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.
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.
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.
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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 ride-share 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.
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.
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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.
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