I've been living the freelance and Uber life for about year and 3 months and I don't feel like being a full time driver is such a good idea anymore...
Back in the day when I first started in January 2016, both Uber and Lyft had "guaranteed hours", which meant if you drove at prime time hours and acquired a certain number of rides, you'd get x amount of money per hour, generally ranging from the mid twenties to mid thirties per hour. That's a lot per hour! Several months later, that ended up going away and "surge bubbles" for both Uber and Lyft began, meaning if you picked up a passenger from a certain area, the fare would automatically be surged a certain rate (usually 1.1 or 1.2x, sometimes more). These surge bubbles definitely make less money per hour than the guaranteed hours. The more I drive, the more I feel like I'm making less money per hour. I went to averaging somewhere in the high twenties per hour to about $13-17 per hour (I drive in Chicago). At least the passengers are pretty cool, I like talking to people, and I end up on plenty of crazy adventures. I also get to explore new territory of Illinois while not being stuck at a desk all day. However, it gets to be a bit disheartening when I'm driving people to their fun activities while they're hanging with their friends and I wish I could do the same.
Not only do I make less money per hour than I did earlier in my driving ventures, but the commission given to Uber and Lyft is pretty hefty (25%), plus, on my 2004 Toyota Highlander, I spend 35 dollars every 2-3 days (sometimes even 24 hours) in gas. Not only that, but I've spent thousands of dollars in repairs and put thousands of miles on my car (about 100 or so per 8 hour shift). I basically feel like I'm barely turning a profit after overhead expenses are said and done. I only end up having enough for bills and that's it. I also generally drive during peak hours and weekends (and sometimes Sundays) and figured I'd be able to make more of a profit, but I guess not...
Rideshare drivers are supposed to be free, but the only way to make a decent amount of money is to spend countless hours on the road... probably more than 40 hours per week if you really want to make money. Since I do other freelance work, I drive 25-40 hours per week (sometimes more). I definitely don't feel like I make ends meet. I have enough for bills and that's it. My food and gas end up going to credit cards and my car repair credit cards are maxed out. Some people may have better luck than I have, but I'd rather only drive part time. Less miles on my car, less overhead, and I know I'd have financial security if I drove in conjunction with a full time job. I do not feel financially secure on just a rideshare salary.
Lately, I've been using both Uber and Lyft and lately they have been getting close to the same number of rides. However, even though you can tip in the app with Lyft, people are still stingy and I feel like I get handed cash more often with driving for Uber.
I do not feel free. I do not feel happy due to making subpar money and barely being able to scrape by (I like driving and taking to people a lot more than sitting at a desk). I feel like a slave to the road because if I don't drive enough, my bills won't get paid. It's quite the precarious situation to be in and I don't recommend it to any of my friends unless you have no job and no other options. Do not buy a car just to rideshare drive. I already had my car which I'm currently driving into the ground. I hope to get a full time job and use ridesharing to pay off debt and student loans (and fund my summer fun). Since I'm struggling to make ends meet, all my focus goes into making money and I don't have time to pursue my passions. I'm lucky I had time to write this blog!
So if you want to be a rideshare driver, drive part time unless you have no other options and are desperate for money like me. Then you can barely get by for awhile. Best of luck and happy hustling!
