Is driving for Uber really worth it?
As somebody who has driven for Uber, a common question aspiring drivers have been asking, is it worth it to drive for rideshare companies like Uber and Lyft? It is a difficult question that requires a complex answer. There are so many factors that go into the bottom line, while I can tell you that you can be profitable doing it the right way, is it worth it is a whole other issue.
First off, the market you drive in makes all the difference. As for me, I drive in the unique area that is the Dallas/Fort Worth Metroplex. With over 7 million people, this area is very spread out making for a lot of potentially long, high paying rides and for the most part the population is well spread out throughout the whole Metroplex. On any given Friday and Saturday nights I can expect to average anywhere from $20/hour up to $30/hour (not calculating expenses). I have talked with drivers from smaller markets that have told me they have issues averaging $10/hour. Know your market.
Another factor that goes into your bottom line is the type of vehicle you drive. The minimum requirement to drive for Uber varies in some markets but basically you must have a 4-door model vehicle 2005 or newer (Boston, Chicago are 2001/Pittsburgh is 2006). If you barely meet these requirements chances are it will cost more to operate. Gas isn’t so much a factor as is routine maintenance and breakdowns.
Other factors such as knowing where the hotspots are and what percentages of rides you accept are important but what the real question has do to with what makes it worth it for you? As a side hustle, Uber is definitely worth it. Even after expenses including gas, maintenance, food (and energy drinks), on any given weekend I can make around $400 without issue (In Dallas/Fort Worth). Making Uber a full-time job is another animal. Taking into account there is a lot more wear and tear on your vehicle and the loss of value at trade in, it makes things more complicated. I have met drivers who say they make a lot of money driving full time but it is difficult.
Driving for Uber or Lyft has their benefits (Setting your own hours and not dealing with bosses). If you are thinking about driving just make sure to do your research and get realistic expectations before you start and I hope this was informative and answers your questions.