Today I’d like to cover Lyft’s new bonus called The Weekly Ride Challenge. And stick around because at the end of the video I’m gonna give you my recommendation, whether this new bonus is a a thumbs or a thumbs down.
Take a look at Jay’s video, and scroll to the transcript below to see all of the points he covers.
Lyft’s old bonus: The Power Driver Bonus
Before we get into the new The Weekly Ride Challenge, let’s take a look so we have some perspective at Lyft’s previous bonus, which was called The Power Driver Bonus.
Get advanced tactics and earn more! Maximum Ridesharing Profits has my top tips for earning more money. Click here to enroll.
Here are the requirements for the old Power Driver Bonus. There was a one, two, three, four, five levels from $105 bonus to a $500 bonus and the two things I wanna point out is that you had to drive during certain parts of the day. These were called peak rides and you also had to maintain a 90% acceptance rate or better in order to qualify for these bonuses. So, this was the old bonus.
The new bonus: The Weekly Ride Challenge
Now, we knew ahead of time that when Lyft was going to get rid of the Power Driver Bonus and bring in this new bonus called The Weekly Ride Challenge, that they were going to be eliminating three components to the old bonus. First there’s no automobile restriction. So even if you have a car that’s older than 2011, you can still qualify for this bonus. That’s great. Second, no peak hours. So you don’t have to drive during certain times of the day. I used to be Monday through Friday you had to drive in the morning and you had to drive in the afternoon. That’s all gone. So there’s no peak hours.
Our Top Tips for Drivers:
The third thing that’s gone is the acceptance rate requirement. So you don’t have to maintain about a 90% acceptance rate. It makes it a whole lot simpler. I was waiting anxiously Sunday to get an email telling me what the new bonus would be but it didn’t arrive. This morning at 5 o’clock, which is the beginning of the new week for Lyft, Lyft gave us the bonus. And here’s what it looks like.
The new ride bonus is a tiered system
At 5:00 a.m. I took a look at my phone at the app and this is what I saw. It’s three levels. The first level is 82 trips to make $143 and then we move to the middle. You can see the second level is 140 trips to make $273 in the bonus. The top level for Power Drivers out there is 165 trips, so that’s the same as the old Power Driver Bonus, but there’s no peak hours, and instead of making $500, you make $423.
Let’s break this down now and see if we think this is a good bonus or not. We can break this down now to the dollars per ride increase that we’re getting with this new bonus. Let’s look at the first level. The first level, we can see it’s okay. Right? It’s under $2. The second level. It’s also under $2. But when we get to the third level, we can see that we’re getting $2.50 per ride. That’s really pretty good. So I’m really happy with that because that matches what Uber has been offering pretty much over the last several months, about $2.50 extra per ride.
Is the new weekly ride bonus better than the Power Driver bonus?
The other factor is the freedom and flexibility. And here Lyft has now matched Uber, so that’s a wash. Since I can make so much more money, which is $423 extra in a week with the Lyft bonus, I say this new bonus is a winner. I love it because now I don’t have to worry about peak hours. Instead, I can wake up early. I can drive six hours. I can drive eight hours. I can knock off, go work out and I’m done for the rest of the day.
Whereas up to this point for the last six month or so, I’ve been driving in the morning, taking a break, and then having to go back out from five to seven, which is the worst time to drive in my opinion because there’s so much traffic. I don’t have to do that anymore. So for the time being, I say this is a winner. I love this new bonus. Great job to Lyft.
In case you’re watching this and you haven’t subscribed to this channel yet, by all means subscribe to The Ride Share Guy YouTube channel. Every week there’s one, two, sometimes three new videos that come out and you’ll stay right on top of this industry, which is so important to us, especially if you’re a ride share driver. So y’all go out there. You have a great day. Be safe out there!
Ready to Maximize Your Ridesharing Profits?
Maximum Ridesharing Profits is The Rideshare Guy's online video course. Enroll to learn how rideshare veterans earn more, spend less, and treat rideshare driving like a real business.