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Rideshare driving sounds like the perfect side (or, main!) hustle. It allows you to work your own hours, be your own boss, and meet some interesting characters along the way. When you consider the cost of how much you’ll earn, versus the expenses of keeping your car running, plus the time you’ll need to commit – is it really worth it? We’ve weighed up some pros and cons, so you can see if spending your Saturday nights picking up strangers is for you.
1. So, how much will I earn?
It’s hard to pinpoint how much you’ll really make from being a driver. Generally speaking, rideshare companies will take roughly 25% of your earnings. You can earn a good amount of money if you work during peak periods, taking advantage of the surcharge, or work the busy Friday and Saturday night shifts.
2. Expenses To Keep In Mind
There are quite a few expenses you’ll have to keep in mind before you take to the roads. You’ll need to pay for any wear or tear on your wheels, having a car that is in tip-top condition is vital to making that moolah. You’ll also be forking out for insurance. Not regular insurance, you’ll have to do your research, as the insurance you’re expected to pay for a rideshare service is different (and more expensive). Obviously, the cost of fuel will be more than you’re used to, and you’ll need to make sure you’ve got enough cleaning supplies to keep your interior fresh (gotta get that 5-star rating!). You’ll also obviously, be paying taxes.
3. Other things to consider
Knowing the area well will definitely help you with your rideshare driving venture. A lot of the time you’ll be picking up tourists or travellers, so being able to recommend hot new breweries, or cafe specials, can help you raise your rating.
Even though you’ll be working your own hours, you should keep in mind that to make the most money you’ll be working less than glamorous hours. The best hours to make money are early in the morning (going to work hours!), really really early morning hours (think airport drop offs), weekends, holidays, and those party hours.
Where you live can also affect the amount of money you’ll make – if you live in a busier suburb you’ll more than likely start getting trips as soon as you pull out of the driveway, but if you live somewhere a little more secluded, you might have to drive towards the city before you start getting rides – which is a factor to consider in expenses and time.
4. So, is it worth it?
Honestly, it depends on your time, money expectations, and lifestyle. Yes, you can make some money rideshare driving if you’re willing to work unsociable hours. Yes, there are hidden costs you’ll need to keep in mind, and yes, you lose a chunk of your earnings. Do your research, weigh up the pros and cons, and make sure it’s for you before you hit the road.
A Nimble Car Loan can help you update your wheels if you’ve decided rideshare driving is for you, covering all those extra costs that’ll help you start earning – ASAP!
Disclaimer: Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The above post refers to application software (“App, Apps”) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and/or other related parties. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information contained in this article is correct at the date of publication.