Uber or Lyft: Which ridesharing service will pay you the most?

Posted at 6:50 AM, Jun 19, 2018

It's a turn-key solution for making money: be your own boss with Uber and Lyft.

But before you spend your time or burn your gas, is it worth it for you?

Let’s start with your vehicle. You'll need your own if you're using Uber.

Lyft lets you use your own car, or rent one for about $240 a week.

But keep in mind you can also use that rental for personal use and you don't have to worry about miles and maintenance.

If you are using your own car, Lyft's vehicle requirements tend to be a little stricter since they require newer vehicles.

For Uber, your vehicle can be up to 15 years old and even older for UberEats.

Let's cut to the chase -- how much will you make?

Insiders tell us Lyft's base rate is better. But if you drive more, Uber may be your better bet because of their larger customer base.

Also, Uber's site guarantees Phoenix drivers will earn at least $1,000 for your first 150 trips.

Still, according to drivers we spoke with, Lyft pays you a higher base but it doesn't mean your check will be more because Uber tends to be busier.

As for commissions, Uber keeps 25 percent of each fare and Lyft takes 20 to 25 percent.

In the end, it's hard to pick one over the other. The good news is you don't have to choose.

If you want, you can drive for both, which is what many drivers we spoke with do. They say they don’t really have a favorite. Most say there are simply pros and cons for both and it’s simple to switch between driving for the two services.

Whichever route you choose, don't forget the costs you might not think of including gas, insurance, equipment and wear and tear on your ride.