If you’re trying to earn some extra cash, driving for a service like Lyft can be a great way to get more money in your pocket while setting your own schedule. How much Lyft drivers make varies depending on where they live and how much they work, but the average Lyft driver’s salary is about $19.16 per hour. If you ask Lyft, it says the average is $25 per hour.
How much do Lyft drivers make a day?
Lyft drivers are paid a base rate plus extra per mile and per minute, along with a tip offered by the rider. Lyft drivers have wide ranges in their salaries, with factors such as geographic location and service offerings having a major impact on earnings.
According to estimates from Salary.com, the average Lyft driver earns between $31,703 and $46,503 a year. Which would come out to about $120 to $178 a day, taking into account weekends, holidays, and vacation time.
Factors affecting Lyft driver income
Lyft driver income won’t be the same for every person. Several factors can make a difference in the earnings you’ll take home.
Some cities have higher pay rates for Lyft drivers. In certain states, the company has to pay minimum wage — a number that varies depending on the state where you’re working.
2. Demand/ time of day
During times of high demand for rides, Lyft will institute surge pricing. That means the trips cost more, and drivers get paid more. Typically demand is the highest during 7 a.m. to 9 a.m., when people are heading to work; 4 p.m. to 6 p.m. when people are headed home from work; and 12:30 a.m. to 2:30 a.m. when people are heading home from bars tend to be the best times.
3. Driver experience
When drivers have more experience they tend to have greater earnings due to, higher ratings and more positive reviews.
4. Service level
Lyft offers a variety of different service levels to cater to customer needs. These include,
- Lyft standard
- Lyft XL
- Lux Black
- Lux Black XL
Typically, Lyft luxury services and services that feature more space in the car tend to charge more, and Lyft drivers specializing in these services may be able to earn more per ride.
Tips for maximizing Lyft driver income
How much does a Lyft driver make per ride? Drivers’ fates aren’t entirely up to the city where they live. There are things drivers can do to maximize their earnings.
1. Finding high-demand areas
Places like downtown gathering spots, concerts and airports have more riders in one spot who need to get where they’re going. Lyft will create surge prices for those spaces because they’re high-demand areas. Taking riders from there will boost your pay.
2. Offering exceptional customer service
Having a clean car with things like snacks and bottled water available for your customers plus features like phone chargers for them to use will brighten your riders’ day and encourage them to give you bigger tips and higher ratings.
3. Driving during surge hours
Lyft drivers earn money based on the number of minutes and the number of miles that make up each of the rides. You can maximize profits by driving during hours when more people want rides, which creates a pay surge.
Challenges Lyft drivers face
Like all jobs, Lyft isn’t always a breeze. There are downsides to the gig to be aware of.
1. High operating costs
Keep in mind,A good portion of the pay goes to gas, tolls, insurance and car maintenance fees.
2. Difficulty maintaining a work-life balance
The times you’ll earn most with Lyft are often the times you would want to be with family or friends, like holidays and evenings. There’s also pressure to work extra hours because every minute you work is a chance to earn money.
3. Dealing with difficult passengers
Not everyone you’ll meet is perfectly polite therefore, it is important to keep in mind, you’re only stuck with them for the duration of the ride.
Earnings with Lyft compared to other jobs
Though How much Lyft drivers make isn’t a perfectly consistent figure, On average, drivers can make more than they would in many other jobs.
How much do Lyft drivers make per week?
Lyft drivers working 40 hours per week could earn about $766.
What percentage does Lyft take from drivers?
Researchers have found Lyft takes about 28% from its drivers. That’s steep, but not nearly as bad as taxis.
Are Lyft drivers paid a base salary or is it all based on their fares?
Lyft drivers do not receive a base salary, they are paid based on the fares they earn from their trips. Lyft takes a commission on each fare, and drivers keep the rest.
Is driving for Lyft worth it?
Lyft pays, on average, well over the minimum wage in most states. It also lets drivers work on their own schedules, including both the hours and days they work. Like any job, it has its drawbacks.
How do Lyft drivers get paid?
Typically, Lyft drivers get paid every Tuesday through a direct deposit to their bank accounts. A couple of other options also are available. Express Pay lets drivers access their funds immediately. Another option called Lyft Direct loads your earnings to a debit card managed through an online bank.