There are the other hidden costs associated with becoming a ridesharing driver, like: There are hidden costs to professional drivingįrom gas to insurance to self-employment taxes, your fees to Uber and Lyft might be the least of a rideshare driver’s worries. No wonder Uber drivers have been protesting outside the company’s offices. “So, people driving for Uber have no control over surprise cuts to their earnings.”
“Uber has instituted a number of temporary price cuts which then became permanent,” says Dave Sutton, spokesperson, ‘ Who’s Driving You?’, a public safety initiative of the Taxicab, Limousine & Paratransit Association. When you sign up as a driver with Uber, for instance, you agree that Uber can raise the fees they charge drivers, and lower fares for customers, whenever they feel like it. Lyft takes 20% of each fare. From that fare, the city also takes a sales tax of 8.875% and the Black Car Fund takes a fee of 2.5%.īut these fees can change at any moment. To start with, Uber and Lyft, and the city you’re driving in, always get a cut. For example, in New York, Uber’s biggest market, Uber takes a portion of every fare: Regardless of these factors, it’s unlikely you’ll take home what Uber and Lyft suggest. I say probably because so much depends on the city you live in, how many hours you drive, your car insurance costs, gas prices in your area, and so on. You might not earn what the companies advertise There are hidden costs to professional driving.You might not earn what the companies advertise.Loan Payoff Calculator: How Quickly Can You Repay Your Loan?.Auto Loan Interest Calculator: Monthly Payment & Total Cost.How To Pay Medical Bills You Can’t Afford.Best Car Insurance For College Students.Should You Get Home Contents Insurance?.How Much Should You Contribute To Your 401(k)?.
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