How Much Do You Make With Lyft

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How Much Do You Make With Lyft

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Uber Or Lyft: How Much Money Do Uber And Lyft Drivers Make?

There is a difference between ridesharing companies like Uber in how much their drivers can earn and how much the drivers say they earn.

NerdWallet, a startup that focuses on financial education and empowerment, crunched some numbers to calculate how many drivers it would take to earn $50,000, $75,000 and $100,000.

NerdWallet used data from SherpaShare, which allows drivers to track their expenses and income, to calculate how much a driver would have to accept to earn $50,000, $75,000 and $100,000 before taxes.

The study looked at 14 major US markets for three ride-sharing services: Boston, Charlotte, Chicago, Dallas, Denver, Detroit, Los Angeles, Orange County, Phoenix, Salt Lake City, San Diego, San Francisco, Seattle and Washington. , DC

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Here’s what NerdWallet has to say about how drivers can make $50,000. It all depends on where and when you drive:

The “driver utilization” for yellow cabs in New York City is about 50%, meaning that for every hour a driver works, they carry passengers 50% of the time. SherpaShare’s per-trip data for Uber shows that the average driver would need to drive 20.47 hours per week to earn $50,000 per year. However, according to anecdotal evidence and research reports, it is likely that the average driver’s use of shared rides is very low. 50%

Of course, the study has some reservations. NerdWallet chose to focus only on UberX and ignore UberBLACK or Uber SUV. And Sherpa Share data – fare, distance and time data – comes from only a fraction of all Uber, Lyft and Sidecar drivers on the road. Still, it’s interesting to see what the drivers have to do to make a living wage.

Sign up to our newsletter to get the latest tech news and scoops, delivered to your inbox daily. You might be surprised to know that RSG regularly gets the income question “Can an Uber and Lyft driver make $100,000 a year driving?” It seems like an ambitious goal, but is it achievable? RSG Senior Contributor Sergio Avidian breaks down the numbers to show if it’s possible to come close to making $100,000 as a racing driver.

The U.s. Rideshare Industry: Uber Vs. Lyft

I’m a six year veteran, I’ve seen the good (2016-2017), the bad (2018-2019) and the bad (2019-2020).

The upside was really good because I was consistently making $3000 week after week. Then the cuts to the base fare (in Los Angeles, Uber pays 60 cents and 21 cents per minute; Lyft pays 80 cents per mile and 12 cents per minute) came fast and furious, as did the increase multiplier.

As 2019 rolled around, my earnings were down 40-50% due to overruns, low UR, and low incentives (Quest, CRB, Boost, etc.). That’s when I decided to become a part-time driver and when the pandemic hit, I stopped driving for Uber/Lyft altogether.

I picked it up again last week of August. I found out LA has a driver shortage, my UR is back up to 95% and with all the incentives I’m getting paid online/active every hour I got in 2017-2018, even though Uber/Lyft didn’t raise base rates .

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I enjoy driving again! Where can someone make $60 an hour hourly when they choose?

But even if my income is good, is $100,000 a year good enough? Continue reading below to see if you can make $100k a year as a raceshare driver!

As all members of The Money Club (SMMTC) know, I don’t drive until Uber/Lyft “shows me the money.” The only way I can still average $50-60 an hour is if I pick and choose my spots for a few hours on the weekend and make sure all the incentives go hand in hand.

To earn $100,000 a year a driver must average $2000 gross per week. This is after the week people, is this working for me personally? No.

Half Of All Lyft Drivers Cash Out Their Payments Instantly

But assuming things continue as they are now in Los Angeles, a young or highly motivated person with no health or back problems could make that kind of money in a week. Another assumption is that he is driving the right car. For this experiment we will use a 10 year old Prius or a used electric car.

It will take at least 60-65 hours a week to drive full time with both apps, take advantage of all the incentives, CRB, boost and of course earn $100,000 as a racer.

In Los Angeles, the above picture repeats itself daily during the morning/afternoon rush on weekdays and weekends.

We all know that apart from enabling and disabling apps whenever we want, we are not in control of what we can access; We are at the mercy of the algorithm. The strategy will get you so far.

How Much Do Lyft Drivers Make?

In order for our hero drivers to earn $2000 per week for 52 consecutive weeks, they must be on the good side of the Uber/Lyft algorithm to receive a good bonus. They should also know the city where they drive very well. They must know the demand pattern of the city, and also apply the three P’s (Patience – Place – Planning) consistently.

There is also the seasonal factor that one must consider before attempting such a superhuman task. But for this experiment I use 75-80% UR for our controller.

It is necessary for our driver to use both TNC applications. Without that, I don’t think it’s possible to get the following results.

I make almost twice as much, but I work part-time. Under current market conditions, a good driver should make at least $30 per hour without much strategy.

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One thing that humans cannot change or adjust is the number of hours in a day. So out of the 24 hours we have in a day and 168 hours in a week, I can easily think of 65 hours as the most productive time of the day for transporting passengers.

There are 65 hours where there is maximum earning potential. My driving hero will have more time to train, sleep better, take more breaks, etc. During the remaining 103 hours of the week.

As I mentioned earlier, the car our hero driver uses is associated with a gross income of $104,000 at the end of the year. A 10-year-old Prius with its 9-gallon tank, or better yet, a used EV like the Chevy Bolt would be fine for this job because drivers don’t have to worry about depreciation.

With the Prius, assuming our driver drives every 450 miles (50 MPG; let’s say he drives 5,000 miles a month), the driver would need to refuel about 11 times a month.

How Much Do Uber And Lyft Drivers Really Make?

That would be about 100 gallons of regular gas at today’s prices, about $550 a month (less if done at Costco). A 10-year-old Prius will need at least half a dozen oil changes, brakes and a set of tires, which will increase the cost compared to an EV, but won’t break our hero’s bank.

For an electric car, like a used Chevy Bolt with a range of 200 miles, our drivers must charge it daily at home or at fast chargers available throughout the city. No oil changes, probably the brakes won’t work, but maybe a set of tires, and that’s the full cost, and the depreciation value.

Other costs to consider are carpooling insurance, car payments (preferably owning your car) and other maintenance costs that may arise.

Could it be real? In Los Angeles, yes. In other parts of the country, probably not (although if you can prove me wrong, let me know!).

How To Download And Use The Lyft Driver App In 2022

This will largely depend on the driver’s willpower, physical and mental health and perhaps age. I don’t understand why a strong and motivated person can’t do this impossible task. I recommend that you save most, if not all, of the money earned in a year of hard work to start your own business or continue your education to get a job in a more lucrative field.

Even after expenses and depreciation, I think a Prius driver would get at least $90,000 and a Bolt driver $95,000.

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