On the face of it, becoming a driver with Uber is a nice way to earn a little extra cash. And, when you hear that over half of New York’s Uber drivers are making upwards of $70,000 per annum, it’s, even more, tempting, right?
Well, unfortunately not. The truth is that those figures are somewhat skewed. That 70K figure only accounts for Uber drivers that work more than 40 hours a week, so it discounts everyone working part time. And, most importantly, it also fails to mention that it is a net figure.
All car maintenance, fuel, insurance, and repairs all need to come out of that figure, too. In fact, in some cases, after everything is taken into account, some Uber drivers earn as little as $4.50 an hour. So, that’s not quite the boost to your income that you were thinking about if you wanted a little part-time job on the side.
So, the big question for today is; how can you make a little extra money as a Uber driver? Read on to find out how you can make this driving job pay more.
Forget about part time
You will barely make any money at all as a Uber driver, depending on which city you live in. So, the more time you can afford to spend being a driver, the more you will earn in relative terms. Let’s say that you wanted to earn that $70K per year we mentioned above. You will need to be driving around passengers for an average of 58 hours a week based on fares in New Jersey. So, that figure is achievable – but you will have to put a shift in.
Always check your insurance package
First of all, you are responsible for your insurance package, not Uber. That means that finding the cheapest plan possible- that still covers you – is a great way to lower your costs. Lots of insurance companies are beginning to offer specialist Uber insurance, So, it might be worth checking the market to see if you can find a better deal. But, in general, new insurance plans are more beneficial regarding money than plans you are currently on. So, whenever your cover runs out, you should be looking elsewhere to take advantage of a better offer.
Drive at the right times
All cities have different peak times, so wherever you drive, find out when it’s busiest. This is when you get a surge fare – as demand outstrips supply. So, the more you drive through these hours, the better money you will take – it’s as simple as that. Another thing to consider is logging out of your app just before a peak time hits. A lot of drivers do this as it means there are fewer cars available, and the price goes up further. So, when you log in again, you get the higher surge fare. Logging out ten minutes before the surge begins will also mean you will avoid getting stuck with a long standard fare.
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Don’t drive if you don’t need to
Every last drop of fuel that you use is coming out of your pocket, so minimize your use. You might get the occasional ping from your Uber app, but, by and large, it is fruitless. Your best bet is to stick to central areas that are full of bars and restaurants, and only leaving them when you have a fare. Otherwise, you might get a ping that means a long journey to a suburban location – and you will lose even more money.
Get the passenger app
You will have Uber’s driver app on the go, of course. But, it doesn’t tell you all that much information. Your best bet, then, is to have a second phone with the passenger app on it. This will show you where all the other Uber drivers are and help you avoid heavily serviced areas. Sometimes, even being on the different side of the road can get you more pings to pick up.
Lower your costs
If you are out and about in a car for ten or so hours, you are going to need food and drink. Make sure that you bring your own with you, rather than going for a takeout every night. It’s the easiest way of eating into your profits, and, of course, Uber doesn’t pay you for a food break. It’s also a good idea to learn about all the free parking areas in your city. You will have to make pit stops fairly regularly, so it’s best to avoid any parking fees at all. Again, these will come straight out of your takings at the end of the day. Of course, these examples might not seem like a lot. But, once you start making a few stops a night and hit the garage for some food a couple of times a day, then those costs soon add up over a year. Avoid them, and you will protect your bottom line.
Understand what Uber wants
Uber wants the most cabs in a the busiest areas to make sure that their service stays reputable. So, they will often send drivers a message telling them that there are lots of fares available on So-and-So Street. Your best bet is to ignore these and stay well away. The second a lot of drivers hone in on one area, the lower the fares will become. While, at the same time, other areas fares will go up because the drivers are now elsewhere.
Make sure you get ratings
The higher your ratings, the more money you will earn. So, always take Uber’s advice and dress professionally, keep your car in good nick, and be nice and polite. Do so, and your customers will be more likely to give you the ratings you need to get more jobs.
Do you drive for Uber? If so, we would love to hear from you. Why not get in touch and let us know about all of your experiences? Perhaps you have some great tips you can share about making more money from Uber, or as a general cab driver.
