Updated: 07/04/2021
Fall is almost here and for gig economy drivers that means one thing: demand for rideshare will increase. If you do on-demand food delivery only, consider adding Lyft rideshare as a side hustle this fall. Here are 4 reasons to be a Lyft driver.
The average Lyft Driver earns upwards of $20 per hour.
There can be a lot of variance in earnings from gig economy platforms. However, Lyft drivers’ postings of their earnings reveal an average of well over $20 per hour.
A study from Time Money revealed an average of $17.50 per hour for drivers. This figure was also an average of two dollars more than drivers for Uber.
In addition to higher pay, many Lyft drivers report a higher degree of satisfaction with the company in comparison to Uber drivers.
Time Money also reported that about a quarter of their sampling drove for both Uber and Lyft. Of those, the drivers made slightly more driving for Uber. The study speculated this was due to the time put in.
Remember, both Uber and Lyft drivers also keep 100 percent of their tips.
Lyft Line just expanded.
Similar to a bus route, the Lyft Line shuttle service charges a flat rate for pickups and drop-offs along a prescribed route. They just expanded the program to eight routes in San Francisco and six in Chicago—just another item in the list of Lyft expansions recently.
While passengers benefit from the flat rates, drivers benefit from consistency and efficiency. The Lyft Line is meant to cater to commuters or other regular passengers of the same route. Any Lyft driver can tap into this schedule through the shuttle service.
For example, a normal day for a Lyft driver may look like this:
Drive to pick up Customer 1.
Drop off Customer 1.
Drive back around half of the same route as you took as you drove Customer 1 in order to pick up Customer 2.
Drop off Customer 2.
You’re doing a lot of backtracking, right? Now, let’s look at Lyft Lines:
Drive to pick up Customer 1.
Drive toward Customer 1’s destination.
Stop halfway to pick up Customer 2.
Drop both customers without having to backtrack.
You still earn a pickup fee as well as payment for distance and time, and can also be eligible for Prime Time. However, you’re not doing the backtracking. Sound good? Check your city here to see if Lyft Line is available.
Lyft is expanding its territory.
As of the end of last month, Lyft had expanded its presence to 40 states. Although it’s missing the last few, it now covers more than 94 percent of the United States. According to their announcement, nine in ten Americans have access to a ride from Lyft. The expansion represents a 50 percent increase in Lyft’s coverage area—just in the last eight months.
(Another good reason why you should check if Lyft has become available in your area.)
They’re not stopping with the U.S. either. News recently leaked that Lyft is eyeing Canada next. Other possible expansions include Australia, Mexico, New Zealand, the U.K. and others.
Lyft may be on the brink of some high-dollar investors.
Lyft was in talks earlier this week with Alphabet, the parent company of Google. Although sources were not disclosed, $1 billion is being thrown around as the dollar amount for the possible deal. Business analysts speculate a deal like this could be a sign of the times for the struggling Uber. At the very least, it could push Lyft out of Uber’s shadow. Uber has been the front runner of the rideshare industry for years now. Lyft may finally get ahead.
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