Why EVs are the smart choice for rideshare drivers

Driving for a rideshare service can offer flexible hours, a decent income, and the potential to increase your earnings significantly if you develop a good understanding of the market.

One way to unlock higher earnings is by choosing the right vehicle - specifically, an electric vehicle (EV). Not only are EVs more economical in terms of running costs, they also open the door to more lucrative rideshare categories.

The rising popularity of EVs will come as no surprise to those already driving one for their rideshare business. EVs offer lower running costs, reduced maintenance expenses, and environmental benefits. But perhaps most significantly of all, they also qualify you for higher paying rideshare categories, which means even more money in your pocket.

How to earn more in an EV

In Australia, rideshare platforms like Uber offer various service categories, each with varying earning potential. EVs allow you to access categories that offer premium fares, increasing your overall earnings per trip.

• Uber Comfort: This category offers passengers a higher-quality experience, including newer vehicles with more legroom. EVs are often newer, and many qualify for Uber Comfort. Drivers in this category typically earn more than those in standard UberX.

• Uber Comfort Electric: This category was introduced by Uber in 2023 for Uber Comfort passengers who want their ride to also be fully electric.

• Uber Premier: High-end electric models, like BMW i5 eDrive40 qualify for Uber Premier, a luxury service where drivers earn significantly higher fares – up to three times as much as an Uber X fare the same journey. With premium customers, longer trips, and higher base fares, this category can provide a significant boost to your earnings.

• Uber Green: Exclusive to fully-electric vehicles, this category is for environmentally conscious passengers. For drivers, while Uber Green fares are the same as the standard Uber X fare, with fewer Uber Green than Uber X qualifying vehicles currently on the road, EV drivers have less competition for fares on Uber Green, so the potential to earn more also exists in this category.

Save on running costs

Electric vehicles not only open the door to higher-paying categories, they also slash your running costs. Let’s break down the savings you can expect compared to traditional petrol vehicles.

• Fuel savings: On average, Australian drivers spend around $5,500 a year on fuel. Charging an EV costs significantly less, and with more charging stations popping up across Australia all the time, it’s easier than ever to recharge while out on the road.

• Lower maintenance costs: EVs have fewer moving parts compared to petrol cars, meaning fewer maintenance issues. You’ll save on oil changes, transmission repairs, and other costly repairs, allowing you to keep more of your rideshare income.

Tax incentives

You may be eligible for tax deductions related to your EV purchase or leasing arrangement, and even home charging and charging equipment. This can lower your overall expenses and allow you to keep more of your rideshare earnings.

Demand for electric vehicles is rising

As more passengers become environmentally conscious, they’re actively choosing Uber Green. Demand for EVs is growing, especially in major Australian cities, meaning you could spend less time waiting for fares and more time earning.

The financial upside of EV driving through Splend

If you acquire an EV through Splend, you will also be able to access support, such as your own dedicated rideshare expert, who can help you maximise your earnings by sharing their expertise on how to optimise your business to secure higher fares whilst keeping your costs to a minimum.

The smart move for rideshare drivers

Choosing an EV not only reduces your environmental impact, it also increases your potential earnings as a rideshare driver. With access to higher paying categories, savings on fuel and maintenance, and tax incentives, driving an EV is one of the smartest moves you can make to boost your income.

About Splend

Splend makes car ownership easier, more affordable and more accessible for rideshare drivers by building everything they need to earn more and pay less into one affordable weekly payment. It’s smooth driving, with no surprises and the lowest total ownership cost you’ll find – which is how car ownership for rideshare drivers should be.

For more information about Splend, make an appointment and drop by to your local Splend Hub, email us, or say hello on 1800 775 363.