Some taxi companies buy new cars, which adds overhead, but largely I think the Uber/Lyft driver model doesn't work for a full-time wage. It's great supplemental

Some taxi companies buy new cars, which adds overhead, but largely I think the Uber/Lyft driver model doesn't work for a full-time wage. It's great supplemental income for some. From hearing many interviews with Uber drivers, I've gathered that most are happy about the opportunity and possibilities in the beginning but then realize within a year that it's a meager living (less than minimum wage). They also notice that their profit margins can easily be eaten away by Uber's rev share changes or when Uber tests the price elasticity of a market. Anecdotally, Uber drivers don't last more than about 2 years. My father is a sole proprietor limo driver who has occasionally tried driving for Uber.