If you own a car and find yourself with too much time to spare, why not use it to your benefit? Join a ride sharing service and turn a profit on your own schedule.
There are several kinds of ride sharing applications available and some have driver codes available so that you get a bonus when you sign up. By driving for more than one ride-sharing app, you have an opportunity to maximize your earnings potential. When one app has fewer requests, the other may have more, and so that means you’ll get more requests and make more moolah!
Weighing it out…
So, how much is ride sharing worth it? We’ve created a list of Pros & Cons for you to scope out and see if it is right for you.
- Make your own hours! Drive when you are able to and take days off as you please.
- On Friday and Saturday nights, a lot of money can be made because often times there are less drivers and more passengers on the streets, so for apps Uber and Lyft, that means surge pricing!
- When you sign up, you receive a personal code for drivers and passengers. If you share this code, you get ride credit or a bonus.
- From our personal experience, if you work for 5-6 hours a day, you can make approximately $15, not including surge pricing. The driver keeps 80% of what you make from the ride.
- Because you are profiting from driving, you can deduct expenses during tax season.
- The choice is yours: you don’t have to pick up anyone you don’t want to pick up.
- Your car can be up to 15 years old, depending on the ride sharing company, as long as it passes inspection.
- There are better times over others to work. Supply and demand is a factor in this, as there are times when there are many drivers available but not enough passengers available.
- In some city markets, such as Chicago, drivers are limited to driving a certain amount of hours per day or per week (for example, 10 hours/day, 70 hours/day).
- Sitting for long hours can take a toll on your body (weight loss, back aches), but this could also come from an office job. Make sure to take breaks and stretch your legs.
- The more you drive, the more miles you put on your car and so your car value depreciates.
- Because you are profiting from driving, you will have to pay an income tax on your ride sharing business.
- The ride sharing company can dismiss your account at any moment as you are an independent contractor. Your ratings usually contribute to your dismissal, and these can come for many reasons from the passenger: route taken, attitude, look of car, look of driver, racist reasons. The job security is not very high. It is also often hard to get in touch with the company to dispute claims and reactivate your account.
Some people do ride sharing for a living and some do it on the side for some extra cash. Either way, you have the option to work when you want for a decent wage and referral bonuses.
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