How to Make More Money Driving Rideshare

Driving for rideshare apps has always promised the allure of flexibility and financial freedom. However, the reality today is more complex. These are tough times for rideshare drivers. With the rising cost of living, the expenses of keeping your vehicle in good shape, and the oversupply of drivers vying for rides that lower fare rates, making a profit has never been more challenging.

The New Reality of Rideshare Driving

The freedom that once came with rideshare driving is not what it used to be. The days when simply turning on the app guaranteed a steady stream of income are long gone. The post-pandemic landscape has shifted dramatically, requiring drivers to adapt or risk falling behind. To thrive in this environment, it’s crucial to implement effective strategies that can enhance your earning potential.

In the past, I could simply open the app and not worry about earning good money during my rideshare shifts. However, I gradually noticed that the time between trip requests began to increase. Soon after, bonuses and surge pricing started to decrease on both rideshare platforms. The final blow came when trip fares were reduced with the Upfront Fares pricing algorithm. This decline in pay was gradual but ultimately unsustainable, especially with the added pressure of inflation—forcing me to seek more viable income sources since rideshare was no longer meeting my needs.

Understanding the Market—A Necessity, Not a Choice

Understanding the nuances of your market is essential. You need to pinpoint the busiest areas and the prime times for rides. Knowing where to be and when, as well as which traffic jams to dodge, is key to your success. Remember, information is your best tool—understanding demand trends can greatly boost your earnings. Familiarize yourself with peak hours and popular spots. By strategically placing yourself during these critical times, you can capitalize on surge pricing and maximize your fare earnings.

And it takes time to know your markets. That's why living in your driving market for long stretches of time is a significant advantage for drivers. For example, I've spent my entire life in the greater Wilmington-Philadelphia area, so I know nearly all the busy spots and shortcuts that contribute to my success as a rideshare driver. These insights give me a significant edge that are tough for newcomers to rival when they enter a new driving region.

Flexibility is Key

While flexibility is one of the main attractions of rideshare driving, it must be approached with a strategic mindset. This isn’t about working whenever you feel like it—it’s about working smarter. Create a schedule based on peak demand times and local events. Whether it’s rush hour during the week or a major concert on a Saturday night, being present when demand is high can lead to more significant profits.

Flexibility doesn’t just mean you can work whenever you feel like it and still earn the same amount. That mindset won’t lead to success, as savvy drivers know to work during peak times to maximize their earnings. Otherwise, you’ll find yourself frustrated, wondering why others seem to thrive while you’re struggling. True flexibility allows you to be your own boss and create your own schedule. It also means you can balance work with personal commitments—and that balance comes with the responsibility of waking up a 3am to hit a Bonus Hour or driving at bar closing time to capture those surges that are going to make or break your week.

Seasonal Slow Downs

It's also important to understand the seasonal trends in your market to effectively manage slower demand periods. For example, does demand slow down during the summer months in your market? If so, what are the reasons behind it? And where does rider demand typically shift during this season? Grasping these dynamics is crucial to avoid being caught off guard by a significant drop in demand, allowing you to develop a solid game plan in advance.

Does demand shift within your driving territory seasonally? If so, it’s essential to adjust your driving strategy accordingly.

For example, in the greater Wilmington-Philadelphia area where I drive, demand tends to slow down during the summer months as riders flock to the Delaware beaches and Jersey Shore. To avoid wasting time driving around the cities or suburbs without fares, I make a change. I adapt by heading to the Delaware Beaches on summer weekends, even if it means sacrificing sleep and family time. By positioning myself in these high-demand areas of my driving territory during the summer months, I maximize my earnings and make the most out of my driving hours.

Diversifying Income Streams

Or does demand completely disappear until fall in your driving territory because you’re in the Midwest, where there aren’t any nearby beaches or vacation spots? If that’s the case, depending solely on rideshare might not be the most effective approach. It could be a good time to look into other gig opportunities to maintain your earnings during the slower months.

The rideshare market is not static—it’s dynamic and competitive. So, to boost your income, consider diversifying your gig work. By signing up for multiple rideshare and other delivery apps like Amazon Flex, DoorDash, and Instacart, you can easily switch between platforms based on demand is. Additionally, exploring food delivery and courier services during downtime can provide an extra income stream, ensuring you’re always earning, even when rideshare demand is slow.

A Boston rideshare driver recently shared on X how “multi-apping” can supercharge your earnings. While rideshare apps were offering low-paying rides, they found a much more lucrative opportunity with a shopping app. In just five minutes, a quick shopping trip not only got the driver closer to their destination but also earned them 250% more than the rideshare options available at that time. This example shows how diversifying your gig work can significantly improve your earnings. So, consider incorporating multiple apps into your routine to maximize your income potential!

Investing in Your Vehicle

A well-maintained vehicle is fundamental to your success as a rideshare driver. So do not overextend that oil change and spend the extra $15 rotating your tires—trust me, you will thank yourself in the long run. Not only does it prevent costly repairs but also ensures your investment (your vehicle) remains reliable and viable. The less you spend on unexpected repairs and wear and tear, the more you can pocket from your earnings. And schedule regular maintenance during your downtimes or your days off. You can’t earn money if your vehicle is in the shop during peak earning times.

Investing in your vehicle is not just an investment in your future as a rideshare driver—it also helps maximize its longevity.

Take Charge of Your Rideshare Journey

While the challenges of being a rideshare driver can feel overwhelming, they also offer a chance for personal growth and independence. By getting to know your driving market, fine-tuning your schedule, and expanding your income sources, you can navigate these tough times and emerge more profitable.

Taking charge of your rideshare journey means recognizing that flexibility is not the same as unpredictability. It's about working smarter and staying proactive in an industry that’s always changing. Now is the perfect moment to take initiative, adjust your strategies, and set yourself up for success in the ever-evolving world of rideshare.