Can You Drive For Lyft With a Leased Car?

Driving for Uber or Lyft has become one of the easiest ways to earn money in the new gig economy. Some critics of the industry suggest that jobs like this are harmful to a more robust, functional economy. Regardless, we’re going to explore whether you can drive for Lyft using a leased car.

Yes, you can drive for Lyft using a leased car, but there’s no guarantee that it will be the best deal due to the elevated cost of leasing a car in the long run. 

This blog will go over the five options available to make driving for Lyft easier for people who don’t have full access to a vehicle, as well as explain the pitfalls of leasing. 

Can You Drive for Lyft With a Leased Car?

Driving for a rideshare or delivery company is an attractive option, even to those who don’t own a car. After passing a background check and getting the proper equipment like red cards or prepaid credit cards to make pickups, you stand to make some serious money. If you’re wondering if you can drive for Lyft with a leased car, the answer is yes. 

You can lease a car with Lyft, however it may not suit your lifestyle. To better explain this, it’s critical to understand the difference between leasing and renting. When you rent a car, it’s intended for a short amount of time. For instance, if you were on a business trip in a new town and needed to get around, renting might be your best option. 

Leasing is more long-term and has the intention of one day owning what you’re driving. As such, you’re required to make monthly payments, which could be hard to keep up with on a Lyft Driver’s salary.  A lot of drivers who previously leased cars found that they’d have to put in full 12-14 hour shifts just to make the payments. 

A lot of people who drive for Lyft prefer to do it more casually, just to pick up some extra money rather than make it a full-time commitment. Leasing a car is an option for those looking to make a career out of driving for Lyft. 

Here are some other options to consider. 

Buying a Car

Buying a car may be the most expensive option, but one should consider how much a Lyft driver stands to earn. According to Glassdoor, the average rideshare driver makes around $14 to $16 an hour. 

Used cars range between $5,000 and $15,000, however you need to ensure the car you get meets Lyft’s vehicle requirements.  All rideshare services have insurance requirements, including Uber. This should be no problem, as plenty of cars in that price range easily fit Lyft’s standards. 

Buying a car shouldn’t be a decision made exclusively for Lyft, but if you require a vehicle to get around anyway, it might suit your lifestyle well. 

Express Drive

Lyft and General Motors have joined forces to offer rental cars from drivers via their Express Drive program. You can get a weekly rental rate of anywhere between $135 and $250, though those rates don’t apply to drivers that manage to make 75 passenger trips per week. 

Of course, this is better suited for someone who may prefer driving full-time. 

Enterprise and Hertz

Hertz has also made a deal similar to General Motors to rent cars to drivers, starting at $165 a week for sedans. After a certain number of trips, which varies from city to city, drivers earn a Power Driver Bonus that will cover the cost of renting. The only real difference between the two is that Hertz is only offered in certain locations. 

Enterprise rental rates are slightly higher, starting at $215 per week. Renting is more expensive for drivers who aren’t trying to do it full-time, but it’s a reasonable option if you’re able to do it frequently enough to qualify for the free rate. 

What’s My Best Option?

Major financial risks such as purchasing a car should not be taken lightly, and a car should never be purchased just for the sake of doing a job. There are too many other expenses that come with owning a car, and you never know when unexpected trouble might suddenly hit you with major expenses. 

Lyft and other rideshare companies such as Uber have begun partnering with rental agencies to lighten the burden of car ownership costs on drivers, and as you can see there are plenty of more affordable options than purchasing a vehicle of your own when you don’t really need to. 
How you drive for a rideshare service is going to depend on your lifestyle. You should also consider how many passengers you want to take, as different sized vehicles are required, and you should always ensure that your vehicle meets the necessary requirements for rideshare drivers.