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Rideshare Drivers | A Popular Way For Supplemental Income

The number of rideshare drivers are in high demand. Because of the efficiency and simplicity, driving has become one of the most popular side hustles!

A massive surge arises in rideshare drivers in recent years. Because there are so many drivers now, individuals are able to order a ride within minutes of clicking a few buttons. According to a 2023 Statista report, there are over 1.7 million rideshare drivers operating across the United States alone! This number has climbed since the app’s conception, with a study by The Rideshare Guy suggesting that Uber itself may have over 1 million drivers in the US.

Now, this boom can be attributed to several factors.

  • The flexibility and potential for good earnings offered by ridesharing platforms are undeniably attractive. Particularly in a gig economy, traditional full-time jobs might not provide the same level of autonomy as ridesharing platforms.
  • Additionally, the driver requirements, often requiring only a license and a smartphone, has lowered the barrier to entry for many.

As ridesharing continues to disrupt the traditional taxi industry, we can expect the number of drivers to keep growing, shaping the transportation landscape in cities around the world.

i) Uber

Photo credit: Dean Drobot via Canva

Ride-hailing giant Uber reigns supreme in the app-based transportation world, but what fuels its dominance? Two large factors contribute to Uber’s success.

  • First, their extensive global reach connects riders and drivers in over 700 cities worldwide, making them a readily available option for travelers and locals alike.
  • Second, Uber’s user-friendly app boasts an established reputation for reliability and efficiency, offering a seamless booking experience for riders.

Now, let’s talk earnings. The average Uber driver reportedly makes around $38,995 per year, according to ZipRecruiter. However, we must remember that this is a national average and income can vary depending on location, driving hours, and rider demand. The flexibility is a major perk – drivers can choose their own schedule, making Uber an attractive option for those seeking supplemental income around existing commitments.

So, is Uber the golden ticket to a happy side hustle? While the flexibility and potential earnings are enticing, driver satisfaction is a complex issue. A survey by Uber found that 80% of rideshare drivers are “very satisfied” or “somewhat satisfied” with their work.

Nevertheless, concerns about unpredictable income, long hours, and lack of benefits are common.

Ultimately, whether Uber is the best supplemental income option for you depends on your priorities and risk tolerance. If you decide to get started, first consider the potential drawbacks. This includes flexibility and earning potential, so decide if it aligns with your financial goals and lifestyle.

ii) Lyft

Unlike its competitor, Uber, Lyft prioritizes a more community-oriented experience. Individuals praise Lyft’s relaxed and friendly atmosphere. Also, Lyft’s signature pink mustache branding reflects its playful spirit, making it a popular choice for riders seeking a less corporate vibe.

But Lyft is also a great way to earn extra cash. According to a 2023 rideshare driver survey by Ridesharing Economy, Lyft drivers on average bring home between $18 and $25 per hour, with earnings depending on factors like location and ride volume. Therefore, the flexibility makes Lyft an attractive option for those seeking supplemental income opportunities – you can choose when and how much you drive to fit your schedule.

So, which ridesharing giant reigns supreme? Is it Lyft or Uber? The answer depends on your priorities. If you value a fun and friendly atmosphere, Lyft might be your perfect match. However, Uber boasts a larger user base, potentially leading to more consistent ride requests. Ultimately, the best way to decide is to try out both platforms and see which one feels like a better fit for you!

iii) Cabify

If you’re looking for a way to earn extra cash with a flexible schedule, hitch a ride with Cabify! This rapidly growing ridesharing platform, particularly popular in Latin America and Spain, offers a user-friendly experience for both passengers and drivers. Similar to competitors like Lyft and Uber, Cabify allows passengers to secure rides through a convenient smartphone app, providing real-time tracking and upfront fare estimates.

But what truly sets Cabify apart?

  • One key differentiator is its focus on safety and security. Cabify implements stricter driver screening processes compared to some competitors, offering passengers peace of mind.
  • Additionally, Cabify boasts a wider range of vehicle options beyond basic sedans, including taxis in certain regions and even luxury vehicles like limousines for special occasions. This variety caters to a broader customer base, increasing ride volume and potential income for drivers.

But, how much can you actually make with Cabify?

While earnings vary depending on location, hours worked, and passenger demand, a report by Ridesharing Reviews suggests Cabify drivers in Spain average around €1,800 per month. This translates to roughly $2,000 USD. Although the payout is not as great as Uber or Lyft, this sum that can be a great supplement to your primary income.

Compared to Lyft and Uber, Cabify might offer a slightly different experience. If flexibility and potentially higher fares are your priorities, Cabify could be a great fit. However, Lyft and Uber might have a wider user base in some regions, potentially leading to more frequent ride requests.

At the end of the day, the best platform depends on your individual needs and location. So, why not explore all your options? Download the Cabify app today and see if it’s the perfect ride to financial freedom!

Questions, Comments, Concerns?

What do you think?

Would you consider any of these as an option for supplemental income?

Let me know if you have thoughts or questions below!