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” s up everybody welcome to another episode of the rideshare hub. My name s greg greg hey before we get started guys i wanted to tell you about an awesome called get up side. It s a great app. That helps you save money on gas.
If you re an uber and lyft driver. You know that is a huge huge cost every single week that you do this so saving as much money on gas is crucial. It s really awesome. Though the very first time you use it you get 25 cents off per gallon.
They have a really sick referral program. Where you permanently get one cents off per gallon for every single time you fill up for each person you refer so think about it guys you refer. 10. People you re getting 10 cents off per gallon.
Every single time you fill up combined that with your uber and lyft fuel rewards. You re talking like closer to 20 cents off per gallon that s massive savings. I like you would be so floored at how much money that ll add up to be at the end of the year when you really look at like how much you spent on gas. So be sure to check that out guys.
What i m going to talk to you guys today about is ubers rate cuts like what they re really doing with them why they re doing them so often and like where s this really all headed you know so let s dive right into it there was some really interesting things i noticed i did a lot of research on this so a lot of you guys remember probably the heyday. Which was i mean more it s closer to when it came out. But the rate was like up to like a buck. 10 a mile.
Something like that so like that s crazy to me..
Because if you gave a 20 mile ride. Like you ve made over 20 dollars. So like you could give one ride in under 30 minutes. And you ve already made 20.
An hour like that s not the easiest thing to do to make 20. An hour consistently off of one ride like back then it was and a lot of people that i ve heard from that like we re actually driving in this like heyday of a time like like some people were making like 40 50 bucks. An hour back then which is insane. I never i didn t try that long ago.
But i drove long enough to where like the rate was still at night like 90 cents a mile and i was like really consistently doing. 30. An hour. I mean it like man it s tough uber and lyft used to be so amazing.
And it s not bad now like let s really be honest with ourselves. Like i could still make 20 an hour really consistently like almost any time of day. I can t really complain about that the rates now in most areas i believe are down to 60 cents per mile. I think a lot of areas are still 75 so correct me on that if i m wrong guys.
And then from my like lyft express drivers like you know you re really only making like 40 45 cents per mile. I don t really know about ubers program. But i m sure it s just as hideous so what s like really been happening is like like a lot of people. I think have always really been under this impression that like uber and lyft are super money hungry companies and i know it s something i ve like really thought over the last few years as well as like oh.
These there s been so many times would be like these scumbags like all they care about is themselves and just making a huge profit then i found out that neither companies ever turned a profit and these are massive companies..
So like i m sure there s a lot going we don t know. But like the public data shows that like uber in their second quarter was that negative seven hundred million which is insane insane insane insane. And there s a lot of reasons. Why both companies haven t profited uber has paid out so much in lawsuits.
But just bit my lip really bad sorry guys. But uber is paid out a ton in lawsuits. So like they ve lost a lot of money there. But here s the true reason on why the cuts have happened is for that so i will say like the one thing you can kind of like rest easily about it s like i really don t believe they re actually trying to like scam all of us like i again have been such a victim of like feeling like i was being scammed and host constantly from the rate cuts like the reality is like they ve had to do them it s the honest truth if i had to guess i would say within the next year.
We ll see another rate cut because they re still not profiting. They re still not making money and like that s like the only real way to like really get their cost down i would say expected to drop another five cents per gallon. I d almost be willing to bet cash on that but here s some interesting interesting points about it so one interesting thing like along with rate cuts is like uber and lyft have both always said that they take 25 of her earnings right. There was an interesting report done i was actually a part of the data for this there was about 14000.
Drivers that were a part of a case study and we submitted. I can t remember how much but we submitted a good amount of our earnings. So that they could look at it and really see what we made so from over 14000. Drivers.
What they saw was that uber is actually taking 30 of our earnings and lyft is taking 35. So the reason i bring that up is i think the reason that we haven t had a rate cut recently besides. I think xpress drive got cut recently is that i don t think they re cutting rates anymore. I just think they re getting sneakier about how much money they take now like i said.
I do still believe there will be a rake up..
But i think what they ve been doing recently is i think they ve been finding different loopholes to take more money from us. So i ve heard a lot of drivers report that they re not really getting paid for surge. Wait time so a lot of uber drivers have been saying that like the money they made during like if you took someone to a fast food place. And you re just in the drive through like i ve never minded giving a surge ride.
Where i had to wait at a drive through because i m getting i m getting that surge per minute and if i m in an area where i know i m not gonna give another sur drive that hour it s a great incentive. But a lot of people have been reporting that they ve noticed that money s missing. I have no like validity to these statements. I haven t personally seen that i don t know these people these are just you know.
Fellow rideshare forum submitters so hypothetically there ll be a you know i don t know. But it has something that it has been something that a lot of people been reporting. So i think that along with a rate cut like what we re gonna see over the next five years is they re just gonna find sneakier ways to take more money whether it s a percentile and like it s again. It s like i was saying like i mean we can get all pissed like ticked off about that.
But like they kind of have to do it and if you really here like wanting to be a consistent ride sure driver like you ve you ve just got to comply with it unfortunately so the interesting thing about that case study was both companies primarily lyft come out and they say no no that s all jargon that s bogus like you don t know how a company works. You don t have all the data. You really need done it at it so this company goes okay. Well tell you what just release us that data and then we ll do an a more accurate case study and they and they both companies refused to release the drawl all of our earnings which i personally wouldn t care like that s not really sensitive information like it s just it s just what we made driving for uber and lyft like i had care less if there was a study and i personally would love to see a really accurate study with like all the earnings over the last two years to see how much on average.
They were actually taking like i d be really curious. And i think there s a reason that they re not wanting to do a study. They ve both been like crazy secretive about things like that and i think that s like a huge reason. Why is i m very very confident that they re taking upwards of thirty five percent from all of us and i ve noticed that from tips.
I ve noticed that from so many different angles..
So those numbers are basically six percent and eight point five percent higher than they record publicly. I don t really know what like the legal ramifications are for that but like it s gotta be something right like if they re doing that so that being said guys. I mean the honest truth is it s like i was saying like there s really nothing we can do about it i just think. It s a good thing to be aware of like it s a good thing to keep your eye on because eventually if it gets bad enough like people just need to stop driving.
They re like they have the upper hand over us as drivers because they know there s enough of us that love the lifestyle and want to keep living. It and they also know that there s enough new people signing up that if us veterans quit. We ve got plenty of new drivers to come on that will take the lesser rate for those of us that are used to 20 to 25 an hour like i know how it is like i know like going out there and sometimes making. 15.
An hour like a lot of times go home because i just can t stand it. But you got to think there s some guy who that 13 to 15 an hour. He s having that same joy about that that we all have when we first got started so that s the honest truth. There s always gonna be new drivers.
They know that they have the upper hand we have to depend on them you know we have to depend on them and hope. They re gonna be honest you know so that s all i got for you guys. I m gonna let you guys go on that note. I hope you guys liked the video be sure to give it a thumbs up subscribe to the channel got some awesome awesome content coming for you guys crush it out there this week.
And i will see you guys. ” ..
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