The rise in rideshare earnings has been attributed to the colder weather. With that in mind, we looked at publicly available data from 2024 to see what Lyft drivers are making and what they could earn.
The article covers how much Lyft drivers get paid. The data suggested that there are more than 250,000 drivers on the network. To find out what they earn, continue reading.
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How Much Do Lyft Drivers Get Paid
According to data from 250,000 drivers in 2022, the average hourly rate for Lyft drivers was $21.97.
This is a significant increase from the previous year’s rate of $19.33. This is an excellent sign for drivers looking to expand their work hours this winter.
For March 2022, the gross earnings of Lyft drivers were $537.94, which is more than double what they earned in January.
In addition, drivers on the platform earned an average of $13.04 for every trip and pulled in an average of around $3 to $4 in tips. This made them the highest-paid gig drivers in the country.
Is the Rising Gas Prices Affecting the Earnings of Lyft Drivers?
The national average gas price has increased from $2.863 a year ago to $4.073 a gallon in April, according to AAA.
To help drivers avoid going without gas, ridesharing service Lyft introduced a fuel surcharge in March. The company noted that this surcharge will remain until at least May.
Although Lyft is currently not charging a fuel surcharge for drivers in New York City, it can still help you offset the higher costs by using its Gridwise Gas program.
This allows users to get instant cash back on gas purchased through GasBuddy.
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Opportunities for Lyft Drivers to Increase Their Earnings
In 2023, Lyft drivers will have various opportunities to earn more money, including bonuses and referrals.
In addition to regular bonuses, drivers can receive real-time and scheduled bonuses to boost their numbers during peak demand.
Although these are not new to the company, it’s essential to know the latest strategies to take advantage of them.
To find out where and when the demand is highest, drivers can use the Gridwise app to help them identify areas where the competition is strongest.
In real-time, the “Bonus Zones” appear in the app, and drivers can earn a bonus for accepting rides within these areas.
Lyft also offers ride streaks and ride challenges, which reward drivers for completing set amounts of rides.
Major Expenses Incurred by Lyft Drivers
Your app will show you the total amount of money you’ll take home at the end of the week, but it will only reflect some of the expenses you’re responsible for as a contractor.
If you’re not keeping track of these expenses, you might lose more than you need.
Here are some common expenses that you should be aware of. One of these is vehicle depreciation.
It’s a significant expense you should be mindful of, as it can affect your business. Other expenses include repairs, maintenance, phone bills, and gas.
A study by AAA revealed that the average cost of owning a new car in 2021 was $9,666.
Depreciation is the second-highest expense, accounting for over 40% of total ownership expenses.
On the other hand, maintenance costs are close behind, with drivers of ridesharing services spending an average of $163 a month on these expenses.
Lyft vs. Uber Drivers: Who Earns More?
Although the exact answer varies depending on your location and business goals, here’s the actual data on earnings for both services in the first three months of 2022.
Compared to Uber drivers, Lyft drivers earned slightly less per trip and hour during the period, except in February, when they earned an additional $0.20 per hour.
As the year progressed, both services saw a significant increase in their median earnings.
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Conclusion
Now you know how much Lyft drivers get paid, the major expenses incurred by drivers on Lyft, and who earns more between them and Uber drivers.
From our findings, in 2023, Lyft drivers will have various opportunities to earn more money, including bonuses and referrals.
