How'd you like to make some extra money in your free time?
More and more people are signing up to become Uber and Lyft drivers. But which service is better to work for, and how much can you really make?
Potential drivers have questions
Steven Valentine is just out of the Army, now living in Northern Kentucky.
And since he drives a fuel sipping hybrid Camry, this veteran figured ridesharing would be a great way to earn extra income. He wonders if he should try to drive for Uber or Lyft.
"I was wondering which ones you can earn the most money, which one has better benefits," he said.
At first glance the two rideshare services appear to be very similar, with Uber available in more cities.
But then when you dig deeper, you find that there are quite a few more subtle differences.
Cincinnati woman has driven for both
Vicky Zwissler has been supplementing her print shop business as a driver for both Uber and Lyft at various times over the past 4 years. "I love it, I absolutely love it," she said.
She says she's done better with Uber, since it is in more cities, and is many riders are more familiar with it.
But Lyft, she says, has one big advantage: It encourages passengers to leave a tip.
"There is a tipping feature in Lyft, where the passenger can choose to tip at the end of the ride," she said. However, she says some passengers don't tip, as they are conditioned that ride share services are non-tipping events.
Don't like the idea of all driving in your own car? Both companies will now let you lease a car instead of wearing out your own car.
Vicky says its worth considering. "the advantage to leasing is just that: you don't put miles on your car. Because it is extreme mileage."
But leasing lowers your take home pay.
So which pays more?
Speaking of pay, Nerdwallet.com recently compared services and says:
- Lyft's average pay is $11 per hour, but tipping can bring you more.
- Uber's average pay is $15 an hour, according to Nerdwallet.
Uber has two more bonuses: Earn money delivering food through Uber Eats, and get paid more if you drive a fancier car. A BMW or Audi or Cadillac will get you higher paying fares (and probably cleaner passengers).
With both, Zwissler says you'll make the most money during peak times --such as Friday and Saturday nights --- but she has a caution.
"I've had 4 people throw up in my car, so I don't drive after 9 p.m. anymore," she said.
In the end, Nerdwallet gives a slight edge to Uber.
But don't expect to get rich: It says to earn $50,000 a year, you must provide:
- 60 Uber rides per week
- 80 Lyft rides per week
That means about 10 rides per day, making it a full time job at that point. And don't forget you may have to pay extra for commercial auto insurance, and gas between rides.
But Zwissler says its not just about the money. "The amazing people that I've met, that's why I'm still doing it," she said.
By the way, these rideshare jobs are not just for young people: Uber says many of its new drivers are retirees, and even has a promotional deal with AARP.
Interested? Both companies have sign up sections on their website so you don't waste your money.
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