Why driving for Lyft isn't worth your time
Driver (Current Employee) – Phoenix, AZ – August 19, 2016
Lyft advertises that as a driver you will make $1500 a week. I have been driving for Lyft for a year averaging 50 hours a week and have never even come close to that amount, and that is gross income.
The problem is Lyfts fares are so ridiculously low that a driver can't make any money. On most runs you lose money if you deduct gas, insurance, wear and tear, depreciation, and maintenance. 90 percent of Lyfts fares are $3.50 of which they take 20% which leaves the driver with $2.80 From that $2.80 you have to deduct all your expenses which will leave you in the negative.
In a typical 10 hour day I will give about 11 rides and my average fare is $4.00. My gross pay for the day is $88.00 of which Lyft takes 20% or $17.60 leaving $70.40. It cost me $30 a day for gas alone which brings my net down to $40. M insurance costs $4 a day which brings my net to $36. So my average wage per hour is $3.60.
That doesn't include the fact that you still have maint costs, repairs, and all the added miles you put on your car which further decreases your cars value. If you take all of these factors in to consideration, driving for Lyft just isn't worth your time.