How Much Can You Make Driving For Lyft?
If you’re looking for an opportunity to make a little extra cash on the side, there’s a lot of great options out there. Side hustles are an awesome way to boost your income to help you achieve financial goals like paying off debt, saving for a vacation, or just having a little extra wiggle room in your budget.
Lyft is a popular ride-sharing service that has been totally disrupting the transportation industry. Why? Because it’s cheaper for riders, and there are great perks for drivers.
Have you been thinking about becoming a Lyft driver? Let’s dig in a little so you can decide if this might be a gig for you.
Why drivers choose Lyft
Getting started as a driver for Lyft is simple. You need a smartphone, a car, a good driving record, and a clean background. Lyft drivers work only when they want to. When it comes to flexibility and the power to be your own boss, Lyft is one of the best options out there. I’ve heard of people making Lyft their full-time summer job, doing a couple rides a day along the route of their daily commute, and everything in between.
How much can you make driving for Lyft?
This question doesn’t have a straightforward answer, because the amount a driver makes depends on some variables. Earnings can fluctuate based on the number of rides you pick up or the length of rides you get.
But one thing you can count on when starting with Lyft is a signup bonus. After you complete so many rides as a driver, you’re going to receive a little bonus. This is usually between $100 and $300, although in some cities, Lyft has offered as much as $500! It all depends on what the need is for drivers in your area.
Unlock more money the more you drive
From there, Lyft has extra perks to pay their drivers more depending on how much they drive. Drivers get extra bonuses for reaching ride milestones, driving during peak times, and accepting rather than declining rides offered to them. The best part is that you can unlock these extra bonuses week by week, so even if you take a week off, it won’t affect how much you’ll be able to make the following week.
Last but not least: Tips
And, let’s not forget one the best perks of driving for Lyft: the tips! Lyft drivers always get to keep 100% of the tips given to them by their passengers. How awesome is that?
So if you’re wondering, how much can you make driving for Lyft there is no magical number. Based on some of the factors mentioned, the average driver will take home between $12 and $35 per hour. But the “true answer” is that it’s totally up to you. How much you drive, and how well you treat your passengers will play a big part for many of you.
The fine print
Just like other types of side hustles, you’ll need to consider the costs of running the business. You’ll need to cover car maintenance. Plus, fuel costs are going to go up the more you drive. It’s going to be important that you keep a close eye on your expenses to make sure you’re staying profitable.
How do Lyft drivers get paid?
One of Lyft’s most popular features is that drivers get paid weekly. This makes getting paid easier and faster than other side hustles, where you may only get paid once or twice a month. Your weekly earnings are calculated on Mondays and you’ll see a deposit to your account, including any extra bonuses you earned, on Tuesdays.
Who pays more Uber or Lyft?
Before you sign up as a driver for Lyft, it’s smart to do your research. One of the most important things to consider is the competition!
Uber is another popular ride-sharing service that works similarly to Lyft. However, multiple studies have shown that Lyft drivers tend to earn more than their Uber counterparts.
Uber takes a flat commission of 25 percent of their driver’s fares, whereas Lyft has a more robust algorithm that means commissions may vary between 20-25%. In general, this means you’re almost always better off driving for Lyft.
At the end of the day, savvy drivers have the best strategy: they drive for both! That way, they can maximize their rides during peak hours. In doing so, they optimize how much they can make.
