Is Driving Uber/Lyft Full Time A Viable Option in 2024?
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Join RSG contributor Sergio as he shares if rideshare in 2024 is worth it.
Not only has Rideshare revolutionized the way people commute to work, go out to bars on weekends, and travel to airports, but it also offers convenience and flexibility to both drivers and passengers.?
However, the question of whether rideshare driving constitutes a career or simply a transient gig is a complex one.?
In this article, I will explain the various aspects of rideshare driving, exploring its evolution, advantages, challenges, and long-term viability as a career option.
The Evolution of Rideshare Driving
The Rideshare space is only about a decade old, but it has emerged as a disruptive force in the transportation industry.?
It challenges traditional taxi services with its innovative approach, which takes advantage of cell phone advancements.?
Platforms like Uber and Lyft provided a convenient way for people to get around to the point of replacing car ownership while also offering flexible earning opportunities for millions of people.?
Initially, many viewed rideshare driving as a side hustle , but over time, it has evolved into a potential career path for a lot of people.
At the Rideshare Guy, we cater to the needs of part-time and full-time drivers. And through the most popular live stream in the nation, SMTMC (Show Me The Money Club), I have been able to meet and speak with tens of thousands of drivers.?
According to Uber, most drivers love the flexibility of this gig as well as the potential of earning some cash, but in 2024, after multiple rate cuts over the past decade, is driving for Uber/Lyft full-time as financially feasible as it was in 2015??
I am afraid that the answer is NO! The window of profitable driving hours has been narrowed to about 30 hours a week in most cities.
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Advantages of Rideshare Driving as a Career
One of the key advantages of rideshare driving as a career is its flexibility.?
Drivers have the freedom to set their own schedules, allowing them to work as much or as little as they want. This flexibility is particularly appealing to individuals with other commitments, such as students, parents, or those pursuing other interests.?
But not a day goes by that I speak to drivers from all over the nation and hear their complaints about 4 main topics, especially from full-time drivers.?
The 4 main complaints are:
What are your experiences as a Rideshare driver? Do you agree with the majority or disagree?
Rideshare driving can possibly be financially rewarding, especially in areas with high demand, such as cities like Boston, Chicago, Atlanta, NYC, and Los Angeles.?
Drivers have the potential to earn a competitive income, with some even surpassing traditional full-time jobs in earnings.?
The ability to earn money on a daily or weekly basis and cash out those earnings up to 5 times a day to pay bills rather than waiting for a weekly paycheck can also be a significant advantage for some.
Moreover, rideshare driving offers a level playing field where individuals from diverse backgrounds are able to attain their goals.?
Unlike traditional employment, which may require specific qualifications or experience, the barriers to entry to rideshare driving depend on a few factors, such as a clean driving record, background check, and uploading a few documents.?
Some don’t even own a car to earn a living.
Challenges and Considerations
Despite its advantages, rideshare driving comes with its own share of challenges. One of the most significant concerns is the lack of job security and benefits.?
As I mentioned above, we all are one fraudulent complaint away by an unscrupulous rider to get fired (Deactivated).?
Rideshare drivers are classified as Independent Contractors , depriving them of benefits like health insurance, retirement plans, and paid time off. This lack of security can be a major deterrent for those seeking the long-term stability that a traditional job offers.
Another challenge is the reliance on technology and algorithms. We have proven algorithmic wage discrimination many times on SMTMC.?
As Rideshare drivers, we have no control other than when to turn the app on or off. Rideshare drivers are subject to the decisions of algorithms, including fares, ride assignments, and deactivation policies. This lack of control over the work environment can lead to feelings of powerlessness and frustration.
Furthermore, rideshare driving can be physically and emotionally demanding. Full-time drivers work long hours (60-70 hours a week), sometimes in stressful or unsafe conditions. The job can also be isolating, with limited interaction with passengers and colleagues.?
That is why I believe SMTMC has been so successful. We have built a great community of drivers from all over the nation.
Long-Term Viability
As part-time or full-time drivers, we all do this to earn a living or make enough money to put food on the table and pay our bills.?
The question of whether rideshare driving is a sustainable career choice hinges on several factors. One key consideration is the evolving nature of the industry.?
As technology advances and regulations change, the landscape of ridesharing may shift, affecting drivers' earning potential and job security.?
These are some of the offers I have seen lately in Los Angeles. How is it possible in 2024 for me to drive a mile, pick someone up, and drive them some more to their destination for $3?
Moreover, the emergence of autonomous vehicles by Waymo and Cruise poses a potential threat to rideshare drivers. I believe the widespread adoption of autonomous vehicles is still a decade away from reality.?
However, it raises questions about the future of human-driven ridesharing and the viability of full-time Uber/Lyft driving.
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My Conclusion
Despite these challenges, rideshare driving can be a viable full-time career choice for some individuals. Those who value flexibility, autonomy, and the potential for high earnings may find it to be a rewarding occupation.?
However, for others seeking stability, benefits, and long-term security, rideshare driving may not be the ideal career path.
Unfortunately, I think we are back to square one.?
I think Uber/Lyft driving in 2024 is back to what it was when I first started in 2015: a decent side hustle to make a few hundred dollars a week.?
I personally won’t recommend full-time Rideshare driving to anyone in 2024.?
The pay has to be commensurate to the risks of driving and that has not been the case as of late. As full-time drivers, many do not figure out their CPM (Cost Per Mile) and after a couple of years, they have a trashed car and a bad lower back.?
They figured out that they basically used their car as an ATM machine, so they took the remaining equity out of their vehicle to pay short-term bills.?
I do meet a lot of new drivers. I always recommend for them to have a Plan B and use Rideshare as a stepping stone towards their goals.?
The key is to work smart, not hard while they're at it.?
To all the long time, grizzly veterans of the industry, you all have your reasons to do this as a full time career.?
Please, stay healthy and be safe out there!
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