The short answer to this question is yes, you will make money driving for rideshares. At the end of the week, you will see a deposit of real money in your bank account. This however does not mean that you will see a profit once everything is said and done.
UBER and LYFT both offer driver start up bonuses to new drivers. These bonuses can add up to $1000 for driving UBER and LYFT if you meet the requirements set by the company. This bonus is for sure worth while since it is in addition to the earnings paid for each ride you give to you customers.
Now lets talk about what takes away from your actual profits. A few factors that dig into your UBER and LYFT profits and need to be considered are fuel costs, vehicle wear and tear on your vehicle, vehicle depreciation, and income taxes. Deducting these factors can drastically reduce your profits that were deposited into you account at the end of the week.
A feature that can help you maximize your profits while driving UBER and LYFT is the ability to set a destination while going online. The way this feature works is that you set your final destination to the place that you are headed to already, and UBER and LYFT will find rides on your way to that destination. For example, if you have a long commute to work, you can leave a bit earlier, set your work address as your destination, and UBER and LYFT will find rides on the way to your workplace. This eliminates a few of the factors mentioned above. You are already using the gas to drive to work and wear and tear and depreciation are occurring already also as a part of your normal commute. While using destination mode when driving UBER and LYFT the only factor that reduces your profits is the tax you will pay on the income that is earned from rides given. This income tax liability can be reduced with tax planning and wisely deducting at tax time. UBER and LYFT drivers can deduct certain expenses related to driving that can reduce income tax liabilities.
In conclusion, you can make money, and profit while driving for rideshares UBER and LYFT. New Driver Bonus for LYFT and New Driver Bonus for UBER can add up $1000 to your bank account when starting your rideshare driving career. Using destination mode in the UBER and LYFT apps will help you earn money while driving to your destination helping you maximize your profits while driving to a destination you are already headed to.