Lyft no longer looking better than Uber

Lyft, the company that was focused on treating drivers better than Uber is now taking steps backwards with their commitment to putting drivers first.

As of today Lyft has lowered their prices in Orange County and are now right in line with Uber’s pricing. Now the only thing setting Lyft apart from Uber is the in app tipping option.

Is Lyft’s Tipping Option Really worth it?

I’ve done a fair share of rides with Lyft and from my experience tips don’t come very often and when they do it’s usually only $1 or $2 here and there. Definitely not enough to say that it’s a big reason to drive for Lyft instead of Uber.

Amount Of Rides

I often find myself waiting 20 or 30 minutes between rides with Lyft. This really sucks and kills the experience for me. When you get ride after ride and you see your earnings stacking up then it encourages you to keep going but when you wait and hours go by and you have 3 or 4 rides then you start to get discouraged. You are drained of your energy and the lack of momentum drags you down to the point where you just want to call it a day and go home.

Now Uber on the other hand stays pretty busy and you’ll have much less down time. The advantages of driving for Lyft are slowly diminishing. If the fares are the same and tipping makes little difference then I would rather just spend my time driving for Uber because in the end you’ll make more money with Uber at this point.

Earlier this month I wrote an article about Uber vs Lyft and Lyft was the definite winner but based on these new fares they lost their position.

Rideshare is a constantly changing game. As you can see, it can change day by day and week after week.

Passengers that pay more are usually more respectable people. Uber and Lyft are giving us the lowest of the low.

I personally would rather have fewer rides at higher pay. The fact is that we are using our own cars and should be compensated accordingly. We went out and bought cars, we pay our car payment and insurance. These are payments that these passengers don’t have to worry about. For that reason they should be easily willing to pay more for a ride. It is a convenience to be picked up from your exact location and dropped off to your desired destination. It should cost more than a bus ride. For the people that are cheap then we have public transportation for them. They can walk to the bus, wait for the bus and stop at every bus stop along the way if they want a ride for a couple dollars.

It really doesn’t take a rocket scientist to look at this and see that there is something wrong with this picture.

However, ridesharing can still be profitable and worth more than a minimum wage job if you are willing to put the hours into it otherwise it still makes a good part time job.

I’ll be the first to yell out that drivers aren’t paid enough but like I said, it can still easily be better than working for minimum wage somewhere.

Should You Buy A Car Just For Rideshare?

A few years ago it was worth it but today you have to really have a plan. If you buy a brand new car then use it just to pay your car payment and have your car pay for itself. If you drive any more than enough to pay for your car then you are going to be putting a lot of extra miles on your brand new car and it will lose it’svalue really quick. On top of that, do you really want 100’s of sickos in your brand new car. It’s much better to keep it limited. If you want to buy a car to do Uber and Lyft full time then buy an older used car. A car that you only pay around  $5000 for will easily pay for itself with ridesharing as long as you get a good car that doesn’t have issues that cost money to fix. Using an older car will also lower the depreciation gap if it even really exists at that point. But a cheap car will enable you to really profit.

Should you get a car from Lyft? Getting a car from Lyft is a huge mistake. It’s very expensive and they charge you for miles that aren’t used while you are online. These miles add up and destroy your profit. On top of that, with the scarcity of rides it is almost impossible to get enough rides for the incentives so you will most likely pay every week either way. If you want to get a car from either Uber or Lyft then get the car from Uber. You’ll atleast get unlimited miles and you won’t believe how much money that will save you in the end. The Uber Xchange Leasing car isn’t cheap either but it’s definitely a better option than the lyft express drive program.

Read more about the two car programs here.

Uber Xchange Leasing

Lyft Express Drive

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