Renna

New Member
Hi All,
I’m trying to decide to rent a car w/ Lyft through their express drive program which requires a $250 rental deposit up front, then costs $200 per week for the rental. They do lower that weekly price if you hit a certain number of rides per week. Another plus is that they deduct the rental cost from your weekly earnings.
The cons are that you are that you can’t drive for Uber with your Lyft rental, you’re not eligible for the driver bonus or the receive your pay each day option.

My other option is to rent through w/ Hyrecar so I can drive w/ both Lyft and Uber. This option is more expensive per week ($250-$350). The pros of doing it this way = you are allowed to drive for both companies, you do not have to pay the $200 deposit if you give them a credit card and it does not have to be in your name (if you pay w/ a debit card they hold $200), you are eligible for driver bonuses. Cons = you have to pay $30 for a background check (by Checker, the exact same background check that Uber & Lyft does, u have to pay the rental car total price up front, the charge you $13 per day for insurance.

If anyone has any advice on this subject regarding which rental option is better- I’d appreciate the info.
 

Lpcrooks

Member
Hi All,
I’m trying to decide to rent a car w/ Lyft through their express drive program which requires a $250 rental deposit up front, then costs $200 per week for the rental. They do lower that weekly price if you hit a certain number of rides per week. Another plus is that they deduct the rental cost from your weekly earnings.
The cons are that you are that you can’t drive for Uber with your Lyft rental, you’re not eligible for the driver bonus or the receive your pay each day option.

My other option is to rent through w/ Hyrecar so I can drive w/ both Lyft and Uber. This option is more expensive per week ($250-$350). The pros of doing it this way = you are allowed to drive for both companies, you do not have to pay the $200 deposit if you give them a credit card and it does not have to be in your name (if you pay w/ a debit card they hold $200), you are eligible for driver bonuses. Cons = you have to pay $30 for a background check (by Checker, the exact same background check that Uber & Lyft does, u have to pay the rental car total price up front, the charge you $13 per day for insurance.

If anyone has any advice on this subject regarding which rental option is better- I’d appreciate the info.
Its 280 per week after taxes and fees, i do it. If i get 75 rides in a week, I get 75 dollars off, ive never gotten more than 45 rides a week in pittsburgh
 

beezlewaxin

Well-Known Member
Lyft rental is subject to 25.25% taxes above the statee price.

Here in Las Vegas the stated price is $208.98. The price I pay each week is $262.xx.

They dont lower the price no matter how many rides you do.

They will give you a bonus for doing a certain number of rides, but don't fool yourself into thinking you are paying less for the rental.

If you were using your own car (or HyreCar) you would still be getting a similar bonus (or weekly ride challenge).

The rental is a great way to save up enough money to buy a cheap car for cash, if you are willing to drive 50+ hrs each week.

A full-timer could use the rental to scrape up enough cash to buy a used car with no loan. If you can save $250+ a week into a used car fund, then after 3-4 months you can go out and buy a used car for $3000-4000. If you do this it will be like getting an instant $1000/mo raise! Plus you wont be stuck making car payments for the next 4 years.

Anyone who suggests a loan immediately over renting short-term to save up money to buy a car for cash has a screw loose. If you are incapable of saving money you dont want to take on any debt.

Express Drive will allow you to make money driving without putting you into debt if you can drive a lot of hours. Sure it is expensive and that should be motivation to save up and buy a cheap car. Lyft has removed the PDB vehicle year requirement of 2011 in many markets recently and this should help greatly.

There is no reason you can't have weekly deposits of $800/wk consistently with Express Drive if you work 50+ hours. These deposits will become $1050+/wk after you buy a car and that is pretty good motivation.

The trap is if you are unable or unwilling to work that much. Then it can be a perpetual weekly expense that often can turn an acceptable $650 week (e.g. for working 40 hours) into a paltry $385 week on your weekly deposit. This is where I find myself many weeks.
 

Over/Uber

Well-Known Member
New member: questions about leasing, avatar is a pic of them, they think they may actually hit the ride total target with Lyft.

Lyft rental is subject to 25.25% taxes above the statee price.

Here in Las Vegas the stated price is $208.98. The price I pay each week is $262.xx.

They dont lower the price no matter how many rides you do.

They will give you a bonus for doing a certain number of rides, but don't fool yourself into thinking you are paying less for the rental.

If you were using your own car (or HyreCar) you would still be getting a similar bonus (or weekly ride challenge).

The rental is a great way to save up enough money to buy a cheap car for cash, if you are willing to drive 50+ hrs each week.

A full-timer could use the rental to scrape up enough cash to buy a used car with no loan. If you can save $250+ a week into a used car fund, then after 3-4 months you can go out and buy a used car for $3000-4000. If you do this it will be like getting an instant $1000/mo raise! Plus you wont be stuck making car payments for the next 4 years.

Anyone who suggests a loan immediately over renting short-term to save up money to buy a car for cash has a screw loose. If you are incapable of saving money you dont want to take on any debt.

Express Drive will allow you to make money driving without putting you into debt if you can drive a lot of hours. Sure it is expensive and that should be motivation to save up and buy a cheap car. Lyft has removed the PDB vehicle year requirement of 2011 in many markets recently and this should help greatly.

There is no reason you can't have weekly deposits of $800/wk consistently with Express Drive if you work 50+ hours. These deposits will become $1050+/wk after you buy a car and that is pretty good motivation.

The trap is if you are unable or unwilling to work that much. Then it can be a perpetual weekly expense that often can turn an acceptable $650 week (e.g. for working 40 hours) into a paltry $385 week on your weekly deposit. This is where I find myself many weeks.
That's a whole lotta variables, many of them unattainable or unreasonable for most, that have to consistently come together over a considerable amount of time.
 

Fozzie

Well-Known Member
You can get a car through Express Drive, but you'll have to work full time to pay for it, and and end up netting less than minimum wage and a car that you'll never own.

Buy a cheap car that meets the minimum requirements in your area and run it into the ground.
 

Destaks

New Member
Don't rent a car, period.

Scrape up $2-4k and buy a beater that will meet the minimum requirements. Take an auto loan if you have to. But whatever you do, don't rent.

It's a trap!!

So I'm appreciating that we all get different experiences depending on location. I'm in San Francisco which is arguably the best location to work for Lyft. My own take is that I'm happy to have signed up for the express program. I'm now 1 month into my rental and I am sad that I should have done it sooner. First off I'm one of those "full time" drivers, so my entire income is from rides hare. Prior to last month, I was driving my own car a 2011 Nissan Xterra. The thing is this is a great car and it's paid off. However, since becoming a driver 2 years ago I didn't want to pay the high rental fees for a more fuel efficient vehicle (xterra averages 16mpg). Plus even though SF has terrible roads I thought my car is built for rugged terrain, what could go wrong. Well let's just say the repair bills have been brutal. Also, I could drive for Uber, which can offset Lyft when things are slow. Overall I was averaging $22/hr. Anyway, last month I made the plunge for Lyft express drive. Yeah the down-payment and weekly rental fees are high but so far I think it's worth it for me. My weekly gas cost used to be $320, but now it's down to $170. Now I'm somehow making $25/hr instead of the Uber/Lyft average of 22. However, because I am a full time driver Lyft definitely uses me like a slave. I used to make 90-110 trips a week, which was roughly a 45 hour week. But in order to get a free rental I need 140 trips per week (not to mention the required 55 prime time rides with 90% acceptance rate). Naturally I have adjusted into the slave mode and I'm reaching that 140, and my week is now a 60 hour week. Overall I've gone from the weekly take home of 22x45-320=670 with my Xterra to 25x60-170=1330 with the rental. In other words I am a better paid slave by making the switch.

Disclaimer: I have to admit that having both Uber and Lyft combined in SF can be amazing sometimes. There are weeks when I managed to get $1700 (total, not net) when I worked like the slave, similar to what I'm doing now. But that level of income wasn't consistent, and at times it seemed I worked just as hard for less. The rental has been much more consistent .

PS. All this math ignores toll and cost of food while on the road, which is another pain when driving in the bay area. So actual take home money is less than stated.
 

hulksmash

Well-Known Member
Any Rental program that restricts you to driving for only one company is a bad deal. In LA prime time is a lot less frequent than Uber surge partially because of this. I suspect this may be the case elsewhere as well. Power zones aren’t much better. By accepting being a Lyft only driver, you are resigning yourself to accepting mostly base fare rides even in areas where Uber is paying substantially more. Lyfts only selling point is getting a free rental for X amount of rides. If you get a $250 rental for 140 rides, that’s $1.78 per ride. If that’s not bad enough you have to take nearly every crappy far away pickup and shared ride to get it.


For me, Lyft offers me a $1.20 per ride bonus (14 for $17) which include XL rides where Uber doesn’t count XL towards bonuses. However, Uber surges in more areas where Lyft doesn’t. So i will choose Uber over Lyft in this situation everytime, bonus be damned. The surge payment on this one ride alone can easily be worth as much or more than the Lyft bonus. If I’m a Lyft rental driver, Im stuck with the lower paying Lyft ride and have to work harder for the same money. Now if I get a Lyft PT ride that is equal or higher than what Uber pays, or if neither platform is surging, then I will favor Lyft, as long as the pickup is not too far.

In short, you can make the same money in less time and fewer rides picking and choosing which company to drive for depending on real time market conditions.
 

Destaks

New Member
. By accepting being a Lyft only driver, you are resigning yourself to accepting mostly base fare rides even in areas where Uber is paying substantially more. Lyfts only selling point is getting a free rental for X amount of rides. If you get a $250 rental for 140 rides, that’s $1.78 per ride. If that’s not bad enough you have to take nearly every crappy far away pickup and shared ride to get it.

I believe that each market is different. Like I said before I used to drive for both platforms and would make $1700 putting in 60+ plus. But more often it was closer to $1300. So how did the switch to only Lyft leave me worse off? The truth is that it didn't. The $1.78 bonus you mention is now common place. Both Lyft and Uber offer paltry bonuses. For me the real questions are how much money do I take home, what's my hourly wage, and is it CONSISTENT . I'm currently making $25/hr and taking home $1300, and it's rather consistent, which is more than many other jobs here in the bay area.
 

Destaks

New Member
For me, Lyft offers me a $1.20 per ride bonus (14 for $17) which include XL rides where Uber doesn’t count XL towards bonuses. However, Uber surges in more areas where Lyft doesn’t. So i will choose Uber over Lyft in this situation everytime, bonus be damned. The surge payment on this one ride alone can easily be worth as much or more than the Lyft bonus. If I’m a Lyft rental driver, Im stuck with the lower paying Lyft ride and have to work harder for the same money. Now if I get a Lyft PT ride that is equal or higher than what Uber pays, or if neither platform is surging, then I will favor Lyft, as long as the pickup is not too far.

.

I have never driven as XL so I can't comment on that .But in the 2 years I've been a driver, surge pricing was only great the first 2 months. After that I quickly realized the fallacy of concept. Here it surges mostly for 2 reasons: people are leaving /going to work, and there's an event. Both of these situations are the bane of my existence. The traffic jam is insane. I can't imagine how anyone makes money sitting in traffic even with 300% surge. It can take 45 minutes to pick up one passenger from a concert. Or 20 minutes to pick up someone 3 blocks away during rush hour. No thanks. My motto is to drive away from the surge. I think every driver should think about their hourly wage based on their take home at the end of the week rather than short term surge prices. Also don't believe the hours listed in the app. I consider my hours from the moment I leave my door to the moment I return home. Anything else is a fantasy unless you take significant breaks doing other things
 

dryverjohn

Well-Known Member
I think owning the cars and renting them out is a far better proposition than driving the cars and trying to make the payments. I currently drive a Prius and am considering buying a used minivan for XL fares and also to place on Hyrecar or something similar. When I do the math, it seems that I have a pretty good return if the car can last 2 years. Anyone have any good or bad experience putting their car out for others to abuse?
 

hulksmash

Well-Known Member
I have never driven as XL so I can't comment on that .But in the 2 years I've been a driver, surge pricing was only great the first 2 months. After that I quickly realized the fallacy of concept. Here it surges mostly for 2 reasons: people are leaving /going to work, and there's an event. Both of these situations are the bane of my existence. The traffic jam is insane. I can't imagine how anyone makes money sitting in traffic even with 300% surge. It can take 45 minutes to pick up one passenger from a concert. Or 20 minutes to pick up someone 3 blocks away during rush hour. No thanks. My motto is to drive away from the surge. I think every driver should think about their hourly wage based on their take home at the end of the week rather than short term surge prices. Also don't believe the hours listed in the app. I consider my hours from the moment I leave my door to the moment I return home. Anything else is a fantasy unless you take significant breaks doing other things

The XL example can apply to X as well. When I drive my X car I will choose whoever is offering the better deal at the moment. For example one time I was working on finishing Uber quest but I then got a 400% Lyft PT ride while Uber was only at 3x in the same place. Needless to say I took Lyft and made more with that ride than what finishing quest would’ve got me.

I will agree that surge usually involves some sort of inconvenience, either traffic, chaos, odd hours, or some combination of it. And yes base rate rides usually mean less hassle but lower pay. What drives me crazy is the drivers that pick up base fares on one platform when the other is surging. LAX is a good example of this. It surges often there on Uber but not Lyft, and it usually means traffic. I understand you being happy with lower rates to avoid traffic but I don’t understand those that deal with the traffic for the same low rates you can get anywhere else in the city. It lowers demand and surge for those willing to bear the conditions for the chance at a long surge ride.

Also, sometimes even when you’re trying to avoid the congested areas you may get drawn to one anyway. You won’t always have a choice unless you just avoid driving altogether. If you’re the type that accepts any ride that comes your way you may not realize it’s a ride going to or coming from an area with traffic getting in or out. When events come to town I know at certain times there’s a good chance any ride I get is going there. During these windows I avoid accepting any ride that is too close to the festival or does not have a surge to avoid dealing with crappy conditions for little pay. If I’m going to get drawn to such an area I want to be compensated well for it. Same thing picking up. You may get a ride 15 minutes away to pick up from an event at base fare, because everyone that’s closer is signed off waiting for surge. Now you’re stuck where you don’t wanna be and not getting paid well for it.
 

Destaks

New Member
this is correct. renting is nothing but a predatory leasing scam. do NOT do it.
For those who say renting is horrible, please tell us why. What market are you in? What car do you drive? What's your estimate of maintenance per month (you can divide from your yearly cost)? How much are you taking home per week? How much do you drive per week?
The rental program is ideal for those who don't own a car, and in fact city of San Francisco has such ridiculous parking fees and fines that most people don't want to own a car. Now for $250 down you can essentially get a car as long as you want, and if you're willing to drive 140 rides per week it's free (down payment is refundable) . All you have to worry about is gas and tolls. Honestly the one huge disadvantage of renting is the insurance. It's got a $2500 deductible, which is truly astronomical. If you're a lucky driver and never get into an accident then this insurance will not be a big deal. But as we know any time you're on the road anything can happen...
 

Raven087

Well-Known Member
For those who say renting is horrible, please tell us why. What market are you in? What car do you drive? What's your estimate of maintenance per month (you can divide from your yearly cost)? How much are you taking home per week? How much do you drive per week?
The rental program is ideal for those who don't own a car, and in fact city of San Francisco has such ridiculous parking fees and fines that most people don't want to own a car. Now for $250 down you can essentially get a car as long as you want, and if you're willing to drive 140 rides per week it's free (down payment is refundable) . All you have to worry about is gas and tolls. Honestly the one huge disadvantage of renting is the insurance. It's got a $2500 deductible, which is truly astronomical. If you're a lucky driver and never get into an accident then this insurance will not be a big deal. But as we know any time you're on the road anything can happen...

whats 20 rides, 7 days a week, right? No big deal. As a last resort, OK. But its never a good deal, doesn't matter where you live. If you are following your plan and not trying to put aside money to get a used car, its just poor planning.
 
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