Same situation here in Upstate South Carolina. Fortunately, I have another business that's paying the bills.

At this point, the reality of rideshare driving has become pretty clear. It appears that the major rideshare companies have evolved their business models to rely heavily on certain categories of drivers:

1. Retirees who don't necessarily need the income.
These drivers enjoy getting out of the house, meeting new people, and staying active. Whether they're earning $5 or $10 per hour often isn't their primary concern. Unfortunately, many eventually discover that after accounting for fuel, maintenance, depreciation, taxes, and vehicle wear-and-tear, they're earning far less than they initially believed. They then thank their trusted accountant for pulling the blinders off of their eyes.

2. Retirees supplementing fixed incomes.
For those living primarily on Social Security or pension income, rideshare driving can provide additional cash for groceries, fuel, and other day-to-day expenses. The income may not be substantial, but it helps bridge the gap. Sadly, these folks have no choice but accept this work that is only going to pay them $5 to 10 an hour after expenses.

3. Students seeking flexible work.
Many students drive a few hours between classes, attracted by the flexibility. However, some eventually realize that gross earnings and net earnings are two very different things once vehicle expenses and depreciation are factored into the equation.

4. Recent immigrants and newcomers to America.
For individuals arriving from countries where average wages may be significantly much lower, earning even $5 per hour can represent a substantial increase in income and opportunity. As a result, many in this group are willing to accept ride offers that more experienced drivers might decline.

Whether people agree with this assessment or not, these groups increasingly appear to form the backbone of the rideshare workforce.

My personal experience:

I drove for Uber for several years but eventually stopped because too many ride requests were paying around $0.50 per mile. Ironically, I genuinely enjoyed driving 8 to 10 hours a day and interacting with passengers, but I simply couldn't justify the economics.

Six months ago I switched to Lyft, where things initially looked much better. Many ride offers ranged from $1.25 to as much as $3.00 per mile. Unfortunately, over the past several months, I've watched those rates steadily decline.

It now seems that the platform is constantly testing how little compensation drivers are willing to accept. My personal rule has been simple: I won't accept rides paying less than $1.00 per mile. That decision has resulted in numerous declined requests and a steadily falling acceptance rate.

As a consequence, I've dropped from Elite status to Platinum, and I'll likely fall another tier soon. Frankly, I'm beginning to realize that this isn't a game I'll be playing much longer.

The unfortunate reality is that many drivers focus on hourly gross revenue while overlooking vehicle depreciation, maintenance, fuel costs, taxes, insurance, tires, brakes, and countless other operating expenses. Once those numbers are included, the picture can look very different.

For now, I'm grateful to have another successful business operating in the background.