How much you ‘make’ as a rideshare driver comes down to two main things: how much and well you drive and how much you spend. Are there ways to increase how much you earn by decreasing your expenses? We think so! RSG contributor Chonce Maddox Rhea breaks down typical Uber driver expenses and how you can pay less to earn more.
On average, a rideshare driver’s income can vary depending on the market, among other factors. Our Uber driver survey revealed that many drivers are earning an average $20 per hour. While this is well over the minimum wage in several states, I talk to too many drivers who feel like they still aren’t bringing home enough income.
Why? One of the most common reasons why is overhead costs. As independent contractors, drivers are responsible for covering all of their expenses and taxes. With the passing and possible implementation of AB5, drivers could become employees, but that seems like a long way off – if it ever even happens. In addition, this may only affect California drivers, and not drivers throughout the US.
Today, many drivers are feeling burdened by their monthly expenses on top of sudden rate adjustments and new payment structures rolled out by Uber and Lyft. This article breaks down which expenses you can expect to budget for along with some potential ways to lower costs.
Looking for quick ways to save some money or spend less? Check out these quick links:
- Get cheaper insurance by shopping around at our Insurance Marketplace!
- Save the wear and tear on your car by getting a rental, like HyreCar
- These apps will save you money on gas costs
- Get cash back on your phone, auto repair costs, and more with Rakuten