Rideshare programs like Uber and Lyft have grown exponentially in popularity and value in the last decade. Despite the threat of a global pandemic, Uber’s sales have increased by 147% year over year since 2020. Lyft’s sales have climbed by 117% in the same period. People who don’t own cars prefer ridesharing to taxis, and on the other side of that transaction, you have the driver who is making money in their spare time by sharing a seat in their daily driver.
If you’re considering adding Uber Driver to your resume as a side gig or a primary source of income, having the right car is essential. Should you use a BMW as a primary vehicle for your rideshare endeavors?
Meeting the Qualifications
If a BMW is your daily driver, and you’re considering taking up a part-time job as a rideshare driver, there are plenty of positives that you can enjoy, assuming your vehicle meets the app’s requirements. Older cars — though the number is arbitrary and depends on several factors that neither major rideshare company is keen to disclose — will not even be able to sign up to be a driver. It’s important to note that this is only for Uber or Lyft as a rideshare service. Other related services, such as UberEats and Door Dash, accept older vehicles.
For argument, we’re going to assume that your vehicle meets all of the requirements outlined by the rideshare apps.
Pros of Driving a BMW Rideshare
First, so we don’t scare you off too quickly, let’s take a look at the pros that come with using a luxury car like a BMW for a rideshare service.
First, you will likely qualify for a higher tier of service. For Uber, that means working with UberSelect, which allows riders to choose a luxury car in exchange for a higher fare. A lovely BMW might even qualify you for UberBLACK, the app’s top-tier service. It is crucial to choose wisely — if you don’t live in an affluent neighborhood, you likely won’t have a lot of UberBLACK clients. On the other side of that coin, if your community is on the upper end of the income scale, it can be a great way to make more money for less time behind the wheel.
Lyft has similar levels, ranging from the standard option for up to three passengers up to Lyft Black, which connects passengers with luxury vehicles. If Uber isn’t as active in your area, there’s always the option to apply with Lyft and see if your BMW might qualify for the higher service tiers.
Cons of Driving a BMW Rideshare
Having a nice car might seem like the perfect choice for a rideshare service, but it also has its downsides. Newer models offer better fuel economy than older options, but they still don’t have the best MPG rating compared to other cars in the same size class. Unless you’re doing a lot of rides for Uber’s higher service classes, you may find yourself putting a lot of your earnings right back into your gas tank.
Driving for a rideshare app also increases the chances that you’ll get into an accident. A study that looked at the increase in rideshare usage since 2011 found that there’s been an increase in traffic deaths that could be connected. The increase is slight — between two and three percent — but it’s substantial enough that it could be cause for concern. Rideshare drivers are also more prone to distracted driving, between the navigation display on the app, trying to navigate unfamiliar roads, and the distraction created by having a stranger in the backseat.
Driving for Uber or another ridesharing service also puts a lot of miles on your car. More miles means more maintenance, and for a BMW owner, that can be costly. The exact maintenance for a BMW can cost hundreds or thousands of dollars more than comparable tasks carried out on a Nissan or Honda of the same size.
There is also the cost of insurance to consider. Insurance on a BMW is already reasonably costly, especially if you’ve got a new model in your garage. The chances are high that your insurance doesn’t apply if you’re logged into a rideshare app as a driver, so you’ll need to add rideshare coverage to your policy. It might not be a massive expense, but it is something that you’ll need to consider.
Making The Right Decision
Ultimately, the decision as to whether you should use your BMW for a rideshare service or not falls to you. Take a look at the Uber options in your area. Is there a lot of demand or a lot of drivers? A luxury car like a BMW might give you an edge, but you also might end up putting a lot of extra miles on your car for minimal reward.