If you find yourself scouring the internet for how to make more money, one common recommendation that you will find for a side hustle is to become an Uber or Lyft driver. This is a good option for most as the hours are very flexible. So with all of this talk, I needed to try it out for myself to see how much can you really make as a ride share driver. I tested both popular companies with Uber and Lyft.
After going through the initial setup and background checks, it took me a short 3 days to get activated with Lyft while waiting for 3 weeks to become a verified Uber driver. Both apps do have straight forward interfaces and connectivity features that makes is super intuitive for a new user to get on the road quickly and earning some real $’s. The other thing that most drivers do is that are driving for both companies at the same time, often turning one app off when the other one pings for a new fare.
After 6+ hours of driving on a Friday night, here are the results:
Uber earnings of $121.22: 11 trips; 4 hours and 45 mins; 130 miles which equates to about $25.50/hour
Lyft earnings of $37.20: 4 trips; 1 hours and 45 mins; 40 miles which equates to about $21.20/hour
As you can see, Uber has a predominant market share in my state and also does provide a higher hourly rate for their drivers. Both companies do provide bonuses for their drivers to keep them logged in and active throughout the night. These results also don’t account for the gas ($30 for this night), mileage, and car maintenance that is needed if you decide to become a serious Uber driver. Although the signup process with Uber took much longer, my preference would be with Uber but both provide good side hustle opportunities for their drivers.
Other online references:
HyreCar Blog
Who pays the drivers most by Dough Roller
The ultimate comparison by The College Investor
I am a finance professional with over 20 years of experience and very passionate about all topics related to finance; enjoying the aspect of teaching and educating others along the way. All in all, I will show you how big this money tree can get over time as I get the branches (Earn, Save, Invest) as high as possible…Click here to see my financial progress to date: How high is the Money Tree?
