How much does an Uber driver make?

How much does an Uber driver make?
An Uber driver cleans his car as his cell phone shows the queue to pick up passengers departing Guarulhos International Airport in Sao Paulo, Brazil, February 13, 2017. To match Insight UBER TECH-BRAZIL/ Picture taken February 13, 2017. REUTERS/Nacho Doce

Uber is making the taxi industry desperate. The US startup competes with the established industry and sometimes significantly undercuts their prices. Whether the service is financially worthwhile for drivers, however, is controversial. In this article, we read about How much does an Uber driver make?

What can you earn as an Uber driver?

The driver’s salary varies greatly from country to country but is based on the local minimum wage. A worldwide valid salary calculator is available online, which calculates the wages minus all costs.

Since UberPop is not allowed to be active in Germany, a look at other European countries helps to determine the earning potential. According to a recent court ruling, drivers in Great Britain receive the minimum wage of 9.23 euros per hour. In Switzerland, drivers receive an hourly wage of CHF 22.30 – the equivalent of EUR 20.50. The statutory minimum wage for the confederates is 22 Swiss francs per hour.

Insurance coverage and costs

In Europe, in addition to driver liability insurance, all journeys are insured through Uber. This means that if there is an accident with an Uber driver, everyone is covered – the driver, passengers and third parties involved.

By providing your own car, in addition to fuel costs, insurance costs and wear costs are incurred, which the driver has to bear independently.

UberPop ban has been heavily criticized

Supporters of Uber tend to call for a reduction in bureaucracy in the passenger transport industry because regulations date back to times when there were no comparable technical standards – such as the Internet. This makes the transportation of people inefficient. So the last word in this context has not yet been spoken.

Is it even worth becoming an Uber driver?

Are you looking for short-term earning opportunities that offer flexible working hours and are you also active in areas near the border? The app can therefore definitely be worthwhile for students. Uber’s insurance coverage offers sufficient security and the costs for the passenger transport ticket are relatively low. Due to the increasing attractiveness of semesters abroad for students, the app also offers an attractive opportunity here to earn money on the side. Many drivers also appreciate the opportunity to get to know interesting personalities while driving. Nevertheless, the high cost of owning a vehicle gives many students abdominal pain.

Are there alternatives?

Wunderbar, a start-up from Hamburg, pursues a similar business model as Uber and regard as a new beacon of hope in Germany. In addition, many drivers in this country use the BlaBlaCar app. BlaBlaCar offers students in particular the opportunity to relieve their tense cost situation, for example by taking passengers with them for trips between the university and their weekend home. With this app, however, only the fuel and wear costs can cover, which why drivers cannot earn money from it.

The best alternative in this country, therefore, remains the taxi industry. The same requirements apply because you should be at least 21 years old, have a class B driving license, and have two years of driving experience. In addition, future taxi drivers must pass a local knowledge test, for which a psychological and physical report must submitted. This incurs costs of around 700 euros.

The decision to become a taxi driver is therefore a long-term decision, which is why taxi companies often assume the costs for long-term contracts. Taxi drivers earn a fixed hourly wage with a percentage share of the taxi company’s turnover. Tips also wash money into your pockets. On average, taxi drivers earn an hourly wage of 10 euros plus tip.

Uber’s business model

According to Uber’s business model, 20 percent of the fare for the service offered goes into the pockets of the start-up, the remaining 80 percent goes to the driver as a salary. Uber acts only as an intermediary and not as a landlord between the interested parties.

According to a study by Princeton University, efficient capacity utilization saves the company on average 30-50 percent of its costs compared to the taxi industry. The reason for this is the innovative approach, which allows customers to benefit from a lower price. Uber understands the opportunities of the new sharing economy.

Terms of Fares

By developing its own pricing model, the start-up offers customers a high level of transparency in terms of fares, because the exact fare can calculate exactly before the journey begins. The environment also benefits: there are fewer traffic jams because more people are sitting in fewer cars. According to the latest estimates, Uber valued at $ 69 billion. Annual sales expected to be $ 1.1 billion.

Uber has been able to convince a number of well-known investors of its business model. For example, Google invested 258 million US dollars, and a Saudi investment fund even bought 3.5 billion US dollars. Goldman Sachs and Toyota are also Uber investors. As long as Uber can still close successful financing rounds. The question of a possible financing alternative does not arise for Uber CEO Travis Kalanick. An IPO therefore currently not planned, according to the manager.

The competition never sleeps

Uber’s business model has spawned a number of imitators. The electric car manufacturer Tesla is planning a further innovation. Step with the “Tesla Network” and wants to launch its own ridesharing service with self-driving cars. However, Tesla still lacks the necessary investors for this project. Competitor Apple has already invested $ 1 billion in Didi Chuxing, the Chinese version of Uber. The two companies are also reportedly working on a similar concept and putting Uber under pressure. It remains to see whether the collaboration. This will lead to the long-awaited iCar on the market.

Also read: how to fill out a check


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