Driving for Uber or Lyft in Ontario can feel like easy money—until the hidden costs start stacking up. Fuel and insurance are obvious, but what about depreciation, downtime, or surprise repairs? If you’re not tracking every dollar, you’re not seeing the full picture. Let’s break down the expenses most drivers miss and how to log them for forensic clarity.
🧾 The Hidden Costs of Rideshare Driving
🔧 1. Maintenance Surprises
- Brake pads, rotors, and tires wear out faster than expected.
- Oil changes may be needed every 6–8 weeks depending on mileage.
- Suspension and alignment issues creep in with potholes and heavy loads.
💡 Track it: Log every service with date, cost, and odometer reading. Use a spreadsheet or app like Everlance or Gridwise.
⛽ 2. Fuel Fluctuations
- Ontario gas prices swing between $1.60–$1.90/L.
- Driving in surge zones burns more fuel due to stop-and-go traffic.
💡 Track it: Record litres purchased, price per litre, and km driven. Calculate cost/km weekly.
📉 3. Depreciation & Resale Loss
- Every km driven reduces your car’s value.
- Rideshare mileage can knock thousands off resale price.
💡 Track it: Use a depreciation calculator monthly. Log estimated value drops in your tracker.
🛡️ 4. Insurance Gaps
- Rideshare insurance in Ontario is mandatory and costly.
- Some drivers unknowingly operate without proper coverage.
💡 Track it: Log monthly premiums, coverage type, and renewal dates. Flag any gaps or policy changes.
🕒 5. Downtime & Opportunity Cost
- Time spent waiting for rides or stuck in traffic is unpaid.
- Missed opportunities for higher-paying gigs or bonuses.
💡 Track it: Use a time log to compare active driving hours vs. idle time. Calculate effective hourly rate.
🧠 Why Tracking Matters
- Protects your net income: Know exactly what you’re earning after expenses.
- Supports tax deductions: CRA allows mileage, fuel, maintenance, and insurance write-offs.
- Improves decision-making: Spot patterns, optimize routes, and avoid costly habits.
- Builds forensic clarity: Essential for audits, disputes, or platform reviews.
🛠️ Tools to Track Like a Pro
- Everlance: Auto-tracks mileage and expenses with CRA-compliant reports.
- Gridwise: Syncs with Uber/Lyft to log earnings, downtime, and expenses.
- Custom Spreadsheet: Build your own tracker with columns for date, category, amount, and notes.
📝 Final Thoughts
Rideshare driving isn’t just about the money you make—it’s about the money you keep. By tracking every expense with discipline, you protect your income, your vehicle, and your future. Don’t let hidden costs erode your earnings. Log it, review it, and optimize it.