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Is it still worth it financially to drive for uber/lyft/etc?

  • Yes

    Votes: 10 26.3%
  • No

    Votes: 20 52.6%
  • Maybe / not sure

    Votes: 8 21.1%
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Discussion Starter · #1 ·
Due to the saturation of so many new drivers and fewer requests, is it really even worth driving for ride share as a side gig anymore? I feel like the answer for the most part is no.

1) too many drivers
2) too much wear and tear on the car, miles. gas
3) federal tax refund cut in half

I may stop driving completely or drive very minimally at this point due to the factors listed above.

(I do NOT drive at night. Only during daylight hours after work or when I'm not at work.)

Thoughts?
 

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It depends on your situation. If you only drive during the day during the week in the langhorne area while posting up on your couch for side money probably not. I live very close to you and do 99% of my rides outside of Bucks County. Yesterday it was one ride of 12. For the week so far it's 1 of 35.

If you go out and hustle you can still make decent money doing this. I am very confident when I turn this back into a side job I can still make roughly $30 an hour when I would drive.
 

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Discussion Starter · #4 ·
It depends on your situation. If you only drive during the day during the week in the langhorne area while posting up on your couch for side money probably not.

If you go out and hustle you can still make decent money doing this. I am very confident when I turn this back into a side job I can still make roughly $30 an hour when I would drive.
$30/hr? Wow, that's impressive and seems impossible!
 

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It's not possible to profit from this gig. You trade equity in your car for instant cash. 1.10 per mile less 20 percent. Leaves you 89 cents. Deduct the IRS mileage of 57 cents per mile or whatever, leaves you with roughly 32 cents per mile. Your taxes and profit have to come from within that figure. So even lower. That's just the paid driven miles. How many dead miles do you drive. You don't get paid for those. And furthermore, the tax deduction can't fix your car. Your real dollars have to do that. This gig is a life saver if you are trying to put food on your table or keep your lights on. This is not a long term solution. You're kidding yourself if you think so. And before someone tells me that I forgot the per minute, save it. If you were paid for 4 hours of driving, it would still be less than 30 bucks gross. Pings don't come quick enough to drive paid for that long without working a ton of hours per day
 

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You should not be anywhere south of the boulevard between the rivers between 9a and 4p M-F. Minimum fares that take lots of time to complete are a losing proposition. The only worse strategy is to camp at PHL.

As far as those two door cars and trucks go, when a pax reports the drivers they will be deactivated. There is no way those cars are approved.

I had a rough day yesterday too but unfortunately, they can't all be winners. I made $65 in 3 hours driving back home from north jersey with my destination filter on. Made $110 after expenses for 8 hours. Fortunately, the night made up for it.
 

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The mileage deduction is a tax advantage and has no basis in reality. My van does not cost me 57c a mile to operate.

My van, it's insurance, and its depreciation are all expenses I would have anyway Uber or not. It's a sunk cost. Without Uber I would write off exactly $0.00 for the expense of having it, and I would have it anyway so I'd pay for it after tax instead of pre tax. My marginal cost is gas and extra maintenance and when I add all that up I come to 20c roughly a mile, most of which is fuel. When I have to replace it in 3 years because it ages out it will be worth 3 grand at most instead of 6 so my actual Uber related depreciation for what at that point would be 5 years of driving is about $3000.

If I am still driving full time at that point (I don't anticipate I will be) I will be replacing it with a beater van with at least two years of eligibility left that I won't be spending more than $3000 for.
 

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I don't get the tax thing. I use Everlance and I'm able to write off so many miles... I owed less than $200 this past year.

I agree with everything else. The Philadelphia market for drivers is dead. Too many poor people trying to make a buck.

I'm pretty much done driving Uber/Lyft unless it's a big holiday or really great incentives. Even big holidays aren't that great anymore.

It is absolutely a scam, there is a reason their turnover rate is so high.

Go get a job at a pizza shop and deliver pizza. You can make anywhere from $15/hour all the way up to $40/hour on a really busy night. This is all cash and it's all under the table.

**** Uber.
 

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The mileage deduction is a tax advantage and has no basis in reality. My van does not cost me 57c a mile to operate.

My van, it's insurance, and its depreciation are all expenses I would have anyway Uber or not. It's a sunk cost. Without Uber I would write off exactly $0.00 for the expense of having it, and I would have it anyway so I'd pay for it after tax instead of pre tax. My marginal cost is gas and extra maintenance and when I add all that up I come to 20c roughly a mile, most of which is fuel. When I have to replace it in 3 years because it ages out it will be worth 3 grand at most instead of 6 so my actual Uber related depreciation for what at that point would be 5 years of driving is about $3000.

If I am still driving full time at that point (I don't anticipate I will be) I will be replacing it with a beater van with at least two years of eligibility left that I won't be spending more than $3000 for.
I can only assume that you haven't been doing this long. Putting between 50,000 and 75,000 miles a year on your car is taxing. If you haven yet had some costly repairs, over time you will. That 57 cents a mile will be reality then. I have 6500 rides and my van was near new when I started. The maintenance has gotten costly lately. In the many thousands. Shocks, struts, tires several times and more. You are fooling yourself. I'm not bashing it. I've done this almost since day one but it's not a profitable venture. And I am in the top 5 percent of earners here. Uber told me as much.
 

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Discussion Starter · #12 ·
1 get out of philly
2 link with other drivers and turn the app off for surge
3 stop letting pax use u as septa
I drive 1 and a half hours to work for uber but I still make 1700 a week.
Philly uber drivers are playing the game so wrong
1) I'm rarely in the city and the suburbs aren't much better.
2) ???
3) Elaborate please.
 

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Due to the saturation of so many new drivers and fewer requests, is it really even worth driving for ride share as a side gig anymore? I feel like the answer for the most part is no.

1) too many drivers
2) too much wear and tear on the car, miles. gas
3) federal tax refund cut in half

I may stop driving completely or drive very minimally at this point due to the factors listed above.

(I do NOT drive at night. Only during daylight hours after work or when I'm not at work.)

Thoughts?
I say it borderline, you have to work hard to make any money but if it gets any worst meaning another rate cut , no surge or not enough boost that will about do it. The drivers cant take another blow or that will do it
 

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1) I'm rarely in the city and the suburbs aren't much better.
2) ???
3) Elaborate please.
1.) Same

2.) If I am interpreting this correctly, I think this is what would be considered surge manipulation/collusion. Since you drive in Langhorne, an example of this would be if something was going on at Green Parrot in Newtown that generates above higher than normal demand that ends at 2 AM and all the drunks will want to leave around then. So, you, me and a few other drivers congregate somewhere in/around Newtown with our apps off, let the surge build and then go online one at a time....that's surge manipulation and I believe Uber could deactivate those involved if they find out it is a concerted and deliberate effort.

HOWEVER, that being said, if drivers decide to do this on their own, independent of each other, Uber can't do anything about it. At that point, each driver is operating their business as they see fit.

3.) Uber rates cheaper than SEPTA (?). They could be, but I have no idea how much it costs to hop on a SEPTA bus so I don't know.
 
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