Uber driver reveals the truth: How much does an Uber driver earn in 2024 after expenses

Summary

In this candid video, an Uber driver shares insights on what it's really like to drive for Uber in 2024. With earnings averaging £9-£11 per hour after expenses, he highlights the hidden costs of car depreciation, maintenance, insurance, and fuel that often go unnoticed by drivers. Despite the flexibility of setting your own hours, full-time drivers need to work 45-50 hours a week to make it viable. The speaker also discusses the pros and cons of various car options and stresses the importance of tracking income and expenses carefully for anyone considering Uber as a full-time job.

Takeaways

• 😀 Full-time Uber drivers in 2024 earn between £9-£12 per hour after expenses.
• 🚗 Even if you own your car, you still have expenses like depreciation, maintenance, and fuel.
• ⏱️ To make Uber driving viable, drivers must work at least 45-50 hours per week. Anything less likely covers only expenses.
• 💰 Most Uber drivers earn close to minimum wage after all costs are accounted for, including the car's upkeep.
• 📉 Many drivers don't factor in their total expenses, such as fuel, insurance, and car depreciation, leading to financial misunderstandings.
• 💡 Owning, financing, or renting a car all impact how much a driver takes home, with more expensive cars usually leading to higher running costs.
• 🏙️ In cities like London, drivers may earn more, but they also face higher costs such as insurance and maintenance.
• ⚖️ Flexibility is a significant advantage of Uber driving, allowing drivers to manage their schedules, including school runs or family commitments.
• 📊 After expenses, some Uber drivers may even make less than minimum wage, especially when working long hours to cover costs.
• 🔄 It’s crucial to assess your financial situation carefully before becoming an Uber driver, as some people are unprepared for the high expenses involved.
• 🚨 Many new drivers experience disappointment, as the job doesn't always meet the expectations set by advertising or personal assumptions, especially when financial commitments (like car loans) are involved.

Q & A

How much does an Uber driver make in 2024 after expenses?

An Uber driver in 2024 typically earns between £9 and £11 per hour after expenses. However, this includes the costs of the car, which is seen as an asset that is paid off over time.

What are the key expenses for Uber drivers?

Uber drivers face several expenses including car depreciation, fuel, insurance, maintenance, and potentially higher costs if the car is financed or rented. These expenses can reduce overall earnings significantly.

Can you make a living working fewer than 45-50 hours a week on Uber?

No, to make Uber work as a viable full-time income, drivers need to work at least 45-50 hours a week. Anything less may only cover basic expenses without generating significant profit.

What is the minimum wage comparison for Uber drivers?

After factoring in expenses, the earnings of an Uber driver are often close to the minimum wage, especially if they drive less than the required 45-50 hours per week. Some drivers have even averaged £9 per hour, which is less than the minimum wage in some cases.

How does car ownership or rental affect Uber driving costs?

Owning a car reduces upfront costs but leads to ongoing maintenance, depreciation, and running costs, while renting a car may result in higher weekly expenses. Electric cars, although expensive to buy, have lower running costs compared to diesel cars.

Is flexibility a benefit of being an Uber driver?

Yes, one of the major benefits of being an Uber driver is the flexibility. Drivers can choose their working hours, take breaks, and even adjust their schedule to accommodate personal commitments like family events or appointments.

What do drivers often overlook about Uber expenses?

Many drivers overlook the hidden costs such as car depreciation, the price of maintenance, and other running costs. For instance, a driver who owns a car still faces depreciation, which can be a significant long-term expense.

How do different locations affect Uber earnings?

Earnings can vary depending on the location. For instance, cities like London have higher expenses but may also offer more opportunities for higher earnings. In contrast, drivers in smaller cities may face fewer opportunities but also lower costs.

What is the reality of the income reported by some Uber drivers?

Some Uber drivers report making £1,500 per week, but this is typically after working long hours, often 60-70 hours per week. When factoring in expenses, the actual take-home pay can be much lower than these reported figures.

Why do some Uber drivers quit after a short time?

Many Uber drivers quit after realizing that the earnings do not match their expectations, especially after they incur significant expenses like car payments, fuel, and maintenance costs. Some drivers also find the hours too demanding or the work less fulfilling than expected.