Have you ever dismissed the Uber or Lyft option because you have no vehicle? Or because your vehicle does not meet their criteria? All hope is not lost. This post is for you. Or for anyone else looking to start fresh in the ride-sharing world. You can still earn money on Uber if you don’t own a car.
This brief chat focuses on Uber. But keep in mind that this applies to other ride-sharing services such as Lyft, BlaBlaCar, Shuddle, and others.
First, a quick note about the ride-sharing income potential. According to Uber, drivers earn:
– $17/hour in Los Angeles;
– $19/hour in Boston;
– $23/hour in San Fransisco; and,
– $19/hour on average in the US.
Lyft estimates that its driver gross on average $20/hour. But to keep it simple let’s assume it’s $19/hour.
So, what if you were to drive 2 hours a day on weekdays? That is a possible income stream of $190 a week, or $760 a month. Not bad, and you would still have your weekends.
Don’t think you can make it in the Uber world part-time? Consider that 70% of Uber drivers have full-time jobs. Moving on.
Or, what if you drove 1 hour a day on weekdays, and 4 hours a day on weekends? That is a possible gross income stream of $247 a week, or $988 a month. Maybe you want to ease in to the job. So start with just 5 hours a week when it’s convenient for you. That small commitment translates into $95 extra in your pocket per week, or $380 a month.
What about Canadian Uber drivers? In March, 2015, Toronto drivers earned over $6 million in Uber fares.
Clearly ride-sharing allows for both income production and flexibility. But, what if your car does not meet Uber’s requirements, or you don’t have a car?
Let’s deal with the first question. There are many different Uber categories – UberX, UberXL, UberPLUS, UberBLACK – that you may qualify for. The only way to find out if your current car meets the requirements is to register with Uber. Along the way, Uber will guide you to your specific category.
There are some basic requirements worth mentioning:
– Your car must be 2006 or newer (this will change yearly, and varies by city);
– It must be a 4-door;
– Manual or automatic transmission are both OK;
– No major damage to your car;
– Must pass an inspection;
– Must have insurance under your name;
– Driver needs to pass a background check; and,
– Mileage requirements vary, you need to check with Uber.
Don’t fit the requirements? That’s no excuse. You can still drive with Uber or Lyft. You, and those with no vehicles, listen to this next part.
According to Edmunds.com, the average new car payment is $479/month. ValuePenguin.com says that the average US insurance premium is $75.62/month. So, on average it will cost you $556/month for a brand new car, excluding gas and maintenance of course.
Going back to the income projections above, 10 hours of driving a week will gross you $760/month. Or, 13 hours a week is a possible income stream of $988 a month. This is an excellent part-time flexible job option. You could be covering the costs of a brand new car, and pocketing some serious side income. The numbers only get better the more you choose to Uber.
People who don’t own cars but want to drive with Uber or Lyft have become a significant market. So much so, that services such as Breeze have emerged. Breeze will lease you a vehicle for the specific function of you using it to make money on Uber or Lyft.
How much will Breeze cost you? Check their website for specific prices, as they vary by ZIP code. Breeze is currently serving San Francisco, Los Angeles, San Diego, Seattle, Chicago, Boston, and Washington D.C.
Is Breeze not available in your area? No problem, Uber will help you finance an Uber-ready vehicle. Check their website for more details. Uber will deduct car payments from your earnings. Could it be any easier?
Two final thoughts. First, before buying or leasing a vehicle make sure it fits Uber or Lyft’s requirements. Secondly, if you are unsure if you will make money in ride-sharing, then get a shorter lease. This way you can test your market.
Another great way to test your market is to ride it. Become an Uber and Lyft passenger in your area for a few weeks. Take several trips and talk with current drivers. This is the best way to find out if driving is right for you. Register now to try it out.
“I don’t have a car” or “I don’t have the right car” is no longer an excuse. The math makes sense. If you want to start marking some serious side income, become an Uber driver.
P.S. If you’re serious about getting into the ride-sharing game, you may want to check out the Maximum Ridesharing Profits course offered by my friend Harry Campbell. This is a fantastic course that will get you from zero to sixty, or zero to profit, with popular ride-sharing platforms such as Uber and Lyft. Many in the Casual Capitalist community have taken this course and loved it, you will too.
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.