Uber / Lyft Driving (OT)

[bkeich]

I am seriously considering semi-retiring and starting to drive Uber / Lyft. Has anyone else done it? I am interested in opinions / experiences / logical choices.

[JerseyJoe]

I'm a longtime lurker and decided to create an account to reply to this topic. I am not an Uber or Lyft driver, but I considered being one several years ago. I decided not to because of a video I watched on YouTube. I'm somewhat unsure about how to include links, but I'll try it here:

Called "Why Uber Is a Scam," it goes through the math. Apparently, Uber's business model centers on exploiting its drivers. Even though the video was posted in 2016, it probably still is accurate today. Anyway, I hope the video provides helpful information for you.

[zambonir]

I am sure some people make money but it is not easy. If you've got a car and just need part-time income occasionally it's probably better than if you're trying to do it as your job. Eventually the whole business model is still going to collapse (it kind of already did during the pandemic when there were fewer drivers and people actually had to start paying what were really market rates, instead of VC-subsidized, driver-subsidized rates).

[bkeich]

Thanks Jersey Joe and as always Zambonir, I am really looking for my future near-retired job.

My reason for looking at Uber is really the insurance possibility. I realized that if I do 20 trips I can become Uber+, at which point I can buy health insurance through them as long as long as I do 1 trip/month. The Gold rated insurance for a couple is $500/ month and is ok insurance ($35 visits, $6K deductible, $15K max per year, drugs costs somewhat covered). That isn’t great insurance, but I is better and cheaper than on the open market.

Honestly, my first choice for semi-retirement would be to go live in Europe for a few years, but I will NEVER talk my wife into that.

[bkeich]

Jersey Joe,

I can see the point of the video, but it is a little too negative I think. The $0.54/mile is a little iRS rule that I have always made a ton of money off. It is too high, for more than 30 years I have made some money off this rule in my career, the actual cost number is probably closer to $0.25-0.30 per mile. My guess is the $/mile cost for Uber / Lyft will have to go up significantly soon due to gas prices.

That said, it is clearly a means of making money that is not great, and certainly not a primary way of making money for someone trying to earn a livable income easily.

Thanks for the reply, appreciate you taking the time to create the user to help.

[zambonir]

That's interesting about the insurance though if you are near-retired (at that point) you still might do better with the federal exchange.

[bkeich]

My ultra quick look at Exchange showed me a gold level insurance for a couple around $1400/ month. It seems to me that is about the rent in Portugal