Uber/Lyft driver makes $18.72 an hour…or does he?
My gawd this is a stoopid article. He made $257.34 gross working 13.75 hours, so $18.72 per hour driving Uber/Lyft. Sounds pretty good, eh? Gas was only $13.22 in his Prius, so that’s still $17.75 net after gas… However, the cost of wear and tear on his vehicle isn’t even mentioned though the $430 repair bill talked about in the article should have clued him in.
Let’s just use the IRS mileage rate of 58 cents per mile to estimate his true driving cost. Well, 291.1 miles at 58 cents is a whopping $168.84. Using this cost, his net is a paltry $88.50 or $6.44 per hour. Paints a different picture, doesn’t it.
I’ve been driving for Lyft and Uber for almost one year. People always want to know how much money I make driving for the two companies, so I decided to track every penny I made for one week. The final tally was about $257 for less than 14 hours of work – or about $19 an hour.