PiP is perfect vehicle for my new side job

I think they give the request to the nearest available driver, based on the mapping data. Unfortunately, as you point out, James, if you are trying to make money at it, you need to be in a city with enough drivers to cover the area so that you don't have to make a twenty mile drive to take someone five miles. I wonder how long you would last if you turned down those unprofitable jobs? OTOH, if you are in or near a large metro area like Los Angeles or San Francisco, with lots of member drivers, I can see you making decent money.

 

I think I have enough info to sell this to my friend in DC/N. Va. Something he could do with the Benz part time. Maybe both Uber services and Lyft. The fine details of loitering in high traffic areas like hotels and airports waiting for the next job and not conflicting with the regular cab and limo drivers will be interesting. OK who wants to go to Dulles Airport? Thank Guys.

 

Is that based on total cost per mile or fuel cost per mile?

Mike

 

I just picked up the other day my 1st lyft passenger .
It was really cool and it just felt like giving a ride to a friend.
It was a beautiful experiment not sure I will do that full time or even on regular schedule .
You definitively need an hybrid car to make $.
I doubt any one with a regular is fracturing in the gas, time, car use...they will end up making same as minimum wage.
The only advantage doing Lyft with a regular car is the freedom of your schedule.

 

Re: Virginia Lyft update

Here's an update on Lyft status in VA...sounds like we need legislative action which there is support for, but our General Assembly only meets for a few months of the year to vote on bills, so we have some waiting unless there is a special session.

Virginia Assembly moving in slow lane | HamptonRoads.com | PilotOnline.com

 

agreed - I'd love to do this but title of this thread is "PiP is perfect vehicle for my side job"
I don't see how that is. I love my PiP but can charge fully in-between my daily rides. Seems to me a Volt is better suited to this job - maybe get in four Lyfts between charges vs one

 

Second that. The UberX service advertises the cars can carry 4 passengers.
When we had our Volt, if Uber accepted the Volt, it would have most likely resulted in lower ratings.

 

ok Tesla then !
main point is you'd be using gas so PiP vs Prius3 not much difference...

 

I know a limo company owner that is putting 65k miles a year on the Model S they have.
He figures they are saving $10-$12 thousand dollars each year on gasoline alone.
If he gets the standard mileage deduction of $0.53 cents/mile, that is a $34,000 deduction as well (not positive how that works).
He is also charging a higher rate for the Tesla as it is their highest requested vehicle and he only has one (at the moment).

Electric is the way to go for these services, hope the other manufacturers step up and give us even more options

 

hmmm may be a nice way to pay for one
I'm assuming but not sure that the mileage deduction goes away if you make over "X" but if you're saying its a company filing then they would get to depreciate the Tesla which would be some serious change...

 

Breaking news in Va.:
DC Tech: Virginia Lifts Uber and Lyft Ban | InTheCapital

 

Darn ye pop over site registration! Headline says it all. Article mostly tech guys high 5'n each other.

 

I've been driving for Uber longer than anyone who has posted. I am going light on specifics because experience influences me not to talk openly about this "occupation." I've read some posted details in this thread that are inaccurate, misleading, or simply misinformed.

I started driving with no illusion that I would make money as far as even a decent hourly wage. Driving any newer, low mileage, $20K plus vehicle, even one with excellent fuel economy, is a fools errand a the rates paid per Uber or Lyft. To do it with an $85k Tesla is ridiculous, except with the intent to promote, entertain, or be entertained. If you disagree, why is Uber, the better of the two ride sharing leaders, offering $200 to $250 hiring bonuses, nationwide, from what I can see, to new drivers and those who refer new drivers who go on to complete 200 ride transactions? $250 Sign on Bonus - Driver For Uber

Yes, according to Lyft rules, the pink mustache is a mandatory display, and must be wired to the grille area of
the vehicle, not on top of the dashboard as some Lyft drivers do. Wiring and mustache washing (hand wash required) instructions are available on the Lyft website.: Lyft - A ride whenever you need one

I did not pursue the Lyft "meet a mentor" exercise after application and approval because of another important
consideration and difference vs. Uber. Whereas Uber permits its drivers to drive anytime with no prearrangement and no advance schedule approval or commitment, Lyft drivers must commit in advance to a schedule that may or may not be approved.: Lyft - A ride whenever you need one

Do not misunderstand, I have little else positive to say about Uber, but I would not choose to commit in advance to a schedule or to hand wash a pink mustache and go through the rigamarole of wiring it on and unwiring it off. In my market, I see Lyft drivers regularly displaying the thing.

I started driving only because I have the time and I was not putting enough miles on my PIP to justify the montly lease payment. IOTW, I had surplus miles to sell. For every mile I carry a paying passenger, I drive at least one empty mile to pick up the rider. Contrary to what has been posted, Uber and Lyft collect the fares by prefiled credit card of each rider and Uber deducts 20 percent plus $1.00 per trip for alleged insurance coverage, and pay drivers' net revenue weekly via direct deposit. At years end a form 1099 with annual payment total is sent to each subcontractor-driver and copied to the IRS. Only actual, non-personal use vehicle expenses may be deducted and the 1099 from one of these companies will disqualify tax filers from simply taking a per mile deduction. A log must be kept to separated personal use miles so a percentage of use devoted to miles driven for Uber activity can be determined. Personal insurance costs, cell phone and data, lease or loan payments (less depreciation) actual maintenance and wear replacement costs (tires, etc.) and fuel costs may be deducted per the percentage of Uber vs. personal use. After the first year, if by fate a driver lasts that long, the IRS requires quarterly tax filing. Income tax and approx. 15-1/2 percent employment tax must be paid each quarter on net profit. There is no employer to pay the customary 50 percent of withholding for SS, Medicare, and unemployment insurance.

Bottomline is that even with a PIP and driving peak demand hours, if you keep $10 per hour after expenses and before taxes, you are probably above average. Remember, Uber and I assume Lyft discourage rider tipping. The rates per ride are what the market will bear. I do not see how a higher amount can be charged for UberX. I do not see how pre-tax net earnings of $10 per hour would ever result in accumulating a down payment to replace the vehicle you are wearing out. There is no money to afford a book keeper, so that part of the job is an unpaid hobby,

Uber collects that extra $1.00 per trip since April. They say if you are involved in an accident you must pursue liability and collision damage coverage through your own personal insurance and prove coverage has been denied because you were online seeking Uber fare assignments or transporting an Uber rider at the time of the accident, before Uber will assess and pay for liability and the damage repair to your vehicle, less $1000 deductible.

This forum for Uber drivers is a great info resource. Drivers who post there are not happy.:
New agreement can ruin drivers life for good. : uberdrivers

In my experience, no personal insurance, and no Toyota new car warranty, covers this activity. Almost everyone who reports to their insurance an accident experienced while driving for Uber will see their claim denied and if the driver is lucky he will be offered a pledge to sign attesting he will no longer drive for a ride sharing company, per the terms of his personal insurance policy. If he is less fortunate, he will be involutarily dropped no later than the next policy renewal date. If anyone can post a link documenting a case contradicting this insurance reality, I would be eager to read it.

This is an occupation in which the driver assumes almost all of the risk and cannot make more by working longer and harder, due to the inputs. If you work a job for salary or wages, you do not burn more fuel and rack up more miles when you work longer hours. For the most part, the expenses are fixed and you are always driving towards the day when your vehicle is too worn out or unreliable to continue to earn revenue by the mile. If you are a younger driver especially, why would you take the risk of losing your auto insurance in exchange for so little expected compensation.

Just do the math. How many fares do you think you can pick up and drop off on average each hour. In most markets, four minimum fares.....four short trips, is pushing it. Experience teaches you that the people who request a ride do not immediately appear and get into your vehicle upon your arrival. They are not curbside hails. You have to find their location and text them when you think you've arrived at their location. Four minimum fares in my market pays $18 after Uber deducts the $1.00 and 20 percent of the rest of the fare.
($4.50 x 4). Remember, there will be longer trips, surge fare trips, but there will be times with no demand or
empty trips back from places where you are prohibited by local rules from picking up riders. Airports are an example in several markets. In that average hour, you will drive at least 15 miles, and burn some fuel. You will pay that 15-1/2 percent employment tax on your small post expenses net. If your fuel cost is just a $1.00,
and those 15 miles cost at least 55 cents each, (otherwise the IRS would mandate a lower deduction than that for non-livery/taxi business use), 55 x 15 = $8.25 + $1.00 fuel cost. You've grossed $8.75 per hour, after fuel and vehicle expenses.
Minimum fares almost never generate separate wait time charges. They do add to longer trip fares. In my market, the wait time charge is less than 25 cents per minute. You are expected to pick up all fare requests or
be offline, with a 90 percent acceptance rate while online. You are expected to attempt to contact the requestor upon arrival and wait ten minutes even if they do nor respond. We do not charge even 25 cents per minute wait time, but if we did, it would amount to $15 per hour. Where would you expect to attract the services of a driver equipped with GPS, a cellphone, and a late model car for a standby rate of $15 per hour? Look at the fare chart displayed on a local cab door in your own market, for comparison.

Oh yeah..... even though they do not tip, they are required to rate their ride experience before they are permitted to request their next trip. Despite uniform, friendly, courteous service from a driver in a clean, nearly
new vehicle with a roomy rear seat, (as all of us can confirm), fast response and knowledge of local streets,
it is a challenge to receive enough five star reviews to maintain the Uber required average above 4.6.
The saving grace is that they dropped it from 4.7 to 4.6 because of heavy driver turnover and the severe
reviewing habits in this market.

You also do not get paid for time spent cleaning interior and washing the exterior of your vehicle, and you do
not average enough income to justify paying someone else regularly to perform this work. It is a great deal for the customers, and I just read that Wall Street is valuing Uber at $17.8 billion. The CEO recently proclaimed that the future is driverless cars. This did nothing for driver morale and Uber takes pains to declare it is not a transportation company and it does not own any vehicles. Who then, will provide these driverless vehicles to Uber's riders of the future?

I welcome comments from enthusiasts who have posted here after they have completed 500 or more trips.
How many times have five riders hopped into your car without even asking permission for the fifth passenger?
How many times have departing riders slammed the door of your PIP so hard you wondered if it would still work?

 

Good real-world feedback, NEinSE.

Since you say you are doing this primarily to sell extra lease miles, do you realize that even if you agreed to a lease with more miles than you will use, it still works to your advantage to keep the miles low? If the car is way under mileage when your lease term expires, you can use that as leverage at turn-in, and negotiate a higher value for the car, which can come back to you just like cash. No point in selling those miles in a system you don't like if you can get most of the same return for doing nothing.