Can You Rent a Car From Lyft to Drive
Did you know that you can rent a car to drive for Lyft? Renting has become a very popular option with many drivers. Rentals are a good choice if you don't own a qualifying vehicle, or if don't want to put too many miles on your own car.
The Lyft rental service is called Express Drive, and it offers weekly rentals that include insurance and routine maintenance.
Lyft rentals cost around $200 – $300/week. Renting can be a good option if you want to try driving for Lyft without having to buy a car. Expect to drive at least 35 hours per week to make the cost of the rental worth it.
To get started with Express Drive, apply here. Select "I need a car" to indicate that you want a rental.
Basic Facts about Express Drive, The Lyft Rental Car Program
- Drivers must be age 25 or older to rent
- Express Drive rentals start at ~$220 per week
- Current participating rental companies are Hertz and Flexdrive
- Drivers must meet Lyft driver requirements
- Refundable deposit (around $250) is returned when you turn in the car
- Insurance, routine maintenance, and roadside assistance are included
- Vehicles are rented by the week
- Personal use allowed, with limited mileage. Unlimited miles available for extra charge
- Rentals are first-come-first-served and availability can be low
- Rental payments are deducted from your weekly earnings
- Rate card is lower with Express drive in some states: You earn less per mile and minute
- Apply here. Select "I need a car"
How Much Do Lyft Rentals Cost?
Lyft rentals through Express Drive typically start around $220 per week for a midsize sedan. The cost of the rental depends on your market you're in, and the vehicle you rent.
Payments for a rental are deducted from your ride earnings each week. If your earnings don't cover the full rental cost, your credit/debit card on file will be charged.
How Much Can You Earn with a Lyft Rental?
A full-time Lyft driver working 40 – 50 hours per week can expect to earn around $1,000 per week, before expenses. Take $1,000 earnings and subtract $220 in rental costs and you're left with an estimated profit of around $780 per week.
Looking at it another way, assume a conservative gross earnings of $15 per hour. It would take around 14 hours of driving to pay off the rental. Any earnings after that would go to your pocket. Don't forget about taxes!
Your experience may vary by quite a bit. Earnings vary drastically depending on the area you're in, the time of year it is, and even the times of day you drive. You'll have to experiment to see what earnings are like in your area.
Paying for Miles on Flexdrive
In all states except California, there is no charge for the miles you use while you drive for Lyft. There is a charge for personal miles, which are the miles you drive when you're offline and not using the Lyft driver app.
You can select personal mileage plans with varying levels of miles. All miles are tracked in the Lyft driver app. If you go over your mileage limit, you may be charged a fee that will be added to your rental cost for the next week.
In California, drivers using Flexdrive rentals pay for Lyft miles and personal miles, in addition to the weekly base rate. Lyft miles are approximately half the cost of personal miles.
An example of California Flexdrive pricing. Note the cost for Lyft miles
Refundable deposit
All Express Drive users must pay a refundable deposit before accessing a rental car. The deposit is typically around $250, but the amount varies based on your market, the rental agency, and your driving record. You must use a credit or debit card in your name to make the deposit. Lyft does not accept pre-paid cards for the rental deposit.
When do you have to pay the rental deposit? You will be prompted to pay the deposit after you schedule a rental pickup.
Your rental deposit will be returned in these circumstances:
- If you fail the Lyft background screening process, your deposit is returned following the 10-day window to contest the results
- When you return your rental vehicle, the deposit is returned within 5 – 10 business days
- If you request to leave the Express Drive program without ever renting a vehicle, the deposit is returned in 2 – 5 business days
Insurance – Included with all Express Drive rentals
A big benefit with Express Drive rentals is that insurance is included in the weekly cost of the rental. You don't need a personal auto policy to qualify for Express Drive, and you're fully covered once you pick up your rental. If you use your own vehicle, you'll have to find insurance policies that allow ridesharing, you risk having a claim rejected in the event of an accident.
More detail about the insurance offered with Lyft Express Drive rentals
- Personal driving and rideshare driving are covered
- Collision deductible is $1,000 for Hertz and Flexdrive
- $1,000,000 liability policy when you're waiting for a request and when the ride is in progress. Liability also offered during personal driving at different levels that depend on your state
The Difference Between Hertz & Flexdrive Rentals
Lyft partners with Hertz and Flexdrive to provide vehicle rental services for Lyft drivers. Both companies have similar offerings, but there are a few differences that are worth mentioning.
Many cities only feature one of the services, but some have both. Check the Express Drive cities at Lyft.com to see what's in your area.
- Flexdrive charges for miles. Personal miles are more expensive than Lyft miles
- Each provides a different insurance plan, but both cover you and the vehicle you rent
- Some cities offer both Hertz & Flexdrive options, others only offer one of the two
- Reservations for all services are made online in the Lyft driver dashboard
- Maintenance procedures are slightly different between the two
Upsides and Downsides of Lyft Express Drive Rentals
Upside: Insurance and routine maintenance are included. Some of the biggest costs when you use your own vehicle are depreciation, maintenance, and insurance, so not having to deal with those is valuable.
Upside: Drive for Lyft without using your own car. Many drivers don't have a qualifying vehicle, or don't want to put the miles on their own vehicle. Express Drive is a way to earn money with Lyft without putting your own car on the line.
Downside: Cost. Rentals aren't cheap, so you'll have to drive a lot of hours to make it worth it.
Downside: Availability of rentals can be low. In many cities the availability of rental cars is low, so it can be difficult to make a reservation. If Hertz doesn't have a car available for you, you're put on a waiting list. Most drivers are only able to get a car by repeatedly checking the app and hoping a reservation slot opens.
Downside: In some states, you earn a lower per mile and per minute rate with an Express Drive vehicle. Express Drive users are paid on a different rate card that is around 10% lower than what other Lyft drivers earn. Lyft says that the lower rates help to fund the higher insurance costs involved with Express Drive.
Lack of availability can be a big downside in some cities
Getting Started with Express Drive
To get started with Express Drive rentals, you first apply with Lyft. Once you pass the driver screening, you'll be able to make a deposit, reserve a vehicle, and make an appointment to pick up a rental.
How to view Lyft rental options
If you're already a Lyft driver, you can see the Express Drive options available to you either in the Lyft Driver app or at Lyft.com.
Inside the Lyft Driver app: Tap your profile icon in the upper left corner, then tap Vehicle. An Express Drive box will appear below your vehicle info if Express Drive is available to you. Tap on "Learn More" or "Rent a car" to begin the rental process. Next, you will be able to view nearby rental locations and schedule an appointment to pick up a vehicle.
At Lyft.com: Log in at Lyft.com/login and visit the Vehicles section of the driver dashboard. Scroll down to see if Express Drive rentals are present as an option. You'll see a section called "Use an Express Drive rental" if the option is available in your city.
Existing drivers: Check the Vehicles area of the app for Express Drive options
How long can you keep a Lyft rental?
Lyft rentals from the Express Drive program are renewed weekly and you can keep them for an indefinite amount of time. The minimum rental period for a Lyft rental is 7 days.
At certain mileage intervals, you will have to bring the car to branch where you picked it up to have maintenance and inspections performed. You will be reminded in the Lyft Driver app to bring the car in for maintenance.
Lyft warns you when you need to return the car
Can you lease a car long-term through Lyft?
Long-term leases are not available with Lyft Express Drive. All rentals are on a weekly basis.
Can two people share the same Express Drive rental?
Lyft will not allow two people to share the same Express Drive rental. If you want to share your Express Drive vehicle with a spouse, significant other, or business partner, it is not allowed. Two people can share a personal vehicle as long as each driver is named on the personal insurance policy, but the same is not the case with Lyft rentals.
What can you do when there are no rental vehicles available?
Lyft Express Drive has turned out to be a very popular option with drivers, and rental companies have had difficulties keeping up with demand. You might try to reserver a rental only to see message that tells you none are available.
If there are no rentals available, you have two options: You can choose to wait until more rentals become available, or you can find an alternative rideshare rental.
No Lyft rentals available? Try HyreCar, a peer-to-peer rental marketplace
Currently there is no notification system to inform you when a rental becomes available. Lyft recommends logging back in and manually checking for new cars. It's not a great solution, but until a better reservation and notification system comes out, it's all you can do.
Can you use your Lyft rental to drive for Uber or other gigs?
It depends. Hertz rentals can only be used for Lyft. Flexdrive rentals can be used for other services. That means you can't use a Hertz Lyft rental to drive for Uber or other driving gigs.
Rideshare rentals that can be used for more than one service
- HyreCar – Peer-to-peer rentals
- More Rideshare rental options
Does Renting a Car to Drive for Lyft Make Financial Sense?
$200 per week or more is expensive, and at current Lyft rates you'll need to work around 10 – 18 hours just to pay off the rental. The price for these rentals is in line with the cost of Uber rentals, which are also priced so high that they require full-time driving in a major market to make financial sense. But the upside is that with these rentals, you can try it for just one week and decide whether to stay on or not.
The other upsides are that insurance is included in the price, and you don't have to pay for general upkeep like oil changes, brakes, tires, etc. Maintenance and depreciation are huge costs when using your own car, so it's nice to avoid those costs with rentals even if the cost exceeds what you might pay for your own vehicle.
It's usually best to use the car you already own to drive with Lyft. Check the Lyft vehicle requirements to see if your car qualifies.
When it might make financial sense to rent a car to drive with Lyft
- You want to try driving for Lyft without committing to buying a car
- Your car is in the shop and you need a car for a week or two
- You want to drive full-time and don't want to put too many miles on your personal vehicle
Overall, the Express Drive program is something worth looking into if you want to try Lyft but you don't have access to a qualifying car.
Try Express Drive!
Apply to Lyft here and select "I need a car" to begin the Express Drive rental process. After you are approved as a Lyft driver, you'll be able to access local rentals.
Can You Rent a Car From Lyft to Drive
Source: https://www.ridesharingdriver.com/renting-a-car-from-hertz-to-drive-for-lyft-is-it-a-smart-idea/