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How to Make Money with Your Car on Uber and Lyft

How to Make Money with Your Car on Uber and Lyft

This post is to show people how to make money in their spare time with their car on Uber, Lyft and Sidecar.  This is a great way to either work temporary in between jobs or for extra income in addition to your full or part time job. It also serves as a quick introduction to rideshare. To get the best signup bonuses with Lyft, Uber and Sidecar, use my referral links above!

Intro to Rideshare

Rideshare is a new term that describes an alternative way to get people where they need to go with cars driven by non-professional driver. Often it is cheaper and can provide a better experience than other for-hire car services, such as car service, taxi’s and limousines. Many of the drivers are just normal people with insurance that is free and willing to get requests to drive passengers where they need to go.

Rideshare company generally recruits drivers with a car that is newer than a certain date, like 2004 or newer for Uber. The company will check their driving record and perform a background check to make sure the driver is safe. They will then approve this driver to drive on their own network. If you want to drive for multiple ridesharing platforms, you will need to repeat the “onboarding” process with the different platforms you are interested in.

The process can take anywhere from a few days to a few weeks, depending on what needs to be done. For the most part, drivers can drive whenever they want within a given radius around the city. This provides a lot of flexibility for the drivers. This system works best when you drive part time and pick the busiest hours to work.

By driving during the busiest hours of the week, I average over $30/hr after commission, for about 15-20 hours a week. Some turn this into a full time job but there are plenty of hours Friday to Sunday to make about $30/hr over a 40 hour week.

Here is a great info-graphic on requirements:

Rideshare Driving Path

How to Make Money on Uber and Lyft:

Each of the rideshare services depend on an app on a smartphone to function. Lyft lets you use your own phone while Uber gives you an iPhone 4s. Uber and Lyft set rates on the ride based on distance and time and its all recorded on the smartphone, and then calculated into a fare that the passenger has to pay.

Passengers request a ride from the app and the closest driver usually gets the request first. The driver will either accept or they can reject it. If they accept, the driver will then drive to the passenger and pick them up. The passenger starts paying for the ride as soon as they are in the car. The driver will go to the destination, end the ride on the app, and the passenger gets out. The driver will be paid for the trip based on the distance and time between passenger pickup and dropoff.

It functions very similarly to a taxi but you get requests on your phone and drive to them, instead of picking up people off the street. Generally, rideshare companies will take a portion of the fare, anywhere between 5% to 20%. Even figuring for this fee, I can usually earn over $30/hr, with up to $100/hr for an hour or two. Normally I average about $30-$50/hr.

How to Maximize your earnings:

How to Sign up:

Here are some posts on how to sign up for Uber and Lyft:

Comparison of the three largest rideshare companies:

Salary and Risks of Driving for Uber and Lyft:

Here are some posts on the risks and hourly salaries for Uber and Lyft:

Situations that people sign up for Uber and Lyft:

Have more questions about Uber or Lyft? Head on over to our Rideshare Driver Training Course! Driver Promotions
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