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How Much Money Can You Really Make as a Lyft Driver

How Much Money Can You Really Make as a Lyft Driver: Sometimes it is safer or more convenient to leave the driving and traffic headaches to someone else. This thought grew into Lyft Inc., one of the most quintessential transportation-service companies.

All You Need To Know About Lyft?

Lyft is a community-powered ridesharing platform. Through the Lyft mobile app, locals who need rides are connected with nearby neighbors who can provide rides. It’s basically like Uber and, of course, the company requires drivers to provide these lifts.

Ridesharing has created a lot of buzz these last few years. Ever since Uber came on the scene and disrupted the transportation market by basically crushing taxi companies in every city, they entered — other rideshare companies have popped up hoping to take advantage of that.

Lyft is one of those companies. Can you really make money driving for Lyft? Let’s find out.

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What it Takes to be a Lyft Driver

Lyft is surprisingly lenient on driver and vehicle requirements, especially when compared to its competitor, Uber. Uber has an extensive list of vehicle requirements and multiple categories. Lyft’s are much simpler.

Here’s what Lyft says is required of all drivers and vehicles.

As you can see, this is all pretty standard stuff. Pass a background and DMV check, own a four-door, and have insurance. Seems simple enough.

You also have to make sure your vehicle is in good condition. Things like your horn and all your lights need to be working, as well as maintaining good tread on the tires.

In most cities, your vehicle needs to be a 2005 or newer. However, this requirement varies from state to state, so you will have to check your state to be sure.

How Much do Lyft Drivers Make?

There are Hidden Costs

From gas to insurance to self-employment taxes, your fees to Uber and Lyft might be the least of a rideshare driver’s worries. There are the other hidden costs associated with becoming a ridesharing driver, like:

  • gas
  • carwashes and interior detailing
  • insurance
  • tolls
  • car payments
  • maintenance
  • self-employment taxes

One driver told Slate magazine that after factoring in these costs, he really makes $12 an hour. Business Insider found one driver who was really only making $4.54 an hour.

And of course, driving a lot (and driving around drunk people who get sick in the back seat) means you’ll be taking your car to the mechanic more often.

“People who use their personal vehicles to drive professionally will be dismayed at the heavy wear and tear placed on their cars,” says Sutton. “Passengers can also ruin vehicles quickly.

So, a ridesharing driver may find he has to replace his vehicle after just a few years of driving, much more quickly than he or she would imagine—a huge unanticipated cost.”

Hourly Income Figures from Lyft

Much like Uber, Lyft doesn’t specifically state how many drivers, overall can earn per hour on its website.

So, if you’ve just started looking into driving with the company, you might struggle to figure out how much you could make from this opportunity.

Handily enough, Lyft features a pay calculator on its website–unlike Uber. You can use it to find out how much you can earn in your specific area.

Let’s look at a few examples of how much you could earn driving in different areas. Below, we’ve given examples of what you could earn driving in eleven different states.

Each figure below is based on driving 7 hours per week.

  • Boston, MA: Up to $168 per week – this works out at $24 an hour.
  • Chicago, IL: Up to $168 per week – this works out at $24 an hour.
  • New York City, NY: Up to $196 per week – this works out at $28 an hour.
  • San Francisco, CA: Up to $189 per week – this works out at $27 an hour.
  • Nashville, TN: Up to $140 per week – this works out at $20 an hour.
  • Dallas, TX: Up to $140 per week – this works out at $20 an hour.
  • Minnesota, MN: Up to $161 per week – this works out at $23 an hour.
  • Seattle, WA: Up to $161 per week – this works out at $23 an hour.
  • Portland, ME: Up to $140 per week – this works out at $20 an hour.
  • Louis, MO: Up to $140 per week – this works out at $20 an hour.
  • Denver, CO: Up to $140 per week – this works out at $20 an hour.

As you can see, the amount you can earn varies a lot from city to city and state to state. According to the figures above from the Lyft pay calculator, drivers earn anywhere from $20 to $28 an hour.

We hope you found this information to be useful. Please forward it to anyone you believe would benefit from it, and please leave a comment below.

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