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Some people are making money off of Uber and Lyft. They buy a few cars and hire a few drivers. Drivers get paid an hourly rate. Owner cashes in on the Uber/Lyft payout and pays drivers out of it. Essentially, spreading out the risk of mechanical failure and low income over a few cars. Now these guys aren't making bank... and there are much better ways to invest for a good return, but with 5-10 cars driving around, the owner becomes an Uber within Uber.
I dont think Uber, Lyft, etc will be around too much longer, what they created is a nice idea, but its not practical to do long term, you cannot ask people to work for so little and demand so much of them at the same time.
We already have cab companies, seems like Uber was just trying to re-invent the wheel to some degree.
What i dont understand, if enough Uber drivers got together and worked it out between themselves in a specific region, they wouldnt even need Uber, and they could make more money this way, its simply cutting the middle man, and then they would be individual LLCs, on their own, it would be their own ride service!
Uber has been around for 9 years so far, currently has a revenue of $7.5 billion, and has branched out to other delivery services... Worldwide.
They aren’t going anywhere.
Cab companies are expensive, hence the reason no one wants them. Airport cabs have been getting pissed that people rather call Ubers to go to their location. It’s common sense, I can ride in the comfort of a nice luxury car for cheap at the touch of a button or in a crappy yellow ugly cab that I have to call and explain my location to.
I don't think their numbers are real. You get paid 95 cents a mile and Uber takes 25% of that and your deduction is 53.5 cents a mile which is your expense. So you have about 20 cents of profit for mile, but that profit is lost on all the dead miles getting to a pick up or going back home or to a different pick up, you are only paid for the miles that a customer sits in your car, every other mile is an expense. Plus they nickle and dime you, cancel rides and don't pay you, and make you pay for some of your own tolls. Unless a rider is in your car you don't get paid for the toll, so if you have to pay a toll to get to say Sanibel Island in Florida you pay the $6 toll, then sit an hour in traffic, pick the person up for a short ride and lose money. And yes people have complained that it has happened to them and Uber does not reimburse them. So return tolls are your cost and extra expense out of your pocket 100% loss. The rest of the time you have to send text to the company and fight to get the legit tolls with passengers in the car paid.
The only "dead miles" should be from your HOME to your first pickup of the day. Any other "work related" mileage is tax deductible.
Every person Ive known that has tried it, didnt last long, said its not worth it and ended up making below minimum wage after expenses.
I dont think Uber, Lyft, etc will be around too much longer, what they created is a nice idea, but its not practical to do long term, you cannot ask people to work for so little and demand so much of them at the same time.
We already have cab companies, seems like Uber was just trying to re-invent the wheel to some degree.
What i dont understand, if enough Uber drivers got together and worked it out between themselves in a specific region, they wouldnt even need Uber, and they could make more money this way, its simply cutting the middle man, and then they would be individual LLCs, on their own, it would be their own ride service!
It is like selling Amway or some other multi-level marketing product. There will always be an endless supply of people who will "try it" until they quit.
My friend did it awhile and decided it's really not worth it. I THINK he's still doing it but only because he hasn't figured out anything better ... which is why I think a lot of people do it.
So, hey, it probably beats nothing if you can't find a job and if you have fairly good roads so you're not tearing up your car.
On the other hand I knew a guy who did it when it first started and he was working in a big city and he'd go up to the hot spot area on Thur, Fri, Sat nights and he claimed to make very good money. He got really good tips even though tips weren't required (or maybe not even allowed? not sure; but he did get tips which helped a lot).
This guy was also a real "hustler" meaning he worked at it hard, didn't take it as a "well, I can earn a few extra bucks" kind of thing but made a real commitment to it. Again, though, this was in a big city where a lot of taxis are needed. Then of course if you go to the hot spots IN THE RAIN, that's an even better thing...
But overall, for most people in most areas, I'd say it's not a very good deal.
Someone put it best- Uber Driving is for people who are bad at math- unless, they're getting it to work for them.
You need-
The cheapest car you can get with the best mileage. Driving a car with less than 30MPG. You will barely profit.
Decent insurance rates. Past accidents? Don't bother.
To live and work in an area with surge pricing possibilities. No late night bars or concert halls? Few possibilities for real money.
An ability to make some tips. Added bonuses if you have some kind of personality that works for you.
Hollywood Bowl lets out. I can take a group up into the Hills, go back, get another out to Silverlake, go back, get a last out to Laurel Canyon. $35 bucks in under an hour. Maybe $5 dollars in gas.
Or... I could daytime move someone from Pasadena to Glendale. Then go from Glendale to Koreatown, make $15 bucks in an hour. Waste $7.50 in gas.
The only "dead miles" should be from your HOME to your first pickup of the day. Any other "work related" mileage is tax deductible.
They are tax deductible and you can count miles from home too if you start from home and get a ping there to a ride. I mean dead by you are not paid for them.
The only reason I even tried it was because I spoke to 2 drivers who had picked my up and taken me back to the mechanics and one was a young guy who said he was making decent money, and I spoke to a lady who was saving money for her daughter's wedding and she said she could make money. 3 months later when I started it was dead and there were too many driver and not enough passengers. You can't make money when you do a short ride and only make $2.32 especially when you have to drive 5 miles to pick them up. I had days when I only made $6 all day with the app on and waiting for rides. It was a huge waste of time, even on long rides you don't make much when you deduct your expenses and pay for gas.
Uber is constantly hiring new people and anyone who has a 10 year old car and no criminal or diving history problems gets hired. To make matters worse they promise you a bonus and it's not it's a guarantee that you will make so much money in your first 25 rides, which I didn't do so instead of $200 I was expecting I got $15. Enough figure out it's a complete waste of time and you have to worry about the stupid rating system because they expect people all to rate you excellent.
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