Lyft, Uber say drivers can make more than $2,000 a month. But here's the catch.
A driver with placards for both Lyft and Uber waits for a traffic light outside South Station in Boston after picking up a passenger.The online ads sound pretty great. A guaranteed $2,500 monthly to drive for Lyft or $2,100 monthly for Uber, which is close to $30,000 yearly for what is a part-time job for many.
More people are on the roads driving for Uber and Lyft, and with "the rapid growth in the number of drivers has come a steady decline in average monthly earnings," saysEarnings for those in the online transportation field fell 53% between 2013 and 2017, Chase says, averaging $783 per month in 2017 versus $1,469 in 2013.To get to $2,500, Lyft says drivers will make at least $625 weekly, and if they don't pull it in from fares, Lyft will make up the difference.
For Uber, the ride-hailing company notes that the $2,100 applies only to the first 200 trips, and that future earnings "aren't guaranteed." The 200 trips must be completed within 90 days. And the guarantee is for total earnings minus Uber fees.
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