If you were to chat with a fellow rideshare driver about the income you earn in the occupation, chances are they will show their earnings from the last day they worked. While numbers rarely lie, you feel that your efforts do not correlate with the wages you’re bringing in.
While there’s plenty of helpful information breaking down gross income numbers, many people working for rideshare services don’t realize the job’s hidden expenses. This article will touch upon the real cost of driving for Lyft and Uber to provide a clearer picture of potential profits during your driving journey.
Common Driver Expenses
Everyday expenses are essential to a rideshare driver’s business; anticipate them when you work as a rideshare driver. Start your calculations with the cost of your car note and insurance payments. These are standard accumulations you’d pay monthly.
Depending on their region, city, or state, drivers are responsible for paying their tolls, additional licensing, and permit fees. Add these details to the funding of your fuel usage and vehicle maintenance; the total of these charges equal half of your total driving expenses.
Unseen Driving Costs
The other half of car-related driving costs are often unseen and unfelt since they can take more time to affect the driver. It’s nearly impossible to predict when your vehicle will need a repair or replacement. However, you can estimate when it’ll happen upon gaining a sample of similar cars along with services required over time.
For example, say you own a medium-sized SUV and discover that out of 100,000 similar types, an average of 75 percent required a new transmission after 80,000 miles. It would be safe to say that you won’t make it 100,000 miles without needing a replacement.
The most overlooked expense when driving for Lyft and Uber is vehicle depreciation. As your vehicle accumulates mileage from trips, your car is susceptible to wear and tear that will devalue its worth if you sell it.
This cost can result in a loss of thousands of dollars or more, depending on how much you originally paid for the vehicle and how long you drove it for rideshare platforms.
The Bottom Line
The real cost of driving for Lyft and Uber lies in many varying factors, primarily when you rely on your personal vehicle as transport. However, it’s essential to evaluate and calculate these hidden expenses to facilitate the start of your driving journey on a transparent note.
We at Fast Track Mobility strive to become a hub for driver success. We offer multiple TLC hybrid cars for rent in NYC at an affordable rate so you can get on the road as quickly as possible. Our expansive fleet of vehicles includes plates, insurance, and 24/7 emergency roadside assistance.