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! [Read more…]