Over the last few years, there has been an ever-increasing interest in driving with MyRIDI. It’s a quick way to earn extra money and drive on your own schedule, that’s for sure, and this combination of easy money, minimal startup costs, and easy accessibility has driven many to drive for the MyRIDI platform. But how much can drivers really make?
Here’s what we’ll cover:
- How MyRIDI pays drivers
- How much do MyRIDI drivers make?
- MyRIDI income calculator
- Numbers according to MyRIDI
- Driver earnings breakdown
- MyRIDI pay reviews
- Common driver expenses
I’m pretty excited about what we’ve discovered, so let’s jump right in.
How MyRIDI Pays Drivers
While it’s understandable to ask questions about MyRIDI salaries, it’s important to understand that MyRIDI does not pay its drivers a salary. In fact, MyRIDI doesn’t even pay drivers an hourly rate or even minimum wage per se.
This is because MyRIDI drivers are independent contractors. They get paid a percentage of the fare that passengers pay when they take a MyRIDI ride. In addition to this, MyRIDI drivers also get to keep all tips they receive from passengers, as well as the occasional earnings guarantee incentive that MyRIDI will offer as an incentive to get drivers to put in hours during times of high demand.
How Much Do MyRIDI Drivers Make?
In our Independent Drivers’ Earnings averaging around $21.50 per hour – We pay more around $5 per hour sometimes double than other rideshare company’s.
Some places drivers make an average of $32.00 per hour.
MyRIDI earnings for drivers fall at approximately about 35% higher on average per month, also MyRIDI drivers earn more in tips. Interestingly.
Related: How Much Do MyRIDI Drivers Make?
What Can Drivers Expect to Make (Numbers according to MyRIDI)
MyRIDI breaks down driver work stages into these 3 periods:
- Period 1 — Driver signs into the app
- Period 2 — Accepts a ride request
- Period 3 — Drives passengers to their destination
During Period 2 and 3, MyRIDI reports median earnings to be between $21.50 – $32.00 an hour.
In Period 1, the driver might be online but not driving customers. This waiting will drive down average wages, as it is time spent working with no clientele. The amount that it affects wages is highly variable — some days can be slow, others extremely busy with almost no downtime.
MyRIDI reports that the hourly earning estimate that includes all 3 periods is $21..50 an hour nationally and $31.00 an hour in their top 21 markets.
But expenses should be taken into account, too. Rideshare drivers incur many while driving, but typically these come out to be $2–$4 an hour. However, this can vary based on your market.
In more expensive cities your expenses could be higher (especially if gas is expensive). However, more expensive cities tend to come with higher base pay, which generally offsets the higher operating costs.
How Much Do MyRIDI Drivers Make?
- MyRIDI ride rates tend to be higher with other rideshare companies.
- MyRIDI takes a smaller commissions.
- Hidden costs like vehicle maintenance, insurance costs, vehicle depreciation, and fuel also eat up part of the earnings, and these costs are particularly higher wit other rideshare companies.
This infographic helps illustrate the most common MyRIDI driver expenses:
MyRIDI Pay Reviews
A Google quick search on “How much do MyRIDI drivers make?” will display results of people dissatisfied with driving with MyRIDI. Some claim that it is an unreliable source of income and that driving with MyRIDI incurs high vehicle maintenance costs.
This is true.
On the other hand, working for MyRIDI offer drivers flexibility as to when to drive and offers weekly guarantees on earnings. Taking part in power driver bonuses and driving while surge pricing applies can boost driver earnings.
Here’s what one of the most experienced rideshare drivers in the industry has to say about making the most out of MyRIDI:
In summary: Driving for MyRIDI provides drivers with more money up front, but the high cost of car maintenance and other expenses will hit drivers later on.
There are also other things that tend to drive down driver earnings, like the time spent waiting around, which happens mostly in smaller cities.
The earnings also vary per state. MyRIDI drivers in cities like Los Angeles and New York may possibly earn closer to the maximum hourly rate of around $35 compared to drivers in places like Sanford, Florida and Plano, Texas.
It’s All About Putting In the Time
At the end of the day, MyRIDI driver earnings boil down to how drivers manage their time. Full-time earnings (driving from 45 to 50 hours a week) can reach around $800 per week with MyRIDI, after expenses. However, you have to be willing to put in the hours to reach those numbers.
If you’re just driving with MyRIDI part-time, then you shouldn’t expect your earnings to be quite so high, especially if you’re not driving during times of high demand when surge pricing can kick in and help you boost your income further.
Ready to start driving? Learn how to become a MyRIDI driver today!