Weekly Breakdown in SF Driving UberX
- $2,000 in Fares
- -$200 in Safe Rider Fees (200 Rides) (10%)
- -$450 in UberX Commission (25%X$1800) It's 25% for me, since I just signed up.
- ($650 in Total Uber Fees ~ Approximately 35%)
- $1350 Payable via Direct Deposit Weekly
- -$55 in Uber's provided, Stride Health Insurance
- -$270 in weekly vehicle operating costs
- $1025 Weekly Net Before Taxes and Depreciation (don't really need to pay taxes since I drive 2k miles a week and have a standard IRS tax deduction of $1120 weekly)
- Other Hidden Costs:
- -$260 (Vehicle Depreciation 2000 miles x average $0.13/mile depreciation)
YEARLY EARNINGS
Only 2% earned more than $75,000 in 2014. Nearly 6 out of 10 drivers earned less than $10,000 in driving income in 2014. (This survey also included Lyft drivers).
PART TIME VS FULL TIME DRIVING
70% of drivers had other full time work during 2014 besides driving and 40% of drivers said they had full-time jobs for the entire year. The larger trend we've seen is that now around 3/4ths of drivers work for more than 1 driving service. 6 months ago it was 2/3rds of drivers:
EFFECT OF RATE CHANGES
After UberX cut rates in 48 cities in January, we surveyed drivers two weeks after changes to see how this affected income. We heard back from drivers in 35 of the 48 markets. 80% said their "hourly income has decreased" and 54% said "requests seem about the same". More interesting was their comments, for example, "Uber already has a superior product and people use it becuase it is a better service (not cheaper). The price cuts are not getting more riders or existing riders to ride more... it's just cutting drivers pay. UberX rates basically end up covering your mileage expense..." one driver in Minneapolis.
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