A Philadelphia journalist went undercover as an Uber driver and found out that after paying expenses You can make near minimum wage. Of course that is just one small sample but since I am a far better expert on the subject and have driven during the highest and lowest rate periods I will tell You what You need to know.
I will give You the bottom line first instead of last: If Your area is paying 1.50 per mile or higher, YES, You can make money driving for either of these ride share companies. Anything less is basically borrowing money against Your car. Less than 1.50 is just like getting a Pay day loan, You get money now but You owe it later. In the case of ride share, You will owe Your car back the money in required maintenance and depreciation. Every mile You put on Your car cost You money, that amount is different depending on what type of vehicle it is.
I have seen People talking about insurance and car payments being an expense when considering driving for a ride share company but that is just plain stupid, You are going to pay for insurance and car payments if You are driving for Uber or not. Those cost are fixed and will be there no matter what. The EXTRA fees is what You need to be concerned with. The number one concern is the mileage You will put on Your car. That one factor is more important than any other when it comes to selling or trading Your car. Extra mileage on a car can be thousands of dollars off of it’s normal mileage value.
When considering driving for a ride share, first You must consider Your time is worth NOTHING! Do not try to calculate Your time into the equation, You will not like the result. If You could make 130 dollars in 10 hours remember that You will owe 26 dollars to Uber so now You have 104 and of that 104 You probably will use at least 25 dollars worth of gas so now You have 79 dollars but You have not deducted anything for the maintenance and depreciation of Your car, that amount usually is equal to the gas figure so most likely what You really made on 130 dollars is 54 dollars and it took 10 hours to do so. But real money in the pocket by the end of the week is 79 dollars because You are choosing to ignore the future of the car. Either way do not keep dividing Your money by the hours unless You are truly going to put all Your expenses in that equation. In this situation You would be making 5.40 per hour, much less than working at McDonald’s but even at that rate it might be something You still want to do. It is still 54 dollars more than You had and it caused You not to stay home and play video games or go to the movies and spend money. If Your time is worth NOTHING, You should try ride share, if You think Your time is worth something, then only drive if You are getting 1.50 or more. The rates I speak of here are for reduced rates of .75 per mile. If Your area is 1.50 You can make good money driving for Lyft or Uber.