Uber says its drivers are making up to $90,000 a year
That's about triple the average cab driver's salary.
With rumors of a huge $500 million round of funding on the horizon, Uber is set to become the most valuable startup in the world.
For users, the appeal of Uber is obvious. You can get a car on demand without the hassle of looking up and calling a cab company. But it turns out it's extremely lucrative for drivers as well.
According to Uber, the median wage for an UberX driver working at least 40 hours a week in New York City is $90,766 a year and $74,191 a year in San Francisco, The Washington Post reports. UberX is its lower-cost service, where drivers use their own vehicles, similar to Lyft’s service.
For contrast, estimates place the average cab driver's salary at around $30,000 a year. That's nearly triple the income. New York City Uber drivers even make more than the average tech worker across the U.S., who pull in $87,811 a year.
Although Uber takes a 20 percent cut of drivers' fares, they are more efficient with less downtime because they don't have to cruise around looking for riders, they save money by not having to apply for expensive taxi permits, and can set their own hours.
Granted, Uber hasn't revealed the median income for drivers across all of the 60 U.S. cities that it operates in, but the promise of a more efficient system has lured 20,000 new drivers to join Uber's platform every month since January.
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A NY cab driver is making 30k driving a company-owned cab. Apples and Oranges...
I LOVE UBER!!! It’s WAY cheaper than a cab, I NEVER drive Drunk, nor do my friends, and NO GOVT Pay offs (just two private parties)....I have taken over 100 UBER rides and never had a issues, cant say the same thing for taxi cabs....also so much easier to use, especially when you are drunk!
I'm a uberx driver, and uber will cover a million dollars of whatever our insurance doesn't, so does Lyft.
Cabs are an obsolete service. Nearly every passenger hates cabs, especially the scam of we don't accept credit cards. But I can drive them in my car with nice leather seats, Pandora playing with gps turn by turn playing through the stereo so they know they aren't getting ripped off plus I'm not some crazy foreigner that doesn't speak English and it's cheaper. Writing is on the wall cabs, I suggest you buy a nicer car and join the future.
So many have nice cars just sitting in a parking lot doing nothing all day/night, this is a great way to make them earn.
You can't make money in the U.S. if you don't play the compliance and taxation game.
This may be true for some. But I know for a fact it isn't true for all.
I tracked my income from Uber and expenses daily..and at the end of 6 months..I bagged in about 12K net. That's when I said enough and I quit driving Uber.
I used to hear taxi drivers calling Uber as "bandit taxi" and it's absolutely true. I would say UBER is just not a good company. When I started, I had to go pick up the Uber issued iPhone on the curb of the street next to the Santa Monica Library. I thought I was going to pick up the phone at their "office" but noticed it was strange when there was no physical address given on the email I got from Uber which basically just said pick up the phone next to Santa Monica Library.
They don't care about the drivers, they don't care about passengers. All they care is to have reputation on how cheap the ride is compared to regular taxis and how easy you can request for rides. They want to "sell" and false-advertise the income of the top earners so people want to drive Uber. It's simple...the more people want to drive, the more calls they can service and bring in more commissions from drivers. But what they don't tell you is how many hours these drivers have to drive every day and every night. The communication between Uber and drivers is mainly through emails and so is between passengers and Uber. How could that be a good company that cares about its customers?
About that a million dollar insurance thing, they just started offering it a while ago after people started pointing out how loosely they operate without regulations. I only carried my own insurance when I was driving. Thankfully nothing bad happened back then.
It's all about false advertisement..so take it with a grain of salt. Uber may be good for some but bad for others. I wouldn't drive Uber again.
This is a lie. There 120K drivers and 10 jobs for every driver. The company is ripping their people off. Biggest scam going.
Beware. My daughter used Uber for a $35 cab ride. The Uber driver took her and her boyfriend for a joy ride around the city. When questioned, the drive said she input the wrong address. After arriving home, the Uber driver put $250 on the debit card. Several calls later, the amount was reduced to a more reasonable $50.
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