Uberized Income

The big question when I began driving was: How much can I make driving for Uber? Here are a few numbers on this topic:

Revenue

One sample ride (most are longer):

Date: Thursday, July 23rd

Time: 3:30pm

Place: Oakland, CA

Duration: 3 min.

Miles Driven: 1

Passenger(s): 1 very charming woman named Sophie

Fare:$5.45

Driver Payout: $3.34

Expenses

Gas: $.16

Travel Time: 3 minutes

Profit

$3.18. If that was the basis for my hourly rate, I'd quit my day job. But during any given hour, I spend time with no rider.

Bottom Line: My profit is usually between $15 and $20 per hour. 

Here are the hidden costs:

a) In most situations, to pick-up a client requires driving to where they are located. In this case I drove 1 mile to get Sophie which doubled the fuel cost.

b) Driving to pick-up clients takes time. In this case it took about 3 min. to arrive at Sophie's location doubling the time cost.

c) Down time. In any given hour there are periods with no rider. These are killer because they burn fuel and reduce the hourly profit.

d) The car I drive is not free. In order to get my sweet Honda Civic into presentable condition it cost almost $900. (I had the oil changed, brakes checked, shocks replaced, tires rotated, and some cosmetic repairs.)