Discussion in 'Wall St. News' started by S2007S, Jun 7, 2016.
You can tell who the Millennials are on this forum can't you.
Many uber drivers who are smart about schedules and live near airports can do 4 to 5 runs a day at $30 - $40 a pop. You are not going to be rolling in it but even part time hours you can make supplemental income. I doubt there are any good earners doing inner city runs for $5 a pop sitting in traffic.
You can prove it to yourself. Find Uber drivers who are willing to share you their numbers or reveal exactly how it works. Then you'd figure out how they're getting hosed.
However, if one is paying $640-$800/month just for the lease to earn the supplemental income, then it becomes less enticing, especially starting a business with a heavy attrition rate. My guess is most drivers just haven't spent the time doing the math.
Here's an interesting link from Uber drivers regarding pay:
Of course nobody is being "forced" lol! I used the term "indentured servants" as a figure of speech.
The articles posted are regarding the lease terms, and whether or not they are favorable.
Some Uber drivers took the lease because they felt they "had no other choice."
Paying around $640-800/month for a Corolla is NOT favorable, as the Uber drivers quoted in the Bloomberg article figured out.
I don't feel like Uber's already such a brand that it could justify prices this high.
I have ridden in a lot of uber cars in several different countries and several US cities. I ALWAYS chat the driver up about why they are doing this and how much they make. In almost all cases they say they love their job and the pay is OK. In most cases their reasons for doing the job are:
1. losing their last job
2. freedom they get from working their own hours
3. allows them to work while going on job interviews
4. better then minimum wage
As others have pointed out, this is not a "Career" job. Nobody is going to say when they are 12 years old I want to grow up and be an uber driver. But I think most of us here are mature enough to know life can be cruel. Especially towards older workers and especially towards older less educated workers. Most people are doing uber because they have to and there are no better alternatives. This is also true why most people drive a taxi. In Chicago on the trading floors, the joke we always had is every trader is one bad trade away from driving a taxi. And many traders got their start driving taxis or went back to driving one when they blew out.
I think the lease program by uber is a good idea because I honestly don't see how it is feasible for the "avg" person with low income and marginal credit to get a lease on their own especially driving 30k miles a year. That would make this job unobtainable for them.
Union demands city make Uber, Lyft pay drivers fees
San Francisco is extending a deadline for Uber and Lyft drivers to purchase a business license, effectively wiping out hundreds of dollars in late fees. However, Service Employees International Union 1021 is calling on the city to force the ride companies themselves to pony up the license fees rather than the drivers. (S.F. Examiner)
It is not a lifetime business but I can see people using hte lease terms because they cannot get better credit to buy their own car and have a plan of 5 years to earn. $800 a month sounds like a lot but trips to the airport cost $30 to $50. You cannot whore yourself all day inside the city for $5 rides. You have to be willing to work early mornings when a lot of people need to go to the airport and do pick ups all day. A good Uber driver can earn their monthly cost in a full week and spend the rest of the month earning a profit.
Not gonnabe rich but if you put in a ton of hours at the right time taking the right fares then it can work out for some people to earn some money for the short term.
I'm surprised Obama hasn't provided those on welfare with an Obamacar to go do this Uber/Lift thing to satisfy the work requirement.
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