Lyft News

Lyft announced you are going to buy an electric vehicle or be deactivated

Seriously, at a time when drivers are struggling to pay bills, not just from COVID-19 but low rates in general, Lyft decided to announce this.

John Zimmer, co-founder and president of Lyft annoucned today that by 2030, all vehicles on the Lyft platform will be electric.

(He will be tagged in this on twitter so he can see it from a drivers standpoint)

If you are an active driver for Lyft, you will probably call 100% BS on this.

First of all, a electric vehicle is considerbly more than the gas counterpart, but Mr. Zimmer thinks that our gas savings will allow us to save enough money in order to make a electric vehicle worthwhile. While in theory this works, most drivers do not have the credit score, or income to even qualify for a loan that is more than 20k. (Used electric vehicles are highly not recommended, as the battery packs can cost thousands of dollars, something Lyft drivers do not have.)

By the way, in conventional lenders eyes, we are classified as commericial drivers. If you do not have a “regular” job, (after COVID-19 many drivers will not) you will not qualify by conventional terms. This means going to a hole in the wall dealer that charges high interest and you are not going to get that new car warranty.  

But, as a millionaire, Mr. Zimmer is out of touch with how high interest rates can make or break a loan.

So Mr. Zimmer also announced that this can be done through the Lyft Express program, which is quite frankly a scam at this point since drivers in cities like Houston are paying $300 a week, effectively keeping them as low income earners and relying on Lyft. (Fun Fact, Lyft direct allows you to be paid after every single ride, more or less because they know you need that money for gas.) By the way, $300 a week gets you a luxurious Hyundai Elantra, in comparison, you can have a fully decked out Suburan for $800/month, if you have okay credit. Will Lyft go back to $30/week vehicle rentals? PSSH, the rates are only going up. A electric vehicle costs more than a Hyundai Elantra..

Here are the upcoming Lyft Express rates for “personal” miles in Houston, which, btw is not a very lucrative market for taxis historically (and thus rideshare).

I can’t make this up. Lyft is nickel and diming drivers and then expect us to pony up cash and/or credit for an electrical vehicle? (Lyft Express drivers also get paid less per mile)

I for one would love to get an electric vehicle anyhow, but to use it for Lyft? It makes 100% no sense. With advancements in technology, especially with range for my all night Uber/Lyft binges, it can make sense, but as of right now, it is a pipe dream.

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