Most likely, you’re in the rideshare business to make money – not because you love helping strangers get to the airport. For some, it’s a full-time job. For others, it’s a side gig to boost their income. There are plenty of reasons that people are drawn to rideshare over other jobs (working for yourself and making your own hours is probably high on that list). But did you know you can maximize rideshare profits by switching to an electric vehicle?
We genuinely believe the future of the rideshare industry (and the auto industry as a whole) is electric. Understandably, though, the upfront cost of buying or leasing an EV scares some people off (You.Car has a solution for that – more on that below!). But if you’re going to rideshare anyway, shouldn’t you optimize the job to maximize your return? An electric vehicle can do that. Let’s look at the four reasons trading up to an electric vehicle is the most profitable rideshare decision you can make.
- Lower Costs, Higher Profits
The expense of using your personal vehicle for business purposes can add up quickly; gas prices, longevity, and wear and tear are just a few of the hidden costs to consider. Electric vehicles aren’t immune to all of these, but they do fare better than gas-powered vehicles in every category when calculating profit or loss from rideshare driving:
- Maintenance costs for electric vehicles are significantly lower than gas vehicles, on average. EVs have a simpler structure and fewer parts that need regular replacement. AAA estimates you’ll save at least $330 per year, though some believe that’s a very conservative estimate.
- It’s much cheaper to charge an electric vehicle than it is to fill up a tank of gas. A full charge, which will take you about as many miles as a standard tank of gas, will cost between $9 and $18.
- Many people worry about the lifespan of an EV’s battery, but fear not – they last much longer than the batteries in gas-powered vehicles. Consumer Reports estimates that EV batteries last around 200,000 miles. If you drive 12,000 miles per year, your battery will last over 15 years.
- Tax Incentives
As a rideshare driver, you are eligible for mileage tax breaks regardless of the kind of car you drive, so long as you track the miles driven for work. You can cash in on unique tax incentives as an electric vehicle owner, though. When determining profit or loss from rideshare driving, put this one in the profit column!
The specifics vary depending on what type of EV you buy and how much money you make, but the general rule is that new electric vehicles come with a $7500 tax credit, and used EVs come with a $4000 tax credit. Starting in 2024, you don’t have to wait for tax season to see that money – you can take the credit at the point of sale, immediately reducing the overall cost of the car by $7500 (or whatever you qualify for). Additional tax breaks are available at the state and local levels, including incentives for installing a car charger.
So, if you’re worried about the upfront costs of switching to an electric vehicle, the government subsidies help ease that burden – and so does You.Car’s micropayments program.
- Cut Your Car Payment in Half for Maximum Ridesharing Profits
There’s one thing you can only get from You.Car: car payment assistance. We want to help drivers get into electric vehicles so fewer gas cars are on the road. To encourage that, we designed a paydown benefit specifically for our all-electric fleet of drivers. It’s what makes us the most profitable rideshare option right now.
Here’s how it works: when you opt-in to the payment program, we automatically transfer a portion of your earnings to your loan provider. You can choose to transfer all of your tips, a portion of your wages, and/or the income earned from our additional revenue streams like in-car advertising or snack sales.
The result? When you log in to pay your car payment at the end of the month, you owe less. How much less is entirely up to how often you pick up riders. Regardless, if a $600 monthly payment is what’s keeping you from making the switch to an electric vehicle, you can reduce that bill considerably by driving for You.Car a few hours per week. Great wages plus perks like this make You.Car the most profitable rideshare around.
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- Make a Lasting Environmental Impact
Let’s state the obvious: switching to an electric vehicle has macro-level benefits that are even stronger than the personal benefits you’ll enjoy. According to the EPA, “the greenhouse gas emissions associated with an electric vehicle over its lifetime are typically lower than those from an average gasoline-powered vehicle, even when accounting for manufacturing” (EPA.gov). They also have a smaller carbon footprint compared to traditional cars, even when we take charging into account.
If fighting climate change and keeping the Earth healthy is important to you, then switching to an EV will empower you to align your income stream with your personal values. We want to make public transit even more eco-friendly. Join us, won’t you?