The Economics Of Being An Uber Driver

July 1, 2014 in Daily Bulletin

Uber is a service that lets almost anybody operate their own taxi, to be hailed through a mobile app. Megan Rose Dickey took a look at what aspiring Uber drivers can hope to earn:

  • Uber released data showing that half its New York City drivers earn more than $90,000 a year.
  • However the sample only included those drivers who work over 40 hours a week and didn’t include costs such as gas, insurance, or Uber’s 20% cut.
  • One Uber driver grossed $15 an hour. But after taking into account costs that goes down to about $4.54 an hour – well below minimum wage.
  • To make $75,000 a year in San Francisco a driver would have to work a 58 hour work week.
  • Those not looking to make it a full time gig can work 16 hours on Friday and Saturday nights to make about $400 per week.

Read more about the costs and benefits of being an Uber driver, some driver requirements, and more over here.

Source: Business Insider