Rideshare Rundown: Uber vs. Lyft

Video Transcript

Ken: Nerd alert, nerd alert. Ryan is here to give us the lowdown on what’s happening with Lyft and Uber, right, and everything surrounding that. Okay…

Ryan: And what’s cheaper. Is it cheaper to own a car these days or is it cheaper to just rideshare? So these guys over here, The Zebra…they’re basically an insurance company online, they did a study, they took Uber for an entire month of Uber and Lyft for an entire month to compare what was better, driving a car or Uber. So this is the guy who did the study, his name is Josh Waldrum, I want us to give him some credit here. But what he did was he took his car, and he parked it in his garage for an entire month and only did ridesharing, and he found that he saved about $113 which is pretty crazy. Now he has some special circumstances, he only has $333 car payment, and his commute to work is only three and a half miles, so it’s not super terrible. So you might wanna do your own little study on whether or not it’s going to work, but overall you’re looking at about 320 to 420 a mile depending on what service you decide to use. And during this study, Uber actually lowered its prices a little bit, so it came out a little on top compared to the two services. Turns out you wait about four minutes for every time you press the thing, about four minutes more. Services are about the same to get your ride.

But here’s some pros, if you go out on the town and decide to throw back a couple, Uber and Lyft will take care of it. My wife and I if we go out and decide on some fun. We have to decide who’s gonna drink and who’s not gonna drink. Go to Uber or Lyft, boom, we can have some fun. Also, you know, if you hold a phone in a car, if you even hold it in your hand now in California, you can get a ticket. So if you wanna do some texting or Facebook-ing or watch your stream for a good day in the back of your car, you can do that. Plus, you’re gonna eat less, because you’re not gonna go out to lunch very often, because you don’t have a car. So you’re gonna be able to eat at your desk and just relax, maybe save some few pounds. Here’s the other thing, now, on a car, you’re gonna lose a little bit of freedom, you’re not going to be able to drive anywhere you wanna go, if you decide to do just ridesharing because you going to pay every time.

Also surge pricing, you’re gonna watch out for that. If there’s not enough drivers on the road, obviously, you can pay up to seven to eight times more for a ride, and Lyft has been known to go up to 200%. So be careful. Always keep both apps on your phones, that way you know which one is gonna be cheaper. That way if one has got surge pricing on you can turn to the other one. And obviously, you can also do carpooling in both services, it’s called Lyft Line or…

Ken: Okay hold on, what is this? You’re separated by a foot. They’re like they don’t know each other at all. Like I don’t know you…I do not own you.

Ryan: This is appropriate for carpooling, you don’t wanna be snuggling up, you know what I mean? Also with Uber, you’ve got Uber Select where you can get a luxury car, so if you wanna go out on a date and kind of show off a little bit, and picked up something that’s kinda nice. And both services have six passenger cars, so you can get a big SUV or a minivan to come pick you up. And if you’re gonna think about making a few extra bucks on the side, you can think about working for one of them. The comparison between the two, they’re about the same in terms of satisfaction for the drivers.

Lyft is a little better because here’s the thing about Lyft, is you get tips in the app, and they have a minimum charge for riders, so if you’re thinking about driving for them, you’re gonna make a little bit more money with Lyft than you are with Uber. Here’s the thing though that Uber has more customers than Lyft, but there’s been a little bit of kickback with the whole Trump thing with Uber. So there’s a whole The lead Uber Campaign. Now, if you’re a Trump supporter, obviously, go Uber, but if you’re not, maybe go Lyft. You may wanna think about that.

And last but not least you I want to make sure you get the correct kind of insurance both Geico and U.S.A. and what’s called Hybrid Insurance. So if you’re doing ridesharing, you pay a certain rate versus if you’re not.

Ken: There you’re, there you go.

Ryan: That makes sense?

Ken: Always good to see you thank you, Ryan, for sharing the information. Marianne back to you.

Marianne: All right, thanks, guys.