If you are thinking about becoming a Lyft driver, you are probably wondering about how much you can make. The amount you earn from this company depends on different factors. Some of the factors are the number of hours you drive, gas prices insurance costs and your location. Also, Lyft also takes a certain percentage of the amount you make. One of the most common questions is how much do lyft drivers make? If you want to know how you can make with Lyft, it is important to know the company’s payment method. Here are the factors that determine the amount of money you can make with Lyft.
Number of trips
The trips you make a day will influence the amount you receive as payment. When you drive at peak hours, there is no doubt that you increase your earnings. It is because the price goes up during rush hours.
The more trips you make during the peak hours, the money you will make. You are the one who determines the amount you take home at the end of the day. The amount of pay depends on your hard work and dedication. It is up to you to make enough to sustain your family.
Lyft does not cater for your vehicle expenses and as a driver; you have to keep track of your expenses. Therefore, it will likely reduce the amount of earnings you get at the end of the month. Given that you are an independent contractor, you are required to submit your taxes to the relevant authority. Other expenses that you need to deduct from your total earnings are total mileage, Medicare, and social security.
The place you are located determines how much you can make with Lyft. For instance, the amount that you will make in New York is not the same as the amount you will make in Las Vegas. Furthermore, if you are driving in an area with high traffic, then you are bound to make a lot of money. The figure will drastically reduce if you are working in a quite suburb.
You can increase your earning potential depending on your experience. Instead of waiting to be called to offer the service, you can drive around in busy areas such as airports.
You will not only get several customers, but you also have the opportunity of increasing your take home pay. It is all about using your common sense if you have bills to pay. You will be amazed at the amount of money you will be left with after paying your expenses.