The biggest story of the past couple weeks hasn’t appeared in the media too much, but it is happening every day out there on the roads. Lyft recently brought back commissions and Uber followed suit by slashing prices by 20% and it looks like drivers have finally had enough. I used to get questions about things like insurance and taxes on a daily basis and now every other e-mail I get is bashing Uber’s fare cuts or questioning Lyft’s business philosophy.
I have the luxury of driving rideshare part time so when rates fall low enough that it’s no longer ‘worth it’ for me to drive, I don’t drive as much. But even though rates are lower than they once were, I still think there is lots of opportunity for drivers like me who can cherry pick the best hours to drive. For now, I won’t be making the $40-$50/hr that I once was, but driving during busy times and holidays can still be pretty lucrative.
Related Podcast: How Much Did I Make Driving Over July 4 Holiday?
Ultimately, the people that will suffer most are the ones who drive full time. I feel bad for them but at the same time it’s motivation for me to continue diversifying my sources of income. I hate having to rely on other people to make money and that’s one of the reasons why I enjoy doing things like rideshare on top of my day job. When other people are at home relaxing after a tough day of work, I’m out hustling trying to make some extra money. And you should be too!
Top Rideshare Stories
Side Hustle Series #52: I’m A Lyft and Uber Driver – I wrote a post about driving for Lyft and Uber for one of the top personal finance sites on the net. Go check it out and let us know what you think!
Why Uber Should Shift Up Its Personalization Engine – This is actually the strategy that I think Lyft should be using. Instead of trying to compete with Uber on price, focus on providing a superior experience. Drivers and passengers overwhelmingly prefer Lyft yet they can’t seem to get their act together over there. Lyft, if you are reading this, I’m still available as a consultant 🙂
Ten Reasons Why Your Uber Driver Hates You – I actually like my passengers but this is still kind of funny.
Share rides, split costs with strangers on Uber, Lyft and Bandwagon – All of this rideshare competition is great news for passengers but what about drivers? I think we want more companies to enter the fold since they could start hiring away some of Lyft and Uber’s drivers forcing them to pay market value.
Uber CEO on YouTube (Video) – This might be the best rideshare video I’ve watched in a while. How many successful companies do you know where the employees compare their boss to Hitler?
The Rideshare Guy Facebook Page – I need your help to get our page up to 200 likes by the weekend! If you have already liked the page, then please go on and invite some of your fellow rideshare drivers. Throughout the week, I post the top rideshare stories and I always have a couple surprises in store for my fans!
Here are the rest of the articles I read during the week.
Readers, what do you think about Uber and Lyft’s lower rates? Supposedly, this is just a temporary rate drop to increase ridership but how much longer will it last and will you be driving more or less to make up for the difference?
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-The Rideshare Guy
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