Uber employs over 3 million drivers around the world. This company allows people to turn on their service and earn some extra money by giving rides to people who need them.
While you will undoubtedly receive a paycheck, is driving for Uber worth it? Read on to learn things to consider that many drivers overlook before taking on the job.
Becoming an Uber Driver
Not everybody can work for Uber. To start driving for Uber, you must meet some basic requirements.
Obviously, you must need a valid United States driver’s license. If you are older than 23, you must have one year of licensed driving experience. Uber requires three years with a license for people under the age of 23.
Your car must meet standards for an eligible 4 door Uber vehicle. You must also provide proof of insurance.
Once you fill out all of the forms and provide documentation, you can begin working within a week. As soon as they verify ad accept, you can begin.
Pros of Driving For Uber
Taking on this side hustle allows you to make your own hours. You get to decide when you want to start and for how long you want to stay on the clock.
Uber does not stop on weekends, holidays, or late nights. This means you can easily turn some sudden downtime into a money-making opportunity.
Uber employs a dynamic pricing system. They track when multiple ride requests come in for a specific area and then bump up the cost of the ride so that you make more as well.
Another major perk is that your money becomes available to you right away. No waiting on your paycheck for the week as you would with traditional jobs.
Cons of Driving For Uber
Uber driving admittedly comes with some cool perks. But, it comes with a number of hidden costs.
Gas
As gas prices continue to hit us hard, consider who gases up your vehicle for the rides you provide. Uber does not. You fill your tank on your dime but can use it as a tax write-off if you save your receipts.
Employment Status
As an independent contractor and not an employee, you must pay your own taxes at the end of the rear rather than get them taken out of your check each week. This also means that you do not revive overtime or holiday pay.
Insurance
Many people do not realize that your regular car insurance does cover your vehicle during Uber rides. It only covers personal use. When you turn on your Uber app, Uber provides you very low liability coverage.
Vehicle Wear and Tear
Driving for Uber puts a lot of miles on your vehicle. This means more oil changes and potential repairs.
It also subjects your car to messes that other people make. If you drive an older vehicle, you can always make money with your car in other ways.
Is Driving For Uber Worth It?
Is driving for Uber worth it? It depends on whether or not you enjoy driving around, meeting new people. You can make some quick cash, but may not want to put a newer car through the wear and tear.
Looking for new ways to make money? Check out more tips on our business section.