Uber - LYFT Rideshare

Hi All:

Uber and Lyft Driver Rates across western California. Only San Luis Obispo is worth driving and it is to far away and there is no demand there either. The driver rates are terrible compared to just 3 years ago!

Sacramento

Uber - $0.585/mile and $0.1575/min
Lyft - $0.585/mile and $0.1575/min w/ $2.17 min

San Francisco

Uber - $0.6825/mile and $0.2925/min
Lyft - $0.6825/mile and $0.2925/min w/ $3.75 min

Oakland

Uber - $0.60/mile and $0.2025/min
Lyft - $0.60/mile and $0.2025/min w/ $3.75 min

Monterrey

Uber - $0.6825/mile and $0.2925/minute
Lyft - $0.6825/mile and $0.2925/minute w/ $3.75 min

San Louis Obispo

Uber - $1.545/mile and $0.12/minute
Lyft - $1.545/mile and $0.12/minute w/ $3.00 min

Santa Barbara

Uber - $0.9825/mile and $0.165/minute
Lyft - $0.9825/mile and $0.165/minute w/ $3.37 min

Ventura

Uber - $0.795/mile and $0.1125/minute
Lyft - $0.795/mile and $0.1125/minute w/ $2.25 min

Los Angeles

Uber - $0.60/mile and $0.21/min w/ $2.62 min
Lyft - $0.795/mile and $0.1275/minute w/ $2.62 min

OC - Uber/Lyft

Uber - $0.60/mile and $0.21/min
Lyft - $0.795/mile and $0.1275/min w/ $2.40 min

South OC

Uber - $0.87/mile and $0.1125/min w/ $2.73 min
Lyft - $0.87/mile and $0.1125/min w/ $2.73 min

San Diego

Uber - $0.6525/mile and $0.225/minute w/ $3.00 min
Lyft - $0.6525/mile and $0.225/minute w/ $3.00 min

 

Hi All:

Week 4 of the San Diego capacity factor study yields the following.

Lyft - 196.2 miles
Uber - 446.6 miles
Private - 149.0 miles

134 of the 1,411 miles placed on my car last week were completed on Monday when Uber and Lyft drivers were on strike so I completed all rides on that day for free. 5 riders did incur a cancellation fee which was slightly to far less than their normal Uber and Lyft charges.

1,411 miles at 27 mph avg speed equates to 52.5 hours. 1,277.0 miles vs 791.8 paid miles yields a cap factor of 62.0 percent.

The cumulative includes

Week 1: 2,043.7 miles traveled vs 1,240.0 paid miles - 24 mph avg speed - 80.5 hours
Week 2: 2,094.1 miles traveled vs 1,197.4 paid miles - 26 mph avg speed - 77.5 hours
Week 3: 1,419.0 miles traveled vs 908.2 paid miles - 27 mph avg speed - 52.5 hours
Week 4: 1,277.0 miles traveled vs 791.8 paid miles - 27 mph avg speed - 52.5 hours

Cumulative of 6,833.8 miles traveled vs 4,137.4 paid miles equates to a cap factor of 60.5 percent at a non-weighted avg. speed of 26 mph.

My far north Chicago - IL/WI border cap factor was just 50.5 percent with an average speed of just 22 mph by comparison.

As you can tell by how fast my miles driven has fallen over the past three weeks alone, I am quickly tiring of working for what I call poverty rates here in San Diego and refuse to drive into North OC or LA at $0.60/mile and $0.21/min unless a friend needs a ride to LAX.

My Military Base access DBIDS request has been approved. I just have to get over to the Naval Base San Diego Pass and ID in downtown to have my fingerprints and photo taken for the card. I am still working out the TCP License...

Wayne

 

Hi JCP123:

We receive these "other" account owner pings/requests all the time and as a driver, can only hope for a cash tip from the actual passenger. No way in hell will the account holders tip us in the app.

I have been receiving pings from car dealerships, Medical offices, and even Hospitals with third party titles requesting us to take passengers to their homes.

The good thing is we are usually not a target for a poor rating from someone trying to get a free ride since they are receiving essentially a free ride on the account holders dime.

Wayne

 

Hi Stephanie, here is a little case study...

I hope you do not drive in LA but you may. An LA driver at the LAX queue receives a - "Used to be great unicorn" - 45+ min ping in midsummer to Indio, CA midweek. That is a 145-mile drive and will take 15-minutes to pick up and load plus about 3 hours and 15 minutes to drive through day time traffic out of LA.

If this driver is in a $18k or more compact with fuel efficiency of 35 mpg, his total cost of ownership is somewhere between $0.35 and $0.40/mile.

That 145-mile trip is going to provide a deadhead most of if not not all the way home because there is nobody in Indio during mid-summer heading to LA in the 15-minute window you are there dropping off the passenger.

The round trip consists of 290 miles at $0.375/mile for an actual expense of $108.75.

From the 3-hour and 15-minute drive you earn ($0.60/mile * 145 miles = $87) + ($0.21/min * 195 minutes = $40.95) for a gross income of $127.95

Gross ($127 95) minus expenses ($108.75) yields a net income of $19.20. That $19.20 net is for driving 7 hours there and back for $2.74/hour in a used compact car! Are you going to receive a tip?

If you are driving a used $25k midsize at just 30 mpg, your total cost of ownership (TCO) is more along the lines of $0.45 to $0.50/mile or 290 miles at $0.475/mile for a $137.75 expense. For this unicorn ping, you actually paid $9.80 to Uber or Lyft out of your vehicle expense to drive that passenger out to Indio, CA and you back.

Are you going to risk your vehicle and time for -$1.40/hour to $2.75/hour and hope you get even a small number of the miles back paid, a nice $35 tip to move you from -$1.40/hour to $2.75/hour to $3.60 to $7.75/hour, or just cancel?

This is but one scenerio that you do not want to accept every ride.

Uber and Lyft have made us all fleet managers and I can assure you, there is not a single Fortune 500 company that would hire one of us for that position given our poor fleet management skills.

http://www.cleanmpg.com/community/index.php?posts/433939

Wayne

 

HI All:

While I have a lot of catching up to do, I am backing way off my driver hours to consume the 2018 Hyundai Elantra. I am currently at 119,850 miles with just 50k more miles to go as I type this up.

In Chicago while averaging 70 to 100+ hour weeks, I was earning $0.75/mile and $0.15/min plus surge and $750 to $1,200 per month bonuses which kept the rideshare gig afloat. Once Uber cut Chicago rates to $0.60/mile and $0.21/min as I was leaving last Fall, San Diego was hit soon after I arrived to $0.6525/mile and $0.225/min. The OC and LA were hit yet again from $0.795/mile and $0.18/min to $0.60/mile and $0.21/min just over a month ago. Then Uber stopped offering bonuses for San Diego drivers altogether, went to a fixed or no surge while charging passengers full 1.5 to 4X multipliers, and it is getting really really ugly to justify doing this anymore as I have backed my hours down from 80 to 60 to just 40 and an all-time low for a complete week through the upcoming weekend. I will be heading to the Explorer launch on the 12th and will not complete another rideshare ride until I get back late this month.

While backing off accepting the majority of Uber and Lyft pings, I used to be > 98 percent when in Chicago, I am either becoming much more selective and taking mainly just 45-minute plus trips, $30+ scheduled rides through Lyft, and Destination Filtering (DF) my way back home. Outside of that, I am completing almost as many private rides at or just below Uber and Lyft rates and receiving the full amount plus decent tips vs what Uber and Lyft charge riders.

Just this morning I received a second best record tip and best ever total gross revenue amount - outside the $100 Unicorn short ride tip earlier this year - from a 102-mile Vista, CA to LAX request. I charged my std. $1.20/mile for a $122.40 amount to this repeat rider including all the amenities plus my std. Real Time Google Map track from my home to his pickup location so he knew when I would arrive just prior to the 04:30 AM scheduled pickup. As I approached the LAX terminals, I had my PayPal CC Chip reader ready and he said., "Would it be ok if I paid you in cash?" He handed me $180 in $20s. We arrived at LAX some 2-hours and 15-minutes after departing.

Some detail on how I return from these far out runs but it is by no means fool proof. Many of the longer rides end up with 0 to 3 trash $4 to $5 rides and nothing more. Meaning I rely on my $1.20 per mile rate out to get back home plus $0 to $15 for trash rides on the way back. Every once in a while, rides both ways work out but it is very rare indeed. An example was just last week. I had a private LAX pickup in just 2.5 hours. As I was approaching the "5" - the major N-S interstate here in CA - about a mile from my home, I fired up the Uber DF with LAX as my destination. I received a ping just four to five minutes later and picked up a couple heading to LAX from one city over. My Uber gross earnings for that ride was $89, the couple tipped me $20 in cash, and I arrived with 15-minutes to spare to pick up the private ride. The ride back paid $125 plus a $25 tip for the return. This was indeed a great paying $259 gross unicorn with rides both ways over 5.5-hours of driving covering some 204-miles in total. It netted $209 or $38/hour net after the $50 TCO expense at $0.245/mile while cruising mostly highway between my home in North San Diego County and LAX with car pool lane access both ways. This almost total both ways payment happened only once so it is indeed a very rare unicorn.

Uber's Destination Filter (DF) is pretty good whereas the multi-billion $ company called Lyft cannot code a DF better than a 9th grader.

I have also upped my own game for these longer rides with a 10.1" Amazon Fire HD tablet on an angle adjustable holder - I will show more on this addition in a future post as it is pretty damn slick! - mounted off the back of the passenger side headrests which runs Netflix via Wi-Fi from my Galaxy S8+ on the T-Mobile network. I am also offering all long distance riders Pepsi, Coke, and Diet Coke along with the usual 21-bottles of water I carry on-board at all times and 6-different small bags of chips and 2 types of granola bars. I am also offering 100 percent natural oil scents of their choosing - Lemongrass, Citrus, and Eucalyptus - which I carry in sealed bags in the glove box for instant deployment.

In any case, I am seeing "New" drivers in the private FB rideshare forums posting ridiculous statements about pay and expenses trying to justify the poor net earnings craziness and to a tee, not a single driver of the tens of thousands I have interacted with in these private rideshare forums know their vehicle TCO to within a nickle if at all? Meaning most are driving for far less than minimum wage but are allured by the gross earnings of a single ride and do not even know they may actually be losing money on a given ride, day, or week! When I see midsize sedans and SUVs completing UberX and base Lyft on the road and in the Airport queues, I shake my head knowing that many are trading depreciation, fuel, maintenance and repair, insurance, finance, and consumables EVEN UP up or for a loss to receive gross revenue from a given Uber or Lyft ride.

Here is yet another new driver in San Francisco from today. I summed up the actuals after numerous posters shared similar sentiments...

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My rebuttal...

​

Wayne

 

Hi Carcus:

Exactly! And especially depreciation. It is sad to see so many post one-way "unicorns" and espouse $40 to $50 per hour type rides when in fact they usually deadheaded home and never include the dead time between pings, unpaid pickup times, vehicle cleanup and refueling, restocking consumables - if they offer?, and especially the expenses for any given RT ride, day or week. I am not the brightest bulb in the bucket but there are some downright broken bulbs in this business providing way below minimum wage, free, or actually negative $s rides and they do not even know it. This is a sad state of affairs for so many actually and just one of the many ways many Rideshare drivers are being exploited at per mile rates as little as 1/4 what they were just 4-years ago.

My own pullback in Uber and Lyft rideshare hours I was speaking about above look like this. Of the 45.5 Uber and Lyft hours this week, approximately 8 to 10 are overlap hours - running both apps while looking for pings, private rides and running Destination Filters to keep the deductible miles in check for local grocery, hardware, and fuel runs for example. All-in, about 37.5 hours of time "on the Apps" in-between pings or with paid customers on-board this week.

​

Private rides this week accounted for over $465 covering ~ 6-hours with some Uber/Lyft occurring on the way to or from the Private rides pickup or drop-off destinations. All-in, just over $1,165 for ~ 43.5 hours of driving plus another 1.5-hours for vehicle cleaning, restocking, and refueling while not "on the clock". The majority of mostly highway miles covered this week came to 1,250 with a 49.7 mpg indicated or 46.3 mpg actual average. Far better than the 41 to 43 mpg while slugging it out from ping to ping and allowing the apps to control my day/night over twice the amount of hours per week.

Of that just over $1,165 gross, the 1,250 miles at $0.245/mile all-in expense ($306) netted just $859 over the same 45-hours or $19.08/hour tax free. Tax free and no benefits, protections, or retirement for anyone else doing this "on the side" or FT.

Remember I am driving the most efficient non-hybrid/non-diesel available - the 2018 Hyundai Elantra ECO - and purchased it for the absolutely lowest price in the country while achieving the highest mpg yields the lowest cost in $/mile of any new or reasonably new car in the rideshare business. By comparison, there are hundreds of thousands of $20 to $30k compact to midsize vehicles pulling far less than 30 mpg with TCOs in the $0.40 to $0.60/mile range! These same drivers here in Southern California are earning $0.60 to $0.65/mile * their mile cap factor (on avg 58 percent) which provides a NEGATIVE $0.10 to $0.25/mile earnings stream on miles. Working off their time rates of $0.115 to $0.285/hour * their time cap factor of 40 percent yields negative earnings for many drivers here. They just do not or are unwilling to understand the actual vehicle costs which leads to worker exploitation while performing rideshare in its present form at these current far below minimum wage "net" rates.

The "job" is actually pretty cool meeting new people and seeing new places on a daily basis while driving all over the darn place. The pay when allowing the apps to run your day or night is positively abysmal. When controlling them, the pay is just barely acceptable imho.

I do have a Lyft scheduled ride at 05:35 AM on Sunday, tomorrow morning, and will surely pick up another two or three before the night is out while running a script and discarding the trash $3 to $25 rides that make no sense and were picked up in my net after the fact.

Last night the 2018 Hyundai Elantra Eco breached the 120k mile mark.

Wayne

 

Hi All:

The 2018 Hyundai Elantra has been performing exquisitely with even higher efficiency and still not a discernible squeak or rattle after 136k miles.

What has not been kind is the deprecation hit still beating this beautiful rideshare vehicle to a pulp.

To Date -- 2018 Hyundai Elantra Eco KBB TIV


136k miles in Fair condition.​

From years end with 74.4k on its clock to today with 136k miles, a $7,523 USD TIV value vehicle is now down to just $3,694 USD or a total estimated expense of $3,829 USD over the last 61.6k miles for a $0.062/mile depreciation cost.

Fuel costs here in California have fallen somewhat vs the beginning of the year as I have paid an average of $3.26/gallon with all the discounts I can muster applied from Jan 1 through today. I am now up to a lifetime of 43 mpg or between Jan 1 and Aug 14, I consumed 1,425 gallons at 43.2 mpg and for a cost of $4,645.5 USD or $0.075/mile.

Minor maintenance and repair: 2 new headlight bulbs for $17, one lost tire after warranty for $50, 1-gallon of wiper fluid for $6, and 5 qts of QS UD Synthetic I use to top off the 1.4L engine after 6k miles for $21.

2019 Rideshare Vehicle Expenses

Depreciation: KBB TIV shows a $3,829 hit from used at Jan 1 or $0.062/mi.
Fuel: $4,645 in fuel at 43.2 mpg and $3.26 per gallon average over 61,600 miles or $0.075/mi
Insurance: $346 for (8) months of vehicle insurance or $0.006/mi
Oil Changes: $121 or $0.002/mi
Tires: Still at ~ $0.004/mi although I may not have to buy a second new set this year?
Brakes: Rears will probably need replacement before years end so I am adding another $130 over 160k miles or $0.001/mi.
Minor Maintenance and Repair: $94

2019 to Date Total Rideshare Vehicle Expense = $9,165

When changing out the second headlight, my S8+ fell out of my hoodie causing a small crack in the corner. I just picked up a new Galaxy Note 8 as a replacement last week for $329.95 + Hawaii Tax or $345. I am also supplying Netflix ($9/month) to customers through a Kindle HD 10 ($149.95) and velcro headrest tablet wrap mount ($28). The tried and true B&D Li-Ion Hand vac died after 18-months of hard use so I replaced it with another for $64.

2019 to Date Rideshare Consumable Expenses

$127 for water
$95 for packaged snacks (Fritos, Chips, Doritos for AP riders etc.)
$93 for Granola Bars
$136 for customer sodas
$345 for phone + $480 ($60/month) for Service
$115 in California Tollway charges
$250 for onboard Netflix
$64 for B&D Hand Vac

2019 to Date Total Rideshare Consumable Expense = $1,705

Total 2019 YTD Rideshare Cost of Ownership ($10,870) -- not including any taxes on Rideshare -- is now down to just $0.176/mile excl. taxes after 61,600 2019 miles through Mid Aug. of 2019.

The unexpected, untimely transmission or engine repair, accident deductible damage, or other unknown yet to be experienced vehicle electrical or mechanical calamity is as always just ahead of my current location. At least vehicle and equipment costs are now below my target goal of $0.18/mile and down from the last years new $0.206/mile raw vehicle expenses other than the 2019 tax year calculations which will add some expense to the final while deducing a net of course. I hope my luck with reasonable low expenses continues for the foreseeable future.

After taxes are calculated early next year and with no large unforeseen maintenance and repair bills that are always looming, I am guesstimating the now used 2018 Elantra will provide a $0.24/mile TCO for year 2 here in California - down slightly from the $0.264/mile new car in IL 2018 result - despite the much higher cost of fuel.

Now time to go freshen up the car for a private LAX run in just 2-hours and a SAN pickup later tonight...

Wayne

 

Hi All:

The 2018 Hyundai Elantra Eco after 156,262 miles has been sold to Carmax for $3,500. With that out of the way, I will be able to calculate the total cost of ownership for both Year 2 and lifetime.

It should be good. The job however has has become to onerous on the income side to continue as is.

Wayne

 

Hi All:

A ton to discuss regarding the possible future of rideshare since many have discovered that after vehicle expenses, it is a far below Federally mandated minimum wage proposition. The only thing that saved me was the absolute steal of a price on the 18 Elantra and the 43.2 mpg lifetime I achieved from it. Very very few could have experienced just $13,300 in depreciation ($16,800 purchase price - $3,500 sales price) after 156,262 total miles. The year began with 87,800 miles on the clock so the Elantra was driven another 68,462 miles doing rideshare almost exclusively. I am finishing off a few previously scheduled private rides to conclude the study but those are being completed in the 2017 Sonata Hybrid Limited and I will keep those earnings - less than $1,000 - out of the discussion.

2019 Rideshare Gross Income

Lyft provided a gross of $30,262.91
Uber provided a gross of $25,710.41
Cash tips and private rides accounted for $3,130
Private rides via Paypal and Venmo accounted for $3,071 and $1,850 respectively.

Total 2019 Rideshare Gross income: $64,024.32

I will calculate the vehicle costs incl. fuel, maintenance and repair, insurance, depreciation (this year and last years) plus consumables and come up with a TCO/mile in the morning.

Wayne

 

Hi All:

Here is the final 2019 Rideshare total cost of ownership details including Gross income ($64,024.32), Total vehicle and rideshare expenses incl taxes ($17,250), Net income ($46,774) and total cost per mile incl taxes ($0.252/mile).

2018 Hyundai Elantra ECO


Last pic of my baby while receiving new Hankook tires on Oct. 1 prior to its trade in on Oct. 11th.​

2019 Rideshare Gross Income

Lyft provided a gross of $30,262.91
Uber provided a gross of $25,710.41
Cash tips and private rides accounted for $3,130
Private rides via Paypal and Venmo accounted for $3,071 and $1,850 respectively.

Total 2019 Rideshare Gross Income: $64,024.32

2019 Rideshare Vehicle Expenses

Depreciation: $3,500 Carmax trade-in at the 156,252-mile mark or a $4,013 hit – $7,513 (KBB TIV Fair) - $3,500 actual sale price - from used at Jan 1 and 87,800 miles to Oct. 11th, 2019 with 156,252 on the clock. $4,013 in actual 2019 depreciation for 2019/68,452 miles = $0.059/mi.

Fuel: $5,368 in fuel at 43.1 mpg and $3.38 per gallon avg over 68,452 miles. $5,368/68,452 = $0.0784/mi.

Insurance: $436 for (10) months of vehicle insurance or $0.006/mi.

Oil Changes: $163 or $0.002/mi.

Tires: Second set of Hankook PT H737s cost $304 at ~ $0.004/mi.

Brakes: They were doing well with a new set of fronts and rears expected by January or February of next year. No cost for 2019 so $0.000/mi.

Minor Maintenance and Repair: Another headlamp bulb, rear third brake light bulb, air filter, wiper fluid, set of wiper blades etc. -- $132

2019 to Date Total Rideshare Vehicle Expense = $10,416

When changing out the second headlight, my S8+ fell out of my hoodie causing a small crack in the corner. I just picked up a new Galaxy Note 8 as a replacement 2-months back for $329.95 + Hawaii Tax or $345. I am also supplying Netflix ($9/month=$90) to customers through a Kindle HD 10 ($149.95) and velcro headrest tablet wrap mount ($28). The tried and true B&D Li-Ion Hand vac died after 18-months of hard use so I replaced it with another for $64.

2019 to Date Rideshare Consumable Expenses

$145 for water
$95 for packaged snacks (Fritos, Chips, Doritos for AP riders etc.)
$106 for Granola Bars
$142 for customer sodas
$345 for phone + $600 ($60/month) for Service
$135 in California Tollway charges
$268 for onboard Netflix
$64 for B&D Hand Vac

2019 to Date Total Rideshare Consumable Expense = $1,900

Total 2019 YTD Rideshare Cost of Ownership ($12,992) -- not including any taxes on Rideshare -- is now down to just $0.19/mile excl. taxes after 68,452 2019 miles through early Oct. of 2019.

2019 Rideshare Taxes

I will be using the std. $0.585/mile Federal mileage deduction since it will be far more than the actual driving cost aspect for the 2018 Elantra. This left a gross of $64,024.32 minus $40,044 (68,452 * $0.585/mile) minus consumable expenses of ($1,900) and insurance ($436) for a taxable income of $21,644.

The 20 percent pass-through yielded a taxable income of $17,315.

From the $17,315 taxable income, SS/MC will be 15.3 percent ($2,649), Fed will come in around 11 percent ($1,904), and State of CA around 2.2 percent ($381).

2019 Total Rideshare Taxes = $4,934

2019 Rideshare Net Earnings

All in profit from gross earnings minus vehicle and consumable expenses incl. taxes and insurance over the 68,452 2019 rideshare miles comes to $64,024 (gross earnings) minus [$11,092 (out of pocket rideshare vehicle expenses) + $1,900 (total rideshare consumable expenses) + $4,934 (total Fed and State taxes)] = $46,774.

2019 Total Rideshare Net Earnings = $46,098

Rideshare Earnings Per Mile (Earnings minus expenses)

Gross Earnings: $0.935/mile from $64,024/68,452 miles

Expenses: $0.261/mile incl. taxes ($17,926/68,452 miles)

Net earnings = $0.935/mi - $0.261/mi = $0.674/mile

Net Rideshare Earnings (Gross earnings minus all expenses) vs W2 Earnings Equivalent

To take home $46,098, a W2 wage earner would have to earn at least - or the equivalent of - $68,445 with a 7.65 percent FICA/MC, 20 percent Fed, and 5 percent CA State from what would be a normal job with W2 income.

My rideshare net income of $46,098 was generated while working 10-months at 70-hours per week for a grand total of ~ 2,950 total hours for a $15.62/hour take home. This includes pre and post shift cleaning of the Elantra interior/exterior, refueling time, and app on time from the time I am ready to rock and roll up to the time I arrive back home at the end of a day. The longer it takes to cover 68,452 miles – i.e. part time rideshare driver, the higher the expenses as yearly depreciation, registration, and ever higher fuel costs are based off far fewer miles yielding an even higher TCO/mile.

A W2 wage earner would have to earn approximately $23.20 per hour - all 2,950 hours at straight time - to match and would have to include his or her commuting time in lieu of every day and vehicle cleaning time.

However, remember that the rideshare driver receives no OT after 40-hours, no benefits of any kind incl. no health or dental insurance and takes on all the risks of rideshare including tickets, vehicle damage from collision or disrespectful passengers, verbal abuse, physical assaults, and even death.

Tomorrow I will complete the full study from purchase to trade-in over the 21-month totals plus compare vs other popular Rideshare vehicles – Prius, Sentra, Corolla, Camry Hybrid…, including their purchase price with finance costs, depreciation, and fuel costs at slight less than EPA combined using the exact same miles and fuel costs. This should prove to be eye opening in and of itself vs the lowest purchase price of the most fuel-efficient non-hybrid in America driven by one of the most fuel-efficient drivers in history…

Wayne

 

Hi All:

On a side note, the item that helped improve earnings this year over last was mainly private rides to and from Airports and Events at my charge out rate of $1.20 per mile vs earning just $0.8775 per mile at 60 mph on Uber and Lyft's below poverty rates here in San Diego. These rides accounted for just over 10 percent of my gross income this year.

The $0.585 vs $0.54/mile Federal mileage write-off also helped provide a few more dollars into my household vs last year’s tally.

My homes location in Carlsbad, CA about 35-miles due north of San Diego with over 115,000 citizens plus neighboring cities including Oceanside (176,000), Vista (101,000), San Marcos (96,000), and Encinitas (63,000) all help to generate far higher demand than my rideshare experience from the IL/WI border and Lake Michigan in the towns of Winthrop Harbor, IL (6,745), Zion, IL (24,000), Waukegan, IL (87,000), and Gurnee, IL (30,000). It was not uncommon to be pulled 45-miles south into the city of Chicago to make any money and of course the 45-miles of deadheading back on an almost daily basis.

In IL, sometimes I could go for 2+ hours without a single ride request (ping). Here in Carlsbad, even on a bad day the most I have experienced is 1.5 hours and one a good day, 5-minutes between pings and it can go on for hours.

Drivers closer to the population centers within Pacific Beach and downtown San Diego make even more as they fire up their app and receive a ping within minutes if not seconds on most afternoons and evenings.

In addition, the California population here in North San Diego county has far more disposable income vs a Northern IL resident so a $50 to $60 ride to the San Diego Airport or $125 to $150 ride to LAX does not garner the same thought as a $50 ride to O'Hare from the far northern suburbs of IL.

Uber and Lyft Driver Stats through Oct. 11th, 2019



Well over 9,000 rides between Uber, Lyft and Privates in just 20-months’ time.​

Wayne

 

Hi Trollbait:

Not even close. My quotes for Commercial have moved up from $4,500 to over $6k/year so no go on that.

In California, Phase 1 - Uber/Lyft App on but no pings, drivers are covered with $1,000,000 Liability.

Under Phase 2 - Ping accepted and on your way to the passenger, Uber and Lyft have to cover the driver with both a $1,000,000 Liability and collision with a $1k deductible on Uber and a ridiculous $2,500 deductible on Lyft.

Under Phase 3 - Passengers on board and heading to destination, the same coverage as Phase 2 is in force.

The only time your personal insurance is involved is possibly Phase 1 and when you are off app. Since my vehicle was coming up on fully depreciated at the 125k mark - collision self insurance at $5k or below, I gave up my policies collision which dropped my insurance expenses in half. This was a full time rideshare vehicle so my own policy was only in force for about 3,000-miles this year. A total waste but a necessary to drive in the U.S.

Another cost reduction item I decided on occurred after the 100k mile mark. At that point, the Hyundai warranty was no longer in force. Since I was completing OCs about once every 3 to 4-weeks and the oil was still golden at each change, I went to 12.5k OC interval vs the 6k interval spelled out by the manual. At the 6k mile mark, I would add about half a quart of QuakerState Ultimate Durability which kept me between the full and 3/4 hash mark on the dipstick for the entire 12.5k miles.

Wayne

 

Hi All:

The completed Long Term Rideshare Total Cost of Ownership (TCO) Study after 156,252 total vehicle miles with 142,452 of those miles being exclusively rideshare miles.

The vehicle was a 2018 Hyundai Elantra Eco - Purchased on 12/30/2017 w/ 4-miles and sold on 10/11/2019 w/ 156,252 miles.

2018 Hyundai Elantra ECO Price ($21,645 Monroney MSRP incl. cloth mats, first aid Kit, wheel Locks, Full tank of fuel, and D&H)

2018 Hyundai Elantra ECO - $13,803
Calif. Tax - $1,499
DOC - $80
Tamp Tag - $21
Mini-Spare - $239
IL Registration and Plates - $200
California Plates, title, registration, and smog transfer: $350.

Total OTD Vehicle Cost incl. TTL(s), D&H, and DOC: $16,192

2018 Hyundai Elantra ECO Rideshare Accessories

ANKER AUX Cord - $6.99 shipped
ANKER USB-A to Lightning Cable - $8.99 shipped
ANKER (2) USB-A to USB-C Cable - $11.99 shipped
ANKER USB-A to Micro USB Cable - $5.99 shipped
RapidX X5 5-port fast charger - $20 shipped
Husky Front, Rear, and Trunk Mats - $220 shipped
Black and Decker BDH2000PL MAX 20V Lithium Pivot Car Vacuum - $67.99 shipped
Norelco Razor - $32 shipped
24 Blue Motion Sickness Bags - $9.99 shipped
iOttie Easy One Touch 4 Dash Mount - $24 shipped
Garmin DriveSmart 70 LMT – Promo unit from the 15 VW Golf TDI Guinness World Record Drive ($349.99 retail price)
Mini-Spare and jack kit included in the Total Vehicle Cost above.
Kindle Fire HD10 - $161 shipped <-- Added in 2019
Adjustable angle car headrest tablet mount - $25 shipped <-- Added in 2019

OTD Vehicle Accessory Costs: $593.94

Total Vehicle Purchase Price: $16,786 -- $16,800 for all intents and purposes.

• 2018 and 2019 Total Rideshare Gross Income: $125,164
  
• 2018 and 2019 Total Rideshare Vehicle Expenses: $26,563
  
• 2018 and 2019 Total Rideshare Consumer Consumables Expenses: $3,492
  
• 2018 and 2019 Total Rideshare Taxes: $9,258
  
• 2018 and 2019 Total Rideshare Net Earnings: $85,851
  
• 2018 and 2019 Total Rideshare Net Earnings/Mile: $0.549/mile
  
• 2018 and 2019 Total Rideshare Cost/Mile: $0.252/mile
  
• 2018 and 2019 Total Rideshare Net Earnings/Hour: $14.80/hour

Wayne

 

Hi All:

Now that we have deduced the long term costs and total cost of ownership after all expenses ($0.258/mile) and a net earnings of $15.21/hour, what would it have cost the average driver to drive the following variety of typical rideshare vehicles through the same exact duty cycle, roads, locations, scenarios, and hours that I completed in the 2018 Elantra Eco?

Rideshare Vehicle Purchase Price incl D&H, TTL, and 2nd Year Registration* Case Study

I chose the following vehicles trims to approximate the 18 Hyundai Elantra Eco trims features. Cloth Seats, midgrade infotainment incl Android Auto/Apple CarPlay Navi, and a suite of advanced accident avoidance features if offered. Unfortunately, most new car purchasers pay far more than my own targets but we cannot do anything about that discrepancy.

The midsize Camry, Altima, and Accord are larger vehicles but earn the exact same Uber and Lyft rates as the Corolla, Elantra, Ioniq, Prius and Sentra here in California. Some smaller markets do allow a midsize a 10 percent rate increase for “Comfort” selection which make up maybe 10 percent of those driver’s totals adding at most, 1 percent to their take home for most.

2018 Hyundai Ioniq SEL


On the highway it will impress. Around town, not so much.​

I also generalized the purchase price to what I have seen when writing up the occasional “Hot Deals”.

• 55 mpg rated 18 Hyundai Ioniq SEL: MSRP incl. D&H of $24,885 and purchase at $23,000+TTL = $25,318
• 52 mpg rated 18 Toyota Prius 3: MSRP incl. D&H of $27,635 and purchase at $25,000+TTL = $27,463
• 52 mpg rated 18 Toyota Camry Hybrid LE: MSRP incl D&H of $28,885 and purchase at $27,000+TTL = $29,608
• 47 mpg rated 18 Honda Accord Hybrid: MSRP incl D&H of $25,995 and purchase Price of $25,000+TTL = $27,463
• 36 mpg rated 18 Honda Civic EX-T: MSRP incl D&H of $23,395 and purchase at $23,000+TTL = $25,318
• 32 mpg rated 18 Nissan Sentra SV: MSRP incl D&H of $21,385 and purchase at $15,600+TTL = $17,382
• 32 mpg rated 18 Toyota Corolla XSE: MSRP incl D&H of $23,670 and purchase at $22,000+TTL = $24,246
• 31 mpg rated 18 Nissan Altima SV: MSRP incl D&H of $25,205 and purchase at $20,000+TTL = $22,101

*TTL includes State sales tax in California is 7.25 percent plus $651 from Doc: $80, Temp Tag: $21, IL Registration and Plates: $200, and CA Registration, Plates and Smog: $350.

2018 Toyota Prius Two Eco


A used one for < $15k would suffice for rideshare nicely!​

156k Mile Rideshare Vehicle Depreciation Expense Case Study

What should the owner expect to receive if trading in any of the above vehicles at the 156k mile mark in Fair Condition per KBB? Carmax purchased the 18 Elantra Eco outright at the midrange TIV in Fair condition target.

• 18 Toyota Camry Hybrid LE KBB TIV in Fair Condition after 156k miles of Rideshare: $7,762
• 18 Toyota Prius Three KBB TIV in Fair Condition after 156k miles of Rideshare: $6,798
• 18 Honda Accord Hybrid KBB TIV in Fair Condition after 156k miles of Rideshare: $6,766
• 18 Toyota Corolla XSE KBB TIV in Fair Condition after 156k miles of Rideshare: $6,200
• 18 Hyundai Ioniq SEL KBB TIV in Fair Condition after 156k miles of Rideshare: $5,427
• 18 Honda Civic EX-T KBB TIV in Fair Condition after 156k miles of Rideshare: $5,130
• 18 Nissan Altima SV KBB TIV in Fair Condition after 156k miles of Rideshare: $4,523
• 18 Nissan Sentra SV KBB TIV in Fair Condition after 156k miles of Rideshare: $3,514

With the Residual TIVs in hand, we can calculate each individual vehicles depreciation through the 156k mile trial case study period from the purchase price plus TTL minus the TIV.

• 18 Nissan Sentra SV depreciation after 156k miles of Rideshare: $13,868
• 18 Nissan Altima SV depreciation after 156k miles of Rideshare: $17,578
• 18 Toyota Corolla XSE depreciation after 156k miles of Rideshare: $18,046
• 18 Hyundai Ioniq SEL depreciation after 156k miles of Rideshare: $19,891
• 18 Honda Civic EX-T depreciation after 156k miles of Rideshare: $20,188
• 18 Toyota Prius Three depreciation after 156k miles of Rideshare: $20,665
• 18 Honda Accord Hybrid depreciation after 156k miles of Rideshare: $20,697
• 18 Toyota Camry Hybrid LE depreciation after 156k miles of Rideshare: $21,846

2018 Toyota Camry Hybrid


Sometimes you just have to stop and smell the roses! Or the weeds. ​

156k Mile Rideshare Vehicle Fuel Expense Case Study

I had to make some estimates for efficiency because when I ride in another rideshare vehicle, I ask the owner about his or her own efficiency. Whether it is a Prius or Compact/Midsize Sedan or CUV, the vast majority of drivers are not even reaching EPA combined.

After 142,452 miles of actual rideshare – the same as the 2018 Elantra Eco delivered, drivers would normally experience the following efficiencies and fuel costs.

Year one between 4 miles and 74,400 miles at $2.80/gallon in IL.
Year two between 87,800 miles and 156,250 miles - 68,452 miles, at $3.38/gallon avg in CA.

To get down to those averages, I was using the $0.10/gal Shell T-Mobile Tuesdays disc. and the Lyft $0.02/gallon additional discount. In CA, I normally used the Costco 4 percent back on all fuel purchases though year one on the Citi Costco Visa CC. Most drivers are paying quite a bit more than this. Especially in CA where gasoline now averages more than $4 per gallon across the entire state.

2018 Honda Civic Sedan


Solid choice despite the higher than expected – for a Honda – depreciation.​

• 18 Toyota Prius Three Fuel Cost at 50 mpg after 156k miles of Rideshare in both IL and CA: $8,794
• 18 Hyundai Ioniq SEL Fuel Cost at 46 mpg after 156k miles of Rideshare in both IL and CA: $9,558
• 18 Toyota Camry Hybrid LE Fuel Cost at 45 mpg after 156k miles of Rideshare in both IL and CA: $9,670
• 18 Honda Accord Hybrid Fuel Cost at 44 mpg after 156k miles of Rideshare in both IL and CA: $9,993
• 18 Honda Civic EX-T Fuel Cost at 33 mpg after 156k miles of Rideshare in both IL and CA: $13,323
• 18 Nissan Sentra SV Fuel Cost at 30 mpg after 156k miles of Rideshare in both IL and CA: $14,656
• 18 Toyota Corolla XSE Fuel Cost at 30 mpg after 156k miles of Rideshare in both IL and CA: $14,656
• 18 Nissan Altima SV Fuel Cost at 28 mpg after 156k miles of Rideshare in both IL and CA: $15,703

2018 Honda Accord Hybrid


Rear seat comfort is the best of this studies lineup by far!​

156k Mile Rideshare Vehicle Financing, Insurance, and Maintenance Expenses Case Study

Since I only financed the Elantra long enough to receive the $500 rebate – 3-months, and paid well over $9k on the first payment of the $10k loan, financing costs were essentially 0. Unfortunately for most drivers, they are financing their rideshare vehicles to the hilt at an average of 5 percent on 72 to 84-month notes. A FT rideshare driver’s vehicle will never reach out that far – 500k miles of rideshare - and the driver will find himself or herself extremely upside down when they go to trade in their 150k mile vehicle. In any case, most owners are going to have a significant finance charge based off at least $20k principal at 5 percent over the next 2 years or $500+/year finance expense.

Insurance on all of the vehicles other than the 18 Sentra/Altima would be a bit higher than I had to pay on the Elantra Eco since I was able to remove collision though most of 2019 given the below $6k residual. The others I would have had to insure the > $6k residual all the way until trade-in forcing owners to continue full coverage adding another approximate $300/year expense.

Regarding maintenance, brake replacement on any of the hybrids should not be a consideration given the regenerative braking action saving one $300 front rotor and pad replacement over the two years of rideshare ownership. Oil changes on the Sentra/Altima can be done inexpensively like the Elantra. Non-Synthetic $20 OCs at the 7,500 to 10k mile marks. The Hybrids are going to cost at least $40 and possibly $60 for an OC – Camry Hybrids 0W-16 oil comes to mind. In any case, the Hybrid disadvantage is only $280 to $580 (Camry Hybrid).

2018 MY 156k Mile Rideshare Total Cost of Vehicle Ownership Case Study

Depreciation (Purchase price incl TTL for 2 years – 156k TIV residual), Fuel, Finance, Insurance, plus basic Maintenance and Repair (tires, OCs, fluids, and bulbs etc.), for each vehicle over the almost 2-year study period looks like this 18 Sentra SR example:

18 Nissan Sentra SR [Depreciation of ($17,382 - $3,514 = $13,868) + fuel at $14,656 + finance at $1,000 + tires, OCs, brakes, and general maintenance $950] = $30,474

2018 Nissan Sentra


Possibly the lowest Total Cost of Ownership new car available through 150k miles today. The CVT is suspect however.​

Given this is essentially your vehicle Total Cost of Ownership (TCO), this metric is possibly the most important of all. Remember however that the case study’s calculations ended at the 156k mile mark. Maintenance and repair on the non-hybrid are going to go up significantly whereas the Hybrids should hold their low maintenance through the 250k mark. In addition, the fuel savings of the hybrid begin to overwhelm the inherent low TCO advantages of the non-hybrids just a few tens of thousands of miles beyond the 156k mile mark. To put it bluntly, the Prius, Ioniq, Camry Hybrid, and Accord Hybrid’s TCO would be less at the 200k mile mark than even the Sentra SV. Who here would rather drive an Ioniq, Camry Hybrid, or Accord Hybrid for 200k miles rather than a Sentra? The extra range of the hybrids alone eliminates one out of every 3 to 4 fuel stops for example. Our 2017 Hyundai Sonata Hybrid is currently at 980 miles with over 50-miles of DTE still showing. My recently sold 2018 Hyundai Elantra Eco would need 2 refuels over the same number of miles.

These are very important metrics to think about when making a long-term decision like which new vehicle should you consider for Rideshare or even just general ownership if you were so inclined.

• 18 Nissan Sentra SV: $30,474
• 18 Hyundai Ioniq SEL: $31,349
• 18 Toyota Prius Three: $31,359
• 18 Honda Accord Hybrid: $32,740
• 18 Toyota Camry Hybrid LE: $33,866
• 18 Toyota Corolla XSE: $34,652
• 18 Honda Civic EX-T: $35,461
• 18 Nissan Altima SV: $35,511

Given the above, we have calculated the approximate purchase price incl. TTL, depreciation via TIV, Fuel Costs, Financing, Insurance, and Maintenance Expenses, and are ready to come up with the final expenses and net income when using any of the of the 8 vehicles for rideshare use.

2018 MY 156k Mile Rideshare Total Cost of Ownership

Total Vehicle Cost + consumer consumables and taxes provides the total cost of ownership (TCO). Consumer consumables and Taxes should not have materially changed from the 18 Elantra Eco Rideshare cost study at $3,492 and $9,258 respectively. For a total cost of ownership incl. taxes here in CA, we have the following:

• 18 Nissan Sentra SV: $43,224
• 18 Hyundai Ioniq SEL: $44,099
• 18 Toyota Prius Three: $44,109
• 18 Honda Accord Hybrid: $45,490
• 18 Toyota Camry Hybrid LE: $46,616
• 18 Toyota Corolla XSE: $47,402
• 18 Honda Civic EX-T: $48,211
• 18 Nissan Altima SV: $48,261

From the 18 Elantra 156k Mile Rideshare Actual Cost Case Study a few posts back, the 2018 and 2019 Total Rideshare Gross Income was $125,164. We can now calculate what each of the individuals Net Earnings, cost per mile, and $/hour will be in the various vehicles.

2018 and 2019 Total Rideshare Gross Income: $125,164 and all-in expenses listed directly above reveal a net income (Gross minus all-in Expenses), total cost per mile after 142,452 miles, and $/hour after 5,800 hours as follows:

2018 MY 156k Mile Rideshare Net Income, Total Cost Per Mile and After Tax $/hour

• 18 Hyundai Elantra Eco: $88,253||$0.258 /mile||$15.12/hour
• 18 Nissan Sentra SV: $81,940||$0.303/mile||$14.12/hour
• 18 Hyundai Ioniq SEL: $81,065||$0.303/mile||$13.97/hour
• 18 Toyota Prius Three: $81,055||$0.31/mile||$13.97/hour
• 18 Honda Accord Hybrid: $79,674||$0.319/mile||$13.74/hour
• 18 Toyota Camry Hybrid LE: $78,548||$0.327/mile||$13.54/hour
• 18 Toyota Corolla XSE: $77,762||$0.333/mile||$13.40/hour
• 18 Honda Civic EX-T: $76,953||$0.338/mile||$13.26/hour
• 18 Nissan Altima SV: $76,903||$.338/mile||$13.26/hour

2018 Toyota Corolla LE Eco


Nobody will fault you but ...​

So what does the above describe? Rideshare with a new vehicle is going to force you into barely above minimum wage earnings all the while you are takin huge risks. For example, if you are involved in a major accident in the first month of vehicle ownership, Uber is only going to give you what the vehicle is worth, not what you paid for it minus $1k. Lyft will give you the same minus $2.5k.

If you can drive for a solid 3 years’ worth of 40-hour equivalent weeks racking up 6k hours similar to the 5,800 racked up during the Elantra Eco case study without incident, the above provides a close estimate of what you may be able to earn.

Given the risks, no promise of a given stable rate – Lyft just reduced driver rates to just $0.33 to $0.47/mile including ping pickup in Boise, Charlotte, Milwaukee, Vegas, Phoenix, and Minneapolis a little over a month ago, and a new vehicles total cost of ownership. A job at Costco is safer, pays better, and your quality of life will be vastly improved. New vehicle costs for rideshare are simply to high to justify the risks going forward.

I have not yet considered the TCO for a 2020 Prius Prime that is finally qualified for Rideshare duties with seating for 5 namely because I am only seeing $1,500 rebates. $30k vehicles even with $1,500 OEM Rebates, a $4,502 Tax Credit and $1,500 CA State tax rebate still leaves its out the door cost near $24,800.

2018 Toyota Prius Prime


Best new car for rideshare if you qualify for all the Fed and State tax credits.​

A used $8k to $15k hybrid – my parents 2012 Prius v or our 17 Sonata Hybrid Limited with the Tech pkg achieving at least 45 mpg is a bit better with a TCO of between $0.20/mile and $0.25/mile and an hourly rate of $16+. But not without a lot of risk… Yeah, there is that risk thing again.

Wayne