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posted by mrpg on Saturday March 03 2018, @12:35PM   Printer-friendly
from the dont-do-it dept.

A study conducted by the MIT Center for Energy and Environmental Policy Research analysed revenue and costs for over 1100 Lyft and Uber drivers, with the conclusion that most earn below minimum wage for their state and about 30% actually lose money when all the costs of owning and operating their vehicles are taken into account.

"A Median driver generates $0.59 per mile of driving, and incurs costs of $0.30 per mile", "On an hourly basis, the median profit was $3.37 per hour".

Because actual vehicle operating costs are significantly lower than the IRS allowance of $0.54/mile, many drivers report incomes that are substantially lower that their actual incomes, leading to a large pool of untaxed income (although it is small for each driver).

Techcrunch has a summary


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  • (Score: 2) by JoeMerchant on Saturday March 03 2018, @08:09PM (1 child)

    by JoeMerchant (3937) on Saturday March 03 2018, @08:09PM (#647244)

    The pizza driver example is one way for a kid to siphon money out of their parents via the car their parents pay for...

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  • (Score: 0) by Anonymous Coward on Saturday March 03 2018, @11:43PM

    by Anonymous Coward on Saturday March 03 2018, @11:43PM (#647335)

    Mining cryptocurrency involves less work though... ;)