Here's the math that very few drivers take the time to do.
Time:
First, any experienced driver will tell you that you can only do 3 to 5 rides per hour. Here is why:
Travel time to pickup (which you don't get paid for) is 5-20 minutes.
Wait time for passenger to get in car (which you don't get paid for) is 1-5 minutes.
Ride time (which you are paid time + miles) for an average ride of 2.5 miles is 5-15 minutes.
Wait time for the next ride (which you don't get paid for) is 1-10 minutes.
So each ride will take between 12 and 45 minutes. Again 3 to 5 rides per hour.
Money:
Here is how a very typical LA ride breaks down.
Base fee = $0
Mileage charge (2.5 miles x .90 per mile) = $2.25
Time charge (5 minutes x .15 per minute) = $.75
Booking fee = $1.65
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Subtotal = $4.65 (rider is charged this total)
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-$1.65 Booking fee goes to Uber
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Subtotal = $3.00
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-$.75 Twenty five percent commission goes to Uber (some drivers pay 20%)
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Subtotal = $2.25
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-$1.35 Cost of operating a vehicle (gas, maintenance, etc.) per IRS standards $.54/mile x 2.5
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NET PAY = $.90 per ride x 5 rides per hour = $4.50 per hour.
Not all rides go 2.5 miles, but 47.2% of rides go under 3 miles. So the take home range is $4.50-$9 per hour.
