the morning. Lots of people are going to brunch and meeting with friends with some who are working. Traffic isn't too bad, but there's some. Not as many "epic adventures", but definitely a more laid back time to drive... unless traffic is mean! People generally aren't in a hurry at this time at least unless they're late for a flight. Going to Midway can throw you off unfortunately because you have to drive all the way back when I55 and its construction-filled merges can cause a backup!

Sunday Night (5pm-2am) -- This has a similar feel to weekday evenings. Surge isn't super likely and traffic isn't super bad, but some people also like to go out on Sunday night. Sloppy people are unlikely to appear. If the people are drunk, they're generally in fun mode. Some people may have even been doing last minute work before the week. Rides are generally steady, but like weekday evenings, can sometimes be a tad slow.

Sunday Night Owl Hours going into Monday (2am-6am) -- It is airport and driving people to work super early o'clock. Airports are most common during this time since it's time for people to start their weeks. Sometimes the suburbs as well. Rides are pretty steady. Surge isn't super common, but at least people are talkative. However, the roads are very quiet. No sloppy people, but they may be tired!

In short, weekend afternoons and weekend evenings and night owl hours are the most lucrative times to drive... mostly weekend evening night owl hours (Saturdays)! If you don't want to deal with sloppy drunk people, stop driving around 11pm-12am at the very latest! Driving between 10am and 2pm (and even up to 4pm) weekdays is no bueno. Enjoy your adventures!