The main problem with Uber is the ratings system. You can do everything right and still get rated a 4 or less from the passengers. Make one mistake and they'll downgrade you. If your rating drops below 4.6 then you're fired. It's a 100% bullshit system. Don't drive for Uber. It's a waste of time.
+The Artful Dodger yeah people these days are never satisfied for some unknown reason like wtf i ALWAYS rate the drivers a 5 because if i rated below i will never know what trouble the driver might go into? losing the job is the worst yet not all passengers are considerate of it.
+The Artful Dodger There is a bigger problem, that is the OUTRAGEOUS 20% they charge drivers for the software and branding. Imagine your Bank charging you $20 for every $100 ATM withdrawal you make. You don't buy your freedom back with Uber. You buy yourself a job.
You need to be smile and be friendly feel the customer out to see if they want conversation if they see water and gum they will feel as if you are sucking up to them. And I always ask them if they want to know there rating and believe it or not 60% of them have no idea that the driver rates them and that there is key because it will remind them that to rate high
+Alrawandi banking is a necessity, driving for uber is not. go get a different fucking job if you dont like their business model. its obviously profitable if their value is doubling every 6 months. its not a charity theyre a business. minimize costs and maximize profits
Nice vid explaining the realities trying to make money driving. I'm a cabbie with +17years experience. Let me also give some tips for serious UBER drivers. You must work late on the busy nights to make money! 4am or later. You will need to deal with people who have been drinking but NOT intoxicated. If they are legless then REFUSE them. Most people can hold a bit of drink EXCEPT young women. Women are embarrassed to admit they are feeling ill but NOT embarrassed to puke in your car. If she looks ill then put her in front seat and explain to her she must inform you if she feels sick and you will pull over. Put AC on COLD they wont notice but they will feel better. NEVER have the car warm if someone looks sick, always COLD. OK to be fair some guys puke but girls are way worse. What separates Pro drivers from amateurs is "driving". Driving any major city like a pro means doing it full time like a Livery/taxi driver. Do as many hours as possible so you can appear professional, think of it as training. Many of my taxi passengers tell me they have taken UBER but tell me drivers are amateur with poor city driving skills. UBER tells people "work whenever you want" wrong! you work when it's busy. Airport work will also be important. I'm a night driver but I regularly get an early Airport run before I finish shift. You must work one or both of the peaks. AM peak means in the car no later than 5am but preferably 4am. Forget rolling out of bed at 9am! Good luck
+leroyybrown Just started with Uber and Lyft and quickly learned that I would have to drive a bunch of hours to make this work. In addition, your statement about "working whenever you want" is dead on, if you want to make money you better work when the demand is there. It doesn't work the way Uber or Lyft tells you it does. I still believe it is possible to make a decent buck but there is a learning curve, the business and your city.
+leroyybrown Thanks for the advice. I have found working Friday and Saturday evenings are pretty good and should be at a minimum a mandatory time frame, especially for the part time person trying to make extra money. I also like to be off around 10pm. I know that is pretty early to most cab driving standards, but although I don't mind taking people where they want to party at, I prefer not to have to deal with them when they want to go home... 8) And I have to say since I have been driving for Uber, I have grown highly respectful for full time cab drivers. Especially before there was GPS and they just had to know the roads like the back of their hands. I would be absolutely lost with out it. One thing that Uber does do is give you a weekly summary of your drive times compared to their peak hours, and suggests days and times of the week to earn the most.
+leroyybrown I am also an ex-taxi driver (10 years) and after about the first year I got tired of the bar runs. Being a woman, I would just get hit on way too much. I switched to starting out early, about 3 to 4 AM, and would start the day out with one or two good airport runs. Then work on through the day, maybe past rush hour, then home. Six days a week did me just fine, and I took off Sunday. Whatever schedule suits you, the main point is to TAKE IT SERIOUSLY! If you are just hoping to cruise around and make a few bucks, that's all you will get. If you make it a business, hand out business cards, promote your Uber service via internet, whatever...just remember, you are a contractor. I am starting up with Uber, and believe you me, I take it very seriously. And I think I'd better take my own GPS with me to supplement the Uber app. Been hearing a lot about their GPS not being the best, so I'll break out my trust Garmin.
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Uber seems slightly better than taking a payday loan. I certainly get it if you can either do it 40+ hrs in a good metro area, or if you just cannot do anything else the moment. Sometimes you just need the money right then. $5 an hour is better than nothing when the rent is due.
Very genuine guy. I've learned a lot from you. Thanks for sharing the knowledge. Honestly at $20 an hour ballpark I don't think it's worth the hassle for me personally, but others could definitely find it profitable and fun and they'll meet interesting people, and it's surely way better than enslaving your ass to McDonald's etc.. Good luck with your rides buddy!
+Alrawandi 20% is way to much to charge. Las Vegas only charges 10% when betting. 20% is just like a shark bite. And the rating system is dubious. Who really deserves a 5 star rating. So what Uber is telling me that there should be no room for improvement? Thats bad.
There are many good points in the comments, mostly negative but some are valid and I respect them. However, as an Uber driver myself, I would like to point out a few good things that I like about it. First, I work full time during the week and sometimes on the weekends, what I like is the ability to make my own hours and drive when I want to and not when I don't. I could get a part time job that would probably pay me more, but then I would lose that control over my schedule. Second, as a driver in Chicago IL, I usually work Friday evening/night and Saturday. I can't say I have seen a weekend in the past couple months where there was surge pricing going on. As a further perk, Uber has ran a $30/hour guarantee rate the past few weekends. But even with the guarantee, I have been averaging $38/hour with surge pricing in effect. Now, of course this is not taking into consideration of all expenses, but I would venture to say I am still neting at least $20/hour. That is more than I would get working part time at a regular job. Finally, there are ways to lower the taxable income you are making. If you are just doing this on your own time, you are missing out on many deductions you could be getting. I would recommend looking into forming a business, even if it is a sole proprietorship, then you can be deducting many more expenses than without a business. For me in Indiana, it cost me $35 for a business license, which is a one time cost and is good forever. In the end, it is still ultimately your decision if this is worth your time and expense to do it. I have found that it does add extra cash to my pocket, even after expenses. So, for me I will continue to do it.
Aaron McLaughlin This is the exact answer/comment I looking for....I was wondering how much tax liability a individual vs a LLC would have and what type of business licenses one would have to have....Also do you think setting up some type of non profit and donating a good portion of your profits from your LLC to the non profit would help reducing one's tax liability?
Nasir Jones Honestly, I am not a business major and really not sure on the non for profit option. For me, I am currently filing my taxes as a sole proprietorship. Since I do not sell any tangible items, I am not required to register the business or obtain any kind of retail merchant certificates. However, since I do file my Uber income on my taxes as a sole proprietor, I am able to take many additional deductions that I would not normally be able to. For instance, I am able to deduct my cell phone bill since I use it for the Uber app. Also, maintenance and repairs on my vehicle are deductible. There are many other deductions available to list. This has reduced my taxable income tremendously. The one problem with a sole proprietorship is that it creates a liability for all of your personal assets. If a rider decided they wanted to sue you for some reason, and won, your personal assets could be at risk. For this reason, I am in the process of looking to form an LLC to separate Uber and a couple other business activities from my personal assets. Hope that helps
Nasir Jones LLC with one member would still be considered as a sole proprietor from the Fed and most, if not all States. Not to mention, you would be heavily taxed and may not have all the benefits of asset protection in having an LLC, which is the only real benefit, as a S.P.. Carefully read the tax laws (state and fed) and corporation (LLC) rules and regs for your state. Also, giving to a non-profit that share the same sole member could be grounds for all kinds of criminal and illegal trouble you don't need. Just remain an individual and pay your taxes. Give to legitimate charity or local church/religious institution to help out in tax time, but you can only deduct so much for each charity. As a whole, your standard deduction would swallow that up unless you have other deductions: mortgage interest payments, school loan interest payments, etc. Talk to a lawyer before doing anything to make sure you know you will be doing things right, if you decide to go this route. A CPA would help with taxes and how to maximize your assets and minimize your liabilities. It will cost you pittance compared to what you will be liable for in the end. I don't see the worth
Aaron McLaughlin what would happen if you get into an accident? uber won't cover u, your own insurance won't cover you, many drivers think they are making 20/hour, when in fact they might be making 12/hour, after you truly calculate ALL expenses you'll see.
Good presentation. Really liked your style. No BS, not really offering an opinion one way or the other about whether people should or shouldn't drive Uber, just relaying your experience and leaving people too decide if it fits for them or not. Good job!
I just got done with driving for uber and lyft from 2am and came home at 6:45 am. I drove 133 miles. I got paid $25 + 17 = $42.00....less gasoline cost (133 / 23 x 2.90 gal)= $16.76 in gas ALONE...I have not even counted wear and tear, tires, depreciation, maintenance.... So $42 - $16.76 = $25 $25 divided by 4.75 hours = $5.26/hour!!!!!!!!!!!! WOW!!!!!!!!!!!!!!!!!!!!!!! HALF MINIMUM WAGE! Note: In my driving, I did not have any significant time gaps between rides. THIS IS ABSURD. PEOPLE-USE YOUR BRAIN AND THINK OF ANOTHER BUSINESS. THIS IS FOR BOTTOM OF THE BARREL PEOPLE WITH ZERO SKILLS AND WHO ARE BRAIN DEAD.
The ripoff of Uber is in the driver's dumbness. It costs MINIMUM 35-40 cents a mile in NON GASOLINE maintenance, insurance, registration, depreciation and wear and tear. Only when those costs are ignored does the Uber driver THINK he is making $10/ hour when in reality he is making $5 when those cost hit him later.
How do you get maintenence fees that high? I get 55mph, and need to service my car every 10k which costs 400 dollars. add on tires which with Uber you get at wholesale, and brakes wear and tear, it's closer to 15 cents a mile. 20 if you want to include gas.... registration and insurance is required regardless so that is not an operational cost.
Overestimated. MANY other expenses not accounted for. Insurance, car maintenance, car depreciation, regular car payment a day, gas, uber %, car washes, car repairs, registration, all the unpaid mileage, etc. When is calculated correctly the hourly pay is only minimum wage or less.
juan perez you nailed. The only good thing about ride sharing with this pay is you have control of your schedule. I was considering doing it late nights for only 3 hrs tops part time. I would never have this as full time main income.
***** No matter how you slice it, driving more is going to increase your maintenance costs. It won't be much, but oil changes, car washes and scheduled maintenance are MORE of a factor when you drive as an independent contractor....which I have done for many, many years. To say that you 'don't have to do anything' to keep your car in good working order, is a very ignorant statement. It also means mechanics love you.
I learned some tips and "hacks" like driving subsidy for 40 hrs, and try to get 1 trip per hour and avoid getting more than this.. Good if you are doing "part time"
I also drive for Uber. I go where the wind takes me. therefore whether I do a $5 drop $10 drop or $100 drop it doesn't matter to me. but then again I don't work for 5 hours, I do 10-20 hr shifts at a time. I don't give myself downtime for downtime means you're missing money. My set goal for each time I sign on is $200. My ultimate goal is Friday Saturday and Sunday to reach $1,000 combined for the weekends.
Interesting comment. I see myself doing the same if I were an uber driver. But in that case working full time how much money do you make a week after everything (gas, and % taken out from uber, etc)
Mark Alexander That's great info and a great goal set. That gives you ~$4,000/month gross for a three day work week (12 days of 30/31) or 30 to 60 hrs per week (considering Fri-Sun is weekend). Minus 20% for Uber ($800), ~38% for taxes (Fed and State) at ~$1500, expenses (varies - $35 gas every shift and $15 for daily meals [2] @ ~$420+180=$600/mo) you could rake in about $1100 pure net. Can you pay rent, grocs, utils, phone, car payment + insurance, etc on that for working 20 hours more than a normal week? Do the math to forecast what you NEED and see what you have really to then adjust your goal to actual. You might have lower tax liability in your state, less expenses during shifts (gas savings or money back, for example) to further adjust your net. Same with your off-shift expenses could be adjusted to lower monthly costs (mindful of utils, grocs with coupons or no eating out), etc. Uber rake is not adjustable. May you find good fortune in your Uber driving business. This is my first week, so I'm still trying to understand all my things I mentioned.
So far this year I have earned almost about 10K including tips. I have put about 14K miles on my car. About 1K in gas, 600 in food, 100 in car washes, and licenses and oil changes and other misc expenses 600. I have worked about 500 hours...it comes out to 15/hour after all the expenses. Taxes are minimal because the IRS lets you deduct the mileage and food and licenses and other misc expenses. I can do better if I eliminate working in quiet areas. I spent a lot of time in areas hoping the pings would start coming but they don't. So if I hone my time to just specific good hours I can get my hourly rate up around 25/hr net.
***** Uber isn't perfect though, they collect taxes from you at the end of the year from whatever you made and it's a lot.. So you don't really profit much unless you work full time
+Rich Homie Tom come join this new site called curvesides.com ,they are new and lyft or uber doesn't want us to know this company is only charging drivers $65 plus they offer Auto Repair Insurance.
I drove a taxi for 12 years on night shift. I had a pile of vomit in my car. It occured to me one day that for NO COST, I could get a plastic bad from a grocery store or 7/11 and carry the damn things with me. Always carry more than one, puking is contagious. It never happened IN my car again for the last 8 years I drove. People actually don't want to throw up in your car and are very grateful for the bag. Out the window and back to work. Now you can work peak hours.... (I hope you never drive Sat/sunday after 3AM. All the shit happens then.) Stay safe.
I do uber and Lyft part time and I think it's a good side hustle. Would it be a a career, hell no but it does give just a extra outlet for cash revenue.
Hybrids don't save that much overall. First they cost more to buy, they have an Electric Bill in addition to gas, the electric is done after less than 50-100 miles. When it's time to replace the battery - they cost over $3000-$4500.
If you average minimum wage, you're doing better than most Uber drivers I've spoken to. If you're driving your own car and carrying the same insurance you bought BEFORE you became an Uber driver. You're taking an incredible risk. If you have an accident, no matter whose fault it is, your insurance carrier will wash their hands of the whole thing, claiming you didn't pay for commercial insurance and THAT is what you must have if you charge passengers a fee to ride.............you are then, ON YOUR OWN FOR EVERYTHING, CAR, INJURIES THE WHOLE NINE YARDS...........GOOD LUCK, UBER DRIVER AND UBER RIDER.
I like your video, very informative. Can you do another video showing the Fiscal side, end of the year means Tax preparation and IRS nightmares for some. What can be itemized, oil changes, gas, DMV fees insurance, etc. and more important, tricks on to obtain the maximum benefit, legally of course. Thank you.
gas expenses, oil changes more frequently, brake pads, tires, and engine wear are all factors when it comes to uber, if you drive 100 miles a day for uber that's 3000 miles a month that's almost an oil change every month. excessive idle, etc
Hi! Despite what some people say, I'm still going to drive, cause its realistic and super informative videos like yours which keep it real for me. Thank you so much for taking the time&effort!!
Uber adding up their 20% share as the drivers income is some bull shit. That is like a grocery store advertising a cashiers income as the amount of products they scanned.
+saucy05 Elegantly put. welcome to corporatocracy my friend.. Basically you're paying that OUTRAGEOUS 20% for the software and branding.. Imagine your Bank charging you $20 for every $100 ATM withdrawal you make.. that's just complete BS
Great job on Video!!!!! If a driver doesn't admit you can only profit 45-50% of your fares 1 - They are not averaging how much most drivers work 2 - They are not being honest about their gas costs 3 - They are not taking off at least 5% for car upkeep (and 2% car depreciation) 4 - They are not leagally paying their taxes 5 - Reality is - 25% Uber / $15-30 gas per day / taxes up to %20 / 7% car upkeep Tolls / $1 per ride tax (thats if you never get a ticket) ***** No way you can make more than 50% of your fairs total ***** I still drive - it but I ran the #'s (with my accountant) It's better to go into it for real? If you make (for real) more than 50% - your a super hero! But hey - it is still great!
I worked Friday night and was busy - after uber took their cut- I ended up making between 12 and 13 dollars an hour I worked the busy hours - Don't believe the hype! -- 20% +- fuel and I drive a Toyota Corolla
+Brenton Dawson In any business when your using your vehicle, you subtract a certain amount for regular maintenance. You get all the maintenance done by a professional that knows what they are doing, you'll make more money than what your vehicle is worth. You save some more money on planning on buying a new vehicle. Most of the time by the time a major repair is needed, you would have enough money to buy a new vehicle, or do a complete overhead and repair on everything on the vehicle planning on doubling its life. Im a truck driver, been doing it for a decade now, this is BASIC knowledge to everyone experience in the transportation business including the big businesses themselves. If you average 1,000 dollars a week after making all expenses you should save at least 50-100 dollars just for maintenance and planning on buying a new vehicle in the future. I personally put in 1,000 a week and make three times more than you uber drivers, and can afford to buy a brand new semi truck every four years. You want to talk about depreciation, I lose on average 120,000 in depreciation, every four years and my truck ends up being worth 50,000-80,000 dollars after four years of wear. You don't buy a car, or truck because it has value, you drive it to make money. Oh, and for semi drivers, money in a maintenance account is tax free until you pull it out for personal use. Talk to a account and a couple of banks and uber and see what you can do. Done right you can lower the amount of money you owe for taxes every year. And anybody can do it if they have a business unless they do not declare themselves a business. If you do not declare then you will owe twice as much money in taxes than me.
+kaleckton not really sure what your point is here...You still have to spend money for those repairs and buying new vehicles, that is money out of what uber pays you whether you put it into a nontaxable account or not. My point was that he left out that fact that you lose money by your own vehicle depreciating along with having to pay taxes including social security(which when working for a company they have to pay 50% of that). So if you are smart about it and really break it down to what you take home and "keep" it's around $8 or $9 which is basically minimum wage.
My co-worker drives for Uber in Norfolk, VA & he says peak hours are usually around 3pm. Most of the fares are $27 and up. I might consider this bc I get off at 4pm & I have a lot of free time afterwards. TFS!
It is a big mis-perception in my opinion. To calculate your hourly earning you need to consider gas cost, insurance cost, depreciation of the car and most importantly risk factor of driving. When you enter these factors it pays below the minimum wage. In other words, uber is making money with your resources. Therefore, it's not fair to call partners.
I might add that in Oregon and now in California the *Tax by Mile Law * will make Uber drivers think twice! The legislation in California is going to Tax $0.05 cents a Mile! The bill also has a potential to raise those Taxes every year with a Review Board in place!
some people work on salary as retail management. Say for example you make $20/hr as an assistant store manager based on 40hr week. $20per/hour X 40hrs = $800. Sounds good? But as salary you generally don't home till the job is done, so realistically many work 50-55 hours a week. So... $800/55hours = $14.55/hr. All jobs are a scam
Sort of forgot about the biggest cost. Your car is going to wear out fast. Make sure you put away $ 10,000.00 every year. (Yeah, with those kinds of miles, you'll need a new car every 2-3 years.) It takes about 18 months to become aware of the high maintenance costs - and the average new driver quits after 18 months.
You forgot to talk about car depreciation price, i work 10 hours and I drive about 300miles for that, my car depreciate the price about $3.5/day, plus oils change $2.7 /day, insurance $2.10/day and If you check we are paying the $1.00 safe rider (not the rider) and $2.97 on Uber pool, how about the brigdes tool, did you check if they really pay? How about the 11.5% IRS? You forgot a lot of thing. We really make between $14 to $16 after all. I work 3 years on Uber.
caladim3 i did uber for 11 months, uber sends emails full of bs, telling you how much other drivers made, hours and all that. Their data is one big piece of s_hit, I know now their calculations are bias and plain lies, like they advertise $40 something an hour, Uber is so damn cheap and greedy. I hope they get banned everywhere, check online they have many lawsuits, I am so happy I quit uber. Setting your own hours means nothing if you can't make decent money. They deactivates drivers whenever, and their stupid rating system. hopes everybody reads this and decides not to even try uber.
Hi, I contacted my insurance agent who told me that my personal full coverage policy will NOT cover me if I'm in an accident while I'm online with a rideshare company. Uber provides minimal coverage while your in route to pick up a rider but you are at financial risk. Once the driver is in your car Uber policy appears adequate. I have over 1,000,000 miles of safe class A [semi] experience and still the commercial policy on my 2013 Subaru Legacy is $11,300 per year [OUCH]. Driving without commercial insurance could ruin your financial future just to earn pocket change. Everyone should contact their insurance agent before they drive "for hire". Brad
Signed up for UBER in last week. I was accepted, no problem. Got messages - GO OUT AND TAKE RIDES. Ok ready to do so and when I do, another form - one for taxes pops up. Wants as part of that bank account info. Really??? For taxes??? Can't do as asked because I don't keep bank info in my head. So I'm out ready to go and they won't let me. Point says me is ... They should have accepted me and said go do these extra forms, rather than popping them up. Stupid business practice.
Thanks man... your video is one of the most practical and down to earth out there. Helped me out a lot. Still haven't decided whether or not to do this because I live in San Jose CA and not sure there is a real demand out here but this helped. Thanks brother! Any drivers in San Jose? Would appreciate your experience in the area...thanks.
***** I'm familiar and lived near San Jose (Pleasanton and Livermore). I would expect a medium to high demand in your area as you will be picking up commuters going to Oakland or SF and then the colleges and what demand there is locally. Not to mention Santa Cruz or Ocean runs. One long run might be less than several short runs. If you had return passengers on long runs, that would be awesome. Just wait up to an hour before moving around. Hope that helps?
Today was my first day driving for Uber. I worked for 6 hours, I gave 13 rides, made about $95. Divide 95 by 6 = 15.83 an hour. Counting my gas, about $20, so 75 divided by 6 = 12.50 and hour.
Instead of driving for Uber or Lyft. I decided to make money reporting drivers to their insurance companies. It's very profitable depending what state you live in. Call your local insurance companies for more information.
OH! And I forgot to mention, when I'm working the cab, I usually drive - when the cab works the whole shift - somewhere between 150 & 250 miles A NIGHT, without even leaving the Wilmington, NC, area. Think about adding THAT to your PERSONAL vehicle!
He's right about a lot of the things said here, but DON'T only consider gas when looking at your earnings. You have to also consider the wear and tear you put on your car. Check out the video on our channel to make sure you avoid these four common pitfalls when figuring out how much you "really make"; all explained by an Uber Driver with a Business Degree.
I think it depends where you live. I driver for Uber part time in my area and with the winter discounts I make just over $2 on most rides, and rides are scarce. At this time of the year, i am better off just staying home
they take out 25% cut plus a $1.20 safe rider fee for every ride.They also drop the rates when ever they want to and you have no say! in my area they dropped it from 1.40 a mile 1.00 a mile and increased the rider fee from 1.00 to 1.20 per ride and the per minute from .30 to .20 this change makes a big difference. In simple terms if you had a 10 mile ride in which the fare was $10.00 they are going to take out 2.50 + the 1.20 that comes out to 37% of your fare that leaves you with $6.30 for a 10 mile ride and you still have to pay taxes on that $6.30 plus your wear and tear on your car and gas its not worth it,also when your insurance finds out your doing ride share they will cancel your policy. You are covered by Uber safe riding fee only when you have a rider in your car. If you get into an accident while in route to pick up a rider this is called a gap and you will not be covered by either insurance,do your research before you drive for UBER you will be termed a partner with UBER and partners have say in decisions. You will have no say! all interactions are basically virtual with UBER
Gr8 Video! I was searching for the "Rideshare Guy" found you instead. I couldn't be happier. Thanks for the excellent, Hella (I'm from Cali) helpful video. STAY + SPREAD #KAMOISM
I drive for Uber. I normally sit at home with the app on and when I get a ping, I leave. Most riders are local and stay in my area. I drive a Prius and I don't worry much about gas.
About drunks------if a person or persons are drunk, I used to let them know that if they threw up in my car I would have to charge them $60.00 for the downtime and cleaning the car. That almost always worked, and they were very good about telling me if they were about to throw up. I'd pull over quick, and throw out is always better than up.
The only thing that you forgot was the weekly depriciation and upkeep of the vehicle that can cost up to $75 per week aside from car payments.So all of these costs will surely reduce your net ptofit.
Thanks - very informative. I think you forgot one major expense - the depreciation of your vehicle. Say you get 90k miles put off a $30k vehicle. That's 30c/mile. If your average speed is 40mph, that's $12/hr. $21.42 - $12=$9.42/hr excluding maintenance and I think you may have also underestimated gas costs (say you've a Prius and getting 40mpg and driving 40mph - you'd have 16 gallons of driving for 16 hours) Wear and tear along with depreciation appear to be the main things people overlook and I really doubt a vehicle will even last 90k miles with a bunch of drunks getting in and out every 10 minutes. Thanks for the info - yes I think your wise not waiting for drunks to vomit on the back seat. I heard one under driver talk about the girl who decided to draw on the ceiling with her eye liner. Personally, I need my vehicle to last :-)
davet11 Well thats covered in other videos and i do mention it. I inform others in a seperate video that my earning are all included except depreciation. I mention to them that if they dont care about that then go on ahead and do it. Im against quiting your their everyday jobs for Uber its not for everyone if they want to do it to just earn a little extra hear and there then yeah thats cool but its definitely not for everyone.
There are people who don't care about the depreciation of their vehicle? Idiots who will work for free or donate their primary means of transportation? Now I understand why Uber is successful. A car costs about $30k and you'll be lucky if you get 100k miles out of it as a taxi. That's $0.3/mile at a minimum you need to subtract ... quite a significant oversight I'd say.
I know a guy that does it pretty much full time. He works in the film industry so of course after a gig is up you don't know when your next one is going to be so he does Uber.
I put in an average of 20 to 25 hours a week and make no less than $700, on the good weeks, it's over a thousand. I rarely work the bar scene, I mainly work the airport where the people are much friendlier and need a longer ride home.
uber sucks, after they finish taking out fees, and you spending money on gas, and wear on your car, you end up owing them. you will make about $5 a hour if your lucky.
Uber cut the fares 25% a few months ago and another 15%a week ago. Now what you make is just like min wage.DON'T forget mileage you put on your car.it is a huge hidden cost.
Well, it sucks when they temporary decreased their rates for the riders, I have to admit it. But you can still make over $100,000 a year if you do Uber Black in the NYC area. All you need is a qualifying Limo car in the state of NJ or NY. The 1099 is awesome, just write everything off your taxes. By the way the rates go up again after winter.
If you work the downtown bars at 2AM, and drive people to their homes in the suburbs, doesn't that mean you almost never have a passenger when you head back to downtown to get the next fare? Doesn't that double the fuel/wear costs?
+Gary Watson You got that right! But the uberman at uber does not understand that simple math. They keep loosing and hiring drivers..... because many times the gas is paid by the driver or you end up making under minimum wage! Totally retarded system.
+Gary Watson Duh! Obviously true. So it might be a nice 45 minute fare out of the city, but it is also an unpaid 45 minute ride home. No different than a cab except cabs would make a fortune on this length of a ride.
MrTedMcForeHead barely get scheduled at my current job, I only need 1,000 a month and I live in Houston which is one of the largest cities in Texas....do you think it would be worth it especially since my car is a goddess on gas?
Uber is a scam business. Here is how: Do the math. The car cost roughly $25k + interest, you end up pay close to $30k and it can drive for 200k miles. After 200k miles it not reliable any more so you need another car. Now calculate: $30k divide 200k --> you spend 15 cents on car per mile. Plus oil change, tires replacement + miscellaneous maintenance you spend roughly 20 cents per mile on car. Fuel cost is about 10 cents per miles so you spend 30 cents for the car and fuel. Uber X pay 85 cents per mile (Dallas Forth Worth) - Uber fee 20% and tax 10% = 55 cents. Now remember: in order to have rider in your car you have to pic them up. So you approximately drive extra 20% without income, counting this together, you actually make 46 cents per miles. Now minus expense on car 20 cents and gas 10 cents you end up making 16 cents per mile driving for Uber. If you want to actually make $100 profit then you have to drive 100 / 0.16 = 625 miles. At average speed 30 miles per hour constantly, you have to spend 20 hours on the road to make $100. Only $5 per hour. This calculation assumes that you are always lucky to have rider all the time and drive constantly 30 mph (which is impossible in practice). If you don't trust my calculation then just finance a car with Uber then see what you end up after 3 years.
This is out of date and the rates have been cut to a point that their is no way to make this any more. The rates in cincinnati are now 1.00 base .80 per mile. and 15 cents per min. so you have to drive around 250 miles a night to make about 100 bucks i know i have been trying to do it but very hard to make money now!!!!!!!!!!!!!
Hey thanks for breaking it all down. I started driving (part time) just over a week ago and it's been pretty great so far. I've also got a V6 Charger, so I'm glad to hear I'm not the only one. Also- I know uber doesn't require tips, but do you have any suggestions on how to increase them? I offer cold water, a phone charger, music & AC, but rarely see any cash tips.
The main problem with Uber is the ratings system. You can do everything right and still get rated a 4 or less from the passengers. Make one mistake and they'll downgrade you. If your rating drops below 4.6 then you're fired.
It's a 100% bullshit system. Don't drive for Uber. It's a waste of time.
+The Artful Dodger yeah people these days are never satisfied for some unknown reason like wtf i ALWAYS rate the drivers a 5 because if i rated below i will never know what trouble the driver might go into? losing the job is the worst yet not all passengers are considerate of it.
+The Artful Dodger There is a bigger problem, that is the OUTRAGEOUS 20% they charge drivers for the software and branding.
Imagine your Bank charging you $20 for every $100 ATM withdrawal you make.
You don't buy your freedom back with Uber. You buy yourself a job.
You need to be smile and be friendly feel the customer out to see if they want conversation if they see water and gum they will feel as if you are sucking up to them. And I always ask them if they want to know there rating and believe it or not 60% of them have no idea that the driver rates them and that there is key because it will remind them that to rate high
+Alrawandi banking is a necessity, driving for uber is not. go get a different fucking job if you dont like their business model. its obviously profitable if their value is doubling every 6 months. its not a charity theyre a business. minimize costs and maximize profits
+The Artful Dodger If you don't have customer service skills, your ratings will suffer...
Nice vid explaining the realities trying to make money driving. I'm a cabbie with +17years experience.
Let me also give some tips for serious UBER drivers. You must work late on the busy nights to make money! 4am or later.
You will need to deal with people who have been drinking but NOT intoxicated. If they are legless then REFUSE them. Most people can hold a bit of drink EXCEPT young women. Women are embarrassed to admit they are feeling ill but NOT embarrassed to puke in your car. If she looks ill then put her in front seat and explain to her she must inform you if she feels sick and you will pull over. Put AC on COLD they wont notice but they will feel better. NEVER have the car warm if someone looks sick, always COLD. OK to be fair some guys puke but girls are way worse.
What separates Pro drivers from amateurs is "driving". Driving any major city like a pro means doing it full time like a Livery/taxi driver. Do as many hours as possible so you can appear professional, think of it as training. Many of my taxi passengers tell me they have taken UBER but tell me drivers are amateur with poor city driving skills. UBER tells people "work whenever you want" wrong! you work when it's busy. Airport work will also be important. I'm a night driver but I regularly get an early Airport run before I finish shift. You must work one or both of the peaks. AM peak means in the car no later than 5am but preferably 4am. Forget rolling out of bed at 9am! Good luck
+leroyybrown Just started with Uber and Lyft and quickly learned that I would have to drive a bunch of hours to make this work. In addition, your statement about "working whenever you want" is dead on, if you want to make money you better work when the demand is there. It doesn't work the way Uber or Lyft tells you it does. I still believe it is possible to make a decent buck but there is a learning curve, the business and your city.
+leroyybrown Thanks for the advice. I have found working Friday and Saturday evenings are pretty good and should be at a minimum a mandatory time frame, especially for the part time person trying to make extra money. I also like to be off around 10pm. I know that is pretty early to most cab driving standards, but although I don't mind taking people where they want to party at, I prefer not to have to deal with them when they want to go home... 8)
And I have to say since I have been driving for Uber, I have grown highly respectful for full time cab drivers. Especially before there was GPS and they just had to know the roads like the back of their hands. I would be absolutely lost with out it.
One thing that Uber does do is give you a weekly summary of your drive times compared to their peak hours, and suggests days and times of the week to earn the most.
+leroyybrown I am also an ex-taxi driver (10 years) and after about the first year I got tired of the bar runs. Being a woman, I would just get hit on way too much. I switched to starting out early, about 3 to 4 AM, and would start the day out with one or two good airport runs. Then work on through the day, maybe past rush hour, then home. Six days a week did me just fine, and I took off Sunday. Whatever schedule suits you, the main point is to TAKE IT SERIOUSLY! If you are just hoping to cruise around and make a few bucks, that's all you will get. If you make it a business, hand out business cards, promote your Uber service via internet, whatever...just remember, you are a contractor. I am starting up with Uber, and believe you me, I take it very seriously.
And I think I'd better take my own GPS with me to supplement the Uber app. Been hearing a lot about their GPS not being the best, so I'll break out my trust Garmin.
Thank you for this in depth information!
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Uber seems slightly better than taking a payday loan. I certainly get it if you can either do it 40+ hrs in a good metro area, or if you just cannot do anything else the moment. Sometimes you just need the money right then. $5 an hour is better than nothing when the rent is due.
Very genuine guy. I've learned a lot from you. Thanks for sharing the knowledge.
Honestly at $20 an hour ballpark I don't think it's worth the hassle for me personally, but others could definitely find it profitable and fun and they'll meet interesting people, and it's surely way better than enslaving your ass to McDonald's etc..
Good luck with your rides buddy!
+Alrawandi 20% is way to much to charge. Las Vegas only charges 10% when betting. 20% is just like a shark bite. And the rating system is dubious. Who really deserves a 5 star rating. So what Uber is telling me that there should be no room for improvement? Thats bad.
Good point ! I think that maybe driver less cars could be a great thing....but like all good things it may be used against us.
There are many good points in the comments, mostly negative but some are valid and I respect them. However, as an Uber driver myself, I would like to point out a few good things that I like about it.
First, I work full time during the week and sometimes on the weekends, what I like is the ability to make my own hours and drive when I want to and not when I don't. I could get a part time job that would probably pay me more, but then I would lose that control over my schedule.
Second, as a driver in Chicago IL, I usually work Friday evening/night and Saturday. I can't say I have seen a weekend in the past couple months where there was surge pricing going on. As a further perk, Uber has ran a $30/hour guarantee rate the past few weekends. But even with the guarantee, I have been averaging $38/hour with surge pricing in effect. Now, of course this is not taking into consideration of all expenses, but I would venture to say I am still neting at least $20/hour. That is more than I would get working part time at a regular job.
Finally, there are ways to lower the taxable income you are making. If you are just doing this on your own time, you are missing out on many deductions you could be getting. I would recommend looking into forming a business, even if it is a sole proprietorship, then you can be deducting many more expenses than without a business. For me in Indiana, it cost me $35 for a business license, which is a one time cost and is good forever.
In the end, it is still ultimately your decision if this is worth your time and expense to do it. I have found that it does add extra cash to my pocket, even after expenses. So, for me I will continue to do it.
Aaron McLaughlin This is the exact answer/comment I looking for....I was wondering how much tax liability a individual vs a LLC would have and what type of business licenses one would have to have....Also do you think setting up some type of non profit and donating a good portion of your profits from your LLC to the non profit would help reducing one's tax liability?
Nasir Jones Honestly, I am not a business major and really not sure on the non for profit option. For me, I am currently filing my taxes as a sole proprietorship. Since I do not sell any tangible items, I am not required to register the business or obtain any kind of retail merchant certificates. However, since I do file my Uber income on my taxes as a sole proprietor, I am able to take many additional deductions that I would not normally be able to. For instance, I am able to deduct my cell phone bill since I use it for the Uber app. Also, maintenance and repairs on my vehicle are deductible. There are many other deductions available to list. This has reduced my taxable income tremendously.
The one problem with a sole proprietorship is that it creates a liability for all of your personal assets. If a rider decided they wanted to sue you for some reason, and won, your personal assets could be at risk. For this reason, I am in the process of looking to form an LLC to separate Uber and a couple other business activities from my personal assets.
Hope that helps
Nasir Jones LLC with one member would still be considered as a sole proprietor from the Fed and most, if not all States. Not to mention, you would be heavily taxed and may not have all the benefits of asset protection in having an LLC, which is the only real benefit, as a S.P.. Carefully read the tax laws (state and fed) and corporation (LLC) rules and regs for your state. Also, giving to a non-profit that share the same sole member could be grounds for all kinds of criminal and illegal trouble you don't need. Just remain an individual and pay your taxes. Give to legitimate charity or local church/religious institution to help out in tax time, but you can only deduct so much for each charity. As a whole, your standard deduction would swallow that up unless you have other deductions: mortgage interest payments, school loan interest payments, etc.
Talk to a lawyer before doing anything to make sure you know you will be doing things right, if you decide to go this route. A CPA would help with taxes and how to maximize your assets and minimize your liabilities. It will cost you pittance compared to what you will be liable for in the end. I don't see the worth
jjkhawaiian Thanks man I was just wondering if something like that would work out and you explained a lot.
Aaron McLaughlin what would happen if you get into an accident? uber won't cover u, your own insurance won't cover you, many drivers think they are making 20/hour, when in fact they might be making 12/hour, after you truly calculate ALL expenses you'll see.
Good presentation. Really liked your style. No BS, not really offering an opinion one way or the other about whether people should or shouldn't drive Uber, just relaying your experience and leaving people too decide if it fits for them or not. Good job!
I just got done with driving for uber and lyft from 2am and came home at 6:45 am.
I drove 133 miles. I got paid $25 + 17 = $42.00....less gasoline cost (133 / 23 x 2.90 gal)= $16.76 in gas ALONE...I have not even counted wear and tear, tires, depreciation, maintenance.... So $42 - $16.76 = $25 $25 divided by 4.75 hours = $5.26/hour!!!!!!!!!!!!
WOW!!!!!!!!!!!!!!!!!!!!!!! HALF MINIMUM WAGE!
Note: In my driving, I did not have any significant time gaps between rides.
THIS IS ABSURD. PEOPLE-USE YOUR BRAIN AND THINK OF ANOTHER BUSINESS. THIS IS FOR BOTTOM OF THE BARREL PEOPLE WITH ZERO SKILLS AND WHO ARE BRAIN DEAD.
people don't consider the depreciation and future repairs your car will need
silvafox07 True....its a cruel surprise when they wake up too late. Uber is a scam. At least Lyft has windows where they guarantee $20 hour.
Uber does too.
I assure you I am far from brain dead and for me it has helped making the extra money and you can do it only when you want.
Good point, however Lyft has a smaller share of the market and Uber just received a millions of dollars invested in their company.
The ripoff of Uber is in the driver's dumbness. It costs MINIMUM 35-40 cents a mile in NON GASOLINE maintenance, insurance, registration, depreciation and wear and tear. Only when those costs are ignored does the Uber driver THINK he is making $10/ hour when in reality he is making $5 when those cost hit him later.
+classicjukebox It is very true!
I call the company the slave-drivers and on the other side we have the slave drivers...
How do you get maintenence fees that high? I get 55mph, and need to service my car every 10k which costs 400 dollars. add on tires which with Uber you get at wholesale, and brakes wear and tear, it's closer to 15 cents a mile. 20 if you want to include gas.... registration and insurance is required regardless so that is not an operational cost.
***** YOU change your oil every 8-10,000 miles. That is why your engine burns up every 50,000 miles.
***** ok. Synthetic. You are off the hook.
***** Not me. I save money with used oil from the shop nearby. They give it to me free.
joke.
Thank you for doing this and being so genuine! I wish I had gotten you as a driver when I was in LA. Keep doing your thing! All best...
Useful video. Everyone else seems to be a real Debbie Downer, but you were pretty clear and helpful. Good stuff.
Overestimated. MANY other expenses not accounted for. Insurance, car maintenance, car depreciation, regular car payment a day, gas, uber %, car washes, car repairs, registration, all the unpaid mileage, etc. When is calculated correctly the hourly pay is only minimum wage or less.
juan perez you nailed. The only good thing about ride sharing with this pay is you have control of your schedule. I was considering doing it late nights for only 3 hrs tops part time. I would never have this as full time main income.
***** No matter how you slice it, driving more is going to increase your maintenance costs. It won't be much, but oil changes, car washes and scheduled maintenance are MORE of a factor when you drive as an independent contractor....which I have done for many, many years. To say that you 'don't have to do anything' to keep your car in good working order, is a very ignorant statement. It also means mechanics love you.
I learned some tips and "hacks" like driving subsidy for 40 hrs, and try to get 1 trip per hour and avoid getting more than this.. Good if you are doing "part time"
egringo what do you mean just do one trip per hour?
When you drive uber your under there insurance
First video I watched from you. Nicely done. Good info. UBER ON!
I also drive for Uber. I go where the wind takes me. therefore whether I do a $5 drop $10 drop or $100 drop it doesn't matter to me. but then again I don't work for 5 hours, I do 10-20 hr shifts at a time. I don't give myself downtime for downtime means you're missing money. My set goal for each time I sign on is $200. My ultimate goal is Friday Saturday and Sunday to reach $1,000 combined for the weekends.
Interesting comment. I see myself doing the same if I were an uber driver. But in that case working full time how much money do you make a week after everything (gas, and % taken out from uber, etc)
Mark Alexander That's great info and a great goal set. That gives you ~$4,000/month gross for a three day work week (12 days of 30/31) or 30 to 60 hrs per week (considering Fri-Sun is weekend). Minus 20% for Uber ($800), ~38% for taxes (Fed and State) at ~$1500, expenses (varies - $35 gas every shift and $15 for daily meals [2] @ ~$420+180=$600/mo) you could rake in about $1100 pure net. Can you pay rent, grocs, utils, phone, car payment + insurance, etc on that for working 20 hours more than a normal week? Do the math to forecast what you NEED and see what you have really to then adjust your goal to actual. You might have lower tax liability in your state, less expenses during shifts (gas savings or money back, for example) to further adjust your net. Same with your off-shift expenses could be adjusted to lower monthly costs (mindful of utils, grocs with coupons or no eating out), etc. Uber rake is not adjustable.
May you find good fortune in your Uber driving business. This is my first week, so I'm still trying to understand all my things I mentioned.
Hey my man, that is one of the best videos of Uber and honest ones I've heard. Thank you very much.
Cool review. I Uber at least once a week. Been thinking about earning some extra cash. So this has helped me out. Thanks.
fares = $107
miles driven = 175
fed tax deduction per-mile = 0.54
cost of maintenance for miles driven = $94.50
net income = $12.5
CodeChemult truth
Good video started a few weeks ago in Vegas. Your video is right on. thank you.
So far this year I have earned almost about 10K including tips. I have put about 14K miles on my car. About 1K in gas, 600 in food, 100 in car washes, and licenses and oil changes and other misc expenses 600. I have worked about 500 hours...it comes out to 15/hour after all the expenses. Taxes are minimal because the IRS lets you deduct the mileage and food and licenses and other misc expenses. I can do better if I eliminate working in quiet areas. I spent a lot of time in areas hoping the pings would start coming but they don't. So if I hone my time to just specific good hours I can get my hourly rate up around 25/hr net.
I just started driving for Uber I'm also located in L.A.. Just wanted to thank you for all your helpful Vid..
the best times to drive for me is after 12am in san francisco on the weekends, i make an easy $200-$300 in like 2-3 hours
+Abu Bruh OUTSTANDING!
***** Uber isn't perfect though, they collect taxes from you at the end of the year from whatever you made and it's a lot.. So you don't really profit much unless you work full time
+Rich Homie Tom come join this new site called curvesides.com ,they are new and lyft or uber doesn't want us to know this company is only charging drivers $65 plus they offer Auto Repair Insurance.
Thank you so much for posting video. I'm on the fence on taking this part time and needed a realistic perspective.
I drove a taxi for 12 years on night shift. I had a pile of vomit in my car. It occured to me one day that for NO COST, I could get a plastic bad from a grocery store or 7/11 and carry the damn things with me. Always carry more than one, puking is contagious. It never happened IN my car again for the last 8 years I drove. People actually don't want to throw up in your car and are very grateful for the bag. Out the window and back to work. Now you can work peak hours.... (I hope you never drive Sat/sunday after 3AM. All the shit happens then.) Stay safe.
I do uber and Lyft part time and I think it's a good side hustle. Would it be a a career, hell no but it does give just a extra outlet for cash revenue.
Great information! I will take my 1st drive tomorrow and your video answered the questions that I had. Thanks for sharing!
Thank you. This was informative and help full.
great advice! I got a decent view of this. now that uber is back on SA,TX I'm gonna try this thing for extra cash.
Hybrids don't save that much overall. First they cost more to buy, they have an Electric Bill in addition to gas, the electric is done after less than 50-100 miles. When it's time to replace the battery - they cost over $3000-$4500.
I liked your honesty, I subscribed to help out 👍🏽😎
Thx so much! I start driving tonight! Excited!!
If you average minimum wage, you're doing better than most Uber drivers I've spoken to. If you're driving your own car and carrying the same insurance you bought BEFORE you became an Uber driver. You're taking an incredible risk. If you have an accident, no matter whose fault it is, your insurance carrier will wash their hands of the whole thing, claiming you didn't pay for commercial insurance and THAT is what you must have if you charge passengers a fee to ride.............you are then, ON YOUR OWN FOR EVERYTHING, CAR, INJURIES THE WHOLE NINE YARDS...........GOOD LUCK, UBER DRIVER AND UBER RIDER.
I like your video, very informative. Can you do another video showing the Fiscal side, end of the year means Tax preparation and IRS nightmares for some. What can be itemized, oil changes, gas, DMV fees insurance, etc. and more important, tricks on to obtain the maximum benefit, legally of course. Thank you.
gas expenses, oil changes more frequently, brake pads, tires, and engine wear are all factors when it comes to uber, if you drive 100 miles a day for uber that's 3000 miles a month that's almost an oil change every month. excessive idle, etc
Thanks for posting! Answered all my questions
Thanks for thid video..... Something I personally have been thinking of doing. Good information.
thanks man very informative and answered all my questions I was curious about
Hi! Despite what some people say, I'm still going to drive, cause its realistic and super informative videos like yours which keep it real for me. Thank you so much for taking the time&effort!!
Thanks! Yeah, in CA you can deduct $0.56 per mile when you file your taxes, but use an accountant to save the most $.
Uber adding up their 20% share as the drivers income is some bull shit. That is like a grocery store advertising a cashiers income as the amount of products they scanned.
Lol
+saucy05 Elegantly put. welcome to corporatocracy my friend..
Basically you're paying that OUTRAGEOUS 20% for the software and branding.. Imagine your Bank charging you $20 for every $100 ATM withdrawal you make..
that's just complete BS
+saucy05 Temp agencies get 20%.. So do agents
Monica Miller But temp agencies are not going to tell you that you will be making $10 an hour when they take 20% and you only get $8.
+saucy05 Ah yes, in the US you can do whatever you want...do something else if this doesn't work for you.
Great job on Video!!!!!
If a driver doesn't admit you can only profit 45-50% of your fares
1 - They are not averaging how much most drivers work
2 - They are not being honest about their gas costs
3 - They are not taking off at least 5% for car upkeep (and 2% car depreciation)
4 - They are not leagally paying their taxes
5 - Reality is - 25% Uber / $15-30 gas per day / taxes up to %20 / 7% car upkeep
Tolls / $1 per ride tax (thats if you never get a ticket)
***** No way you can make more than 50% of your fairs total
***** I still drive - it but I ran the #'s (with my accountant)
It's better to go into it for real? If you make (for real) more than 50% - your a super hero! But hey - it is still great!
Thanks for making these man, great resource.
My buddy cleared 100k last year driving uber in NYC. I know I won't make that out here in Chicago but I'm gonna give it a shot
+TheOfficialDChaos Your buddy is full of shit !
I worked Friday night and was busy - after uber took their cut- I ended up making between 12 and 13 dollars an hour
I worked the busy hours - Don't believe the hype! -- 20% +- fuel and I drive a Toyota Corolla
Let's remember cars require more than gas. brakes, tires, oil changes, when you rack up the mileage shit happens and parts break.
your biggest cost is depreciation on you vehicle through mileage. You're probably making around $12 an hour. Then with taxes you're making around $8/9
+Brenton Dawson In any business when your using your vehicle, you subtract a certain amount for regular maintenance. You get all the maintenance done by a professional that knows what they are doing, you'll make more money than what your vehicle is worth. You save some more money on planning on buying a new vehicle. Most of the time by the time a major repair is needed, you would have enough money to buy a new vehicle, or do a complete overhead and repair on everything on the vehicle planning on doubling its life. Im a truck driver, been doing it for a decade now, this is BASIC knowledge to everyone experience in the transportation business including the big businesses themselves. If you average 1,000 dollars a week after making all expenses you should save at least 50-100 dollars just for maintenance and planning on buying a new vehicle in the future. I personally put in 1,000 a week and make three times more than you uber drivers, and can afford to buy a brand new semi truck every four years. You want to talk about depreciation, I lose on average 120,000 in depreciation, every four years and my truck ends up being worth 50,000-80,000 dollars after four years of wear. You don't buy a car, or truck because it has value, you drive it to make money. Oh, and for semi drivers, money in a maintenance account is tax free until you pull it out for personal use. Talk to a account and a couple of banks and uber and see what you can do. Done right you can lower the amount of money you owe for taxes every year. And anybody can do it if they have a business unless they do not declare themselves a business. If you do not declare then you will owe twice as much money in taxes than me.
+kaleckton not really sure what your point is here...You still have to spend money for those repairs and buying new vehicles, that is money out of what uber pays you whether you put it into a nontaxable account or not. My point was that he left out that fact that you lose money by your own vehicle depreciating along with having to pay taxes including social security(which when working for a company they have to pay 50% of that). So if you are smart about it and really break it down to what you take home and "keep" it's around $8 or $9 which is basically minimum wage.
This is good work! Excellent!
My co-worker drives for Uber in Norfolk, VA & he says peak hours are usually around 3pm. Most of the fares are $27 and up. I might consider this bc I get off at 4pm & I have a lot of free time afterwards. TFS!
It is a big mis-perception in my opinion. To calculate your hourly earning you need to consider gas cost, insurance cost, depreciation of the car and most importantly risk factor of driving. When you enter these factors it pays below the minimum wage. In other words, uber is making money with your resources. Therefore, it's not fair to call partners.
I might add that in Oregon and now in California the *Tax by Mile Law * will make Uber drivers think twice! The legislation in California is going to Tax $0.05 cents a Mile! The bill also has a potential to raise those Taxes every year with a Review Board in place!
thanks for sharing the info, it was very helpful, the major issue is ins, this company will get in trouble someday for not providing ins
some people work on salary as retail management. Say for example you make $20/hr as an assistant store manager based on 40hr week. $20per/hour X 40hrs = $800. Sounds good? But as salary you generally don't home till the job is done, so realistically many work 50-55 hours a week. So... $800/55hours = $14.55/hr. All jobs are a scam
exactly. just pick your poison
Leveraging with network marketing is looking much better
Sort of forgot about the biggest cost. Your car is going to wear out fast. Make sure you put away $ 10,000.00 every year. (Yeah, with those kinds of miles, you'll need a new car every 2-3 years.) It takes about 18 months to become aware of the high maintenance costs - and the average new driver quits after 18 months.
long enough for repairs to be needed
You forgot to talk about car depreciation price, i work 10 hours and I drive about 300miles for that, my car depreciate the price about $3.5/day, plus oils change $2.7 /day, insurance $2.10/day and If you check we are paying the $1.00 safe rider (not the rider) and $2.97 on Uber pool, how about the brigdes tool, did you check if they really pay? How about the 11.5% IRS? You forgot a lot of thing. We really make between $14 to $16 after all. I work 3 years on Uber.
caladim3 i did uber for 11 months, uber sends emails full of bs, telling you how much other drivers made, hours and all that. Their data is one big piece of s_hit, I know now their calculations are bias and plain lies, like they advertise $40 something an hour, Uber is so damn cheap and greedy. I hope they get banned everywhere, check online they have many lawsuits, I am so happy I quit uber. Setting your own hours means nothing if you can't make decent money. They deactivates drivers whenever, and their stupid rating system. hopes everybody reads this and decides not to even try uber.
caladim3 You should just quit then if that is the case.
caladim3 y do your own oil changes and radiator flushes. I also use coupons and or the uber incentives 10 or 15% off services at Jiffy Lube/Valvoline
caladim3 you can write off all of your things lol
Hi,
I contacted my insurance agent who told me that my personal full coverage policy will NOT cover me if I'm in an accident while I'm online with a rideshare company. Uber provides minimal coverage while your in route to pick up a rider but you are at financial risk. Once the driver is in your car Uber policy appears adequate. I have over 1,000,000 miles of safe class A [semi] experience and still the commercial policy on my 2013 Subaru Legacy is $11,300 per year [OUCH]. Driving without commercial insurance could ruin your financial future just to earn pocket change. Everyone should contact their insurance agent before they drive "for hire".
Brad
Signed up for UBER in last week. I was accepted, no problem. Got messages - GO OUT AND TAKE RIDES. Ok ready to do so and when I do, another form - one for taxes pops up. Wants as part of that bank account info. Really??? For taxes??? Can't do as asked because I don't keep bank info in my head. So I'm out ready to go and they won't let me. Point says me is ... They should have accepted me and said go do these extra forms, rather than popping them up. Stupid business practice.
This video was very helpful. Thank you for making it.
Very helpful, thanks for the video. Very informative
Thanks man... your video is one of the most practical and down to earth out there. Helped me out a lot. Still haven't decided whether or not to do this because I live in San Jose CA and not sure there is a real demand out here but this helped. Thanks brother!
Any drivers in San Jose? Would appreciate your experience in the area...thanks.
***** I'm familiar and lived near San Jose (Pleasanton and Livermore). I would expect a medium to high demand in your area as you will be picking up commuters going to Oakland or SF and then the colleges and what demand there is locally. Not to mention Santa Cruz or Ocean runs. One long run might be less than several short runs. If you had return passengers on long runs, that would be awesome. Just wait up to an hour before moving around. Hope that helps?
Uber isn't perfect, but neither is any other company out there. Great video. :-)
I'm not interesting in driving for Uber i just wanted the know-how. Cool video with detail explanations. Thanks alot man...
Today was my first day driving for Uber. I worked for 6 hours, I gave 13 rides, made about $95. Divide 95 by 6 = 15.83 an hour. Counting my gas, about $20, so 75 divided by 6 = 12.50 and hour.
+Universe Creator u didn't figure depreciation, tires or maintenance
Thanks for the info! Good stuff
thx i'm setting myself up to drive for uber, this was very informative.
Instead of driving for Uber or Lyft. I decided to make money reporting drivers to their insurance companies. It's very profitable depending what state you live in. Call your local insurance companies for more information.
Hahah serious? Please explain further??
in nyc?
OH! And I forgot to mention, when I'm working the cab, I usually drive - when the cab works the whole shift - somewhere between 150 & 250 miles A NIGHT, without even leaving the Wilmington, NC, area. Think about adding THAT to your PERSONAL vehicle!
He's right about a lot of the things said here, but DON'T only consider gas when looking at your earnings. You have to also consider the wear and tear you put on your car.
Check out the video on our channel to make sure you avoid these four common pitfalls when figuring out how much you "really make"; all explained by an Uber Driver with a Business Degree.
I think it depends where you live. I driver for Uber part time in my area and with the winter discounts I make just over $2 on most rides, and rides are scarce. At this time of the year, i am better off just staying home
Minus gas, oil changes, any repair. It's good extra money, but lets be real no one is actually making a living at it.
thanks, great information. I am interested and you answered all my questions
Thank you for the sharing, good vid :)
they take out 25% cut plus a $1.20 safe rider fee for every ride.They also drop the rates when ever they want to and you have no say! in my area they dropped it from 1.40 a mile 1.00 a mile and increased the rider fee from 1.00 to 1.20 per ride and the per minute from .30 to .20 this change makes a big difference. In simple terms if you had a 10 mile ride in which the fare was $10.00 they are going to take out 2.50 + the 1.20 that comes out to 37% of your fare that leaves you with $6.30 for a 10 mile ride and you still have to pay taxes on that $6.30 plus your wear and tear on your car and gas its not worth it,also when your insurance finds out your doing ride share they will cancel your policy. You are covered by Uber safe riding fee only when you have a rider in your car. If you get into an accident while in route to pick up a rider this is called a gap and you will not be covered by either insurance,do your research before you drive for UBER you will be termed a partner with UBER and partners have say in decisions. You will have no say! all interactions are basically virtual with UBER
Gr8 Video! I was searching for the "Rideshare Guy" found you instead. I couldn't be happier. Thanks for the excellent, Hella (I'm from Cali) helpful video. STAY + SPREAD #KAMOISM
great video brother I liked subscribed to help you out
I drive for Uber. I normally sit at home with the app on and when I get a ping, I leave. Most riders are local and stay in my area. I drive a Prius and I don't worry much about gas.
Don't forget to account for the IRS mileage tax deduction of $0.54/mile. You need to keep a mileage log to use it, but it makes a big difference.
About drunks------if a person or persons are drunk, I used to let them know that if they threw up in my car I would have to charge them $60.00 for the downtime and cleaning the car. That almost always worked, and they were very good about telling me if they were about to throw up. I'd pull over quick, and throw out is always better than up.
The only thing that you forgot was the weekly depriciation and upkeep of the vehicle that can cost up to $75 per week aside from car payments.So all of these costs will surely reduce your net ptofit.
Thanks - very informative.
I think you forgot one major expense - the depreciation of your vehicle.
Say you get 90k miles put off a $30k vehicle. That's 30c/mile.
If your average speed is 40mph, that's $12/hr.
$21.42 - $12=$9.42/hr excluding maintenance and I think you may have also underestimated gas costs (say you've a Prius and getting 40mpg and driving 40mph - you'd have 16 gallons of driving for 16 hours)
Wear and tear along with depreciation appear to be the main things people overlook and I really doubt a vehicle will even last 90k miles with a bunch of drunks getting in and out every 10 minutes.
Thanks for the info - yes I think your wise not waiting for drunks to vomit on the back seat. I heard one under driver talk about the girl who decided to draw on the ceiling with her eye liner. Personally, I need my vehicle to last :-)
davet11 Well thats covered in other videos and i do mention it. I inform others in a seperate video that my earning are all included except depreciation. I mention to them that if they dont care about that then go on ahead and do it. Im against quiting your their everyday jobs for Uber its not for everyone if they want to do it to just earn a little extra hear and there then yeah thats cool but its definitely not for everyone.
There are people who don't care about the depreciation of their vehicle? Idiots who will work for free or donate their primary means of transportation? Now I understand why Uber is successful. A car costs about $30k and you'll be lucky if you get 100k miles out of it as a taxi. That's $0.3/mile at a minimum you need to subtract ... quite a significant oversight I'd say.
I know a guy that does it pretty much full time. He works in the film industry so of course after a gig is up you don't know when your next one is going to be so he does Uber.
I put in an average of 20 to 25 hours a week and make no less than $700, on the good weeks, it's over a thousand. I rarely work the bar scene, I mainly work the airport where the people are much friendlier and need a longer ride home.
uber sucks, after they finish taking out fees, and you spending money on gas, and wear on your car, you end up owing them. you will make about $5 a hour if your lucky.
+jaye real Very true at many locations!
They keep hiring new idiots instead of paying better the existing ones....
+MrTedMcForehead close to that. I do a lot of driving the city during peak hours
Bro tell me about it, I worked FRIDAY 9pm-12pm & made less than minimum wage, what the fuq what fuq, I wish I never wasted my Friday on this bullshit
+Donald Holman right on. finally someone with a brain.
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Uber cut the fares 25% a few months ago and another 15%a week ago.
Now what you make is just like min wage.DON'T forget mileage you put on your car.it is a huge hidden cost.
Thank you, it was informative.
⛽💩💩💩💩💩💩💩💩💩
Well, it sucks when they temporary decreased their rates for the riders, I have to admit it. But you can still make over $100,000 a year if you do Uber Black in the NYC area. All you need is a qualifying Limo car in the state of NJ or NY. The 1099 is awesome, just write everything off your taxes. By the way the rates go up again after winter.
keep on the good work bro!
Thanks for the info Bro. It was helpful to understand what it takes to make a decent hourly wage.
I drive a prius, great car for this job. only 20 bucks and I have to fill up once every 10-11 days depending on how far I drive.
CustomWorksMR i wish i had your car bro im not kidding.
I usually make 20-40 a hour in Houston but you gtta be smart and work in the loop and only morning n afternoon shifts.
Thanks for your great information…just a little hard to hear the audio :). Have you heard from any of your Uber brethren about the car buying program?
I emailed uber, they don't offer that anymore at this time as far as the summaries. There was some issues because the fares weren't accurate.
If you work the downtown bars at 2AM, and drive people to their homes in the suburbs, doesn't that mean you almost never have a passenger when you head back to downtown to get the next fare? Doesn't that double the fuel/wear costs?
+Gary Watson You got that right!
But the uberman at uber does not understand that simple math. They keep loosing and hiring drivers..... because many times the gas is paid by the driver or you end up making under minimum wage! Totally retarded system.
+Gary Watson Duh! Obviously true. So it might be a nice 45 minute fare out of the city, but it is also an unpaid 45 minute ride home. No different than a cab except cabs would make a fortune on this length of a ride.
makes sense good thing I have other sources of income
MrTedMcForeHead barely get scheduled at my current job, I only need 1,000 a month and I live in Houston which is one of the largest cities in Texas....do you think it would be worth it especially since my car is a goddess on gas?
Gary Watson Here is a quick link to get you instantly signed up to drive including a $225 sign on bonus
partners.uber.com/i/k6ug9ue
They say wear and tear on car is about .80 cent per mipe ie more oil changes shorter life of car tires etc. Are u factoring this in in addition to gas
That was really helpful thank you 👍
thank you for explaining and introducing in being an uber driver - I am contemplating on becoming one -
+Zandrew R Balmori i'm an oldie that knows how to count - uber is not much more tham minimum wage if that
Great info man!!
Good info! I Dont do the bar scene no more either lol
Also you can't forget the general wear and tear on the vehicle you are driving right??
Uber is a scam business. Here is how:
Do the math. The car cost roughly $25k + interest, you end up pay close to $30k and it can drive for 200k miles. After 200k miles it not reliable any more so you need another car. Now calculate:
$30k divide 200k --> you spend 15 cents on car per mile. Plus oil change, tires replacement + miscellaneous maintenance you spend roughly 20 cents per mile on car. Fuel cost is about 10 cents per miles so you spend 30 cents for the car and fuel. Uber X pay 85 cents per mile (Dallas Forth Worth) - Uber fee 20% and tax 10% = 55 cents.
Now remember: in order to have rider in your car you have to pic them up. So you approximately drive extra 20% without income, counting this together, you actually make 46 cents per miles. Now minus expense on car 20 cents and gas 10 cents you end up making 16 cents per mile driving for Uber.
If you want to actually make $100 profit then you have to drive 100 / 0.16 = 625 miles. At average speed 30 miles per hour constantly, you have to spend 20 hours on the road to make $100. Only $5 per hour. This calculation assumes that you are always lucky to have rider all the time and drive constantly 30 mph (which is impossible in practice).
If you don't trust my calculation then just finance a car with Uber then see what you end up after 3 years.
This is out of date and the rates have been cut to a point that their is no way to make this any more. The rates in cincinnati are now 1.00 base .80 per mile. and 15 cents per min. so you have to drive around 250 miles a night to make about 100 bucks i know i have been trying to do it but very hard to make money now!!!!!!!!!!!!!
+servingusa I call the company the slave-drivers and on the other side we have the slave drivers...
Hey thanks for breaking it all down. I started driving (part time) just over a week ago and it's been pretty great so far. I've also got a V6 Charger, so I'm glad to hear I'm not the only one. Also- I know uber doesn't require tips, but do you have any suggestions on how to increase them? I offer cold water, a phone charger, music & AC, but rarely see any cash tips.
That was really helpful. Thanks.