Is Uber Exec Worth It?

As an Uber driver, your goal is to earn as much money as quickly as possible. This leads you to consider other ride options, like Uber Exec, to see if they offer a better earning potential. So, the big question is, is Uber Exec worth it?

If you’re thinking about driving for Uber Exec in the UK, it’s really important to carefully weigh the costs against what you might earn. Knowing how things work in the market, what you’ll spend to operate, and understanding the demand for executive rides will be key to making an informed decision.

Let’s talk about Uber Exec, but first, let me tell you about my journey. I started driving with Uber back in 2019 and moved up to Uber Exec in the summer of 2022. Now, I’m cruising through London in a BMW 5-Series 520D, still enjoying my time as an Uber driver.

In this article, I’m going to share what I’ve learned and what you might expect. But remember, a lot depends on how you drive and handle things. Whether you’re thinking about moving to Uber Exec or just curious, I hope my experiences help you decide.

Since I’ve been driving in London, that’s where I’ll focus my thoughts on Uber Exec.

What is Uber Exec and Is It Open to Everyone?

Uber Exec is a premium ride option offered by Uber that provides riders with a high-end experience. This service isn’t available to every driver; only those who meet specific criteria can participate.

To qualify as an Uber Exec driver, you need to:

• Own a premium vehicle. Ensure your vehicle is in excellent condition and meets the age requirement, often not older than six years.
• Maintain a high driver rating, requiring a minimum of 4.9 stars or above.
• Have completed at least 1000 trips, demonstrating your experience and professionalism.

If the above criteria are met then the process is automatic. Uber will automatically enrol you to offer executive rides and add the option in your app.

Is Uber Exec Worth It: Expenses vs Income Potential

When considering Uber Exec the main factors in deciding whether Uber Exec is worth it are expenses and income potential.

Expense Analysis

Some basic costs apply to all Uber drivers, we will not discuss these here. Our focus will be costs specific to Uber Exec.

Here are some of the expenses we will be looking at:

• Buying or hiring a car
• Vehicle maintenance
• Insurance

Buying or Hiring a Car:

I purchased my car when both petrol and diesel vehicles were still eligible under Transport for London (TfL) regulations. However, these regulations changed in January 2023, limiting eligibility to fully electric vehicles or plug-in hybrids that meet specific emissions standards (e.g., less than 50g/km CO2).

Additionally, to operate as an Uber Exec driver in London, your vehicle must be no older than 6 years. To maximise your investment and ensure compliance with Uber, I would suggest that you consider cars that are no more than 3 years old. This will ensure that your car is eligible for Uber Exec for 3 years.

Considering these factors, here are some current prices for used cars that meet these criteria:

Make and Model	Year	Price
Mercedes-Benz E-Class E300e Plug-in Hybrid	2021	£36,199
Mercedes-Benz EQE 300 Electric	2022	£45,995
BMW 5-Series 530e Plug-in Hybrid	2021	£28,490
Audi A6 Plug-in Hybrid	2021	£27,300

I couldn’t find any hiring company that rents a car for Uber Exec. To be honest, even if they did, the price they would charge might not be worth it. If you see the Uber-partnered hiring companies and their prices for UberX or Comfort, based on these prices, even if they had cars for exec, the price mark would be too high.

I also looked at flexi-buy options. For contracts like this, you would be paying well over the market value. The prices for these options might come to around £10,000 per year for a five-year contract.

Vehicle Maintenance:

Maintenance costs for executive vehicles are a lot higher. I didn’t rely on small garages for service or any maintenance jobs. Going to manufacturer-approved dealers is the best option. This means the costs will be a lot higher. I would roughly budget at least £1,000 annually.

Insurance:

Not the biggest factor in your decision-making but your private hire insurance will be slightly more expensive because of the type of car.

Income Potential

After examining the expenses, let’s assess whether the potential additional income could offset the costs an Uber Exec driver faces.

Discussing various cities in the UK would be challenging, so I’ll concentrate on London. To estimate the income potential, we will consider the following factors:

• Fare Breakdown: This section will analyse Uber Exec fares, examining their structure and how they compare to other ride types.
• Demand for Executive Rides in London: This part will explore the demand for Uber Exec in London, including considerations for drivers who offer multiple ride options, such as Uber Comfort, and the expected proportion of rides that would qualify as executive level.

Fare Breakdown:

Your income as an Uber Exec driver primarily hinges on the fares you collect from passengers. Though higher than standard Uber services, these fares are not consistent. The income for drivers can vary widely based on location, demand, and time spent driving.

Compared to UberX and Uber Comfort, Uber Exec fares are approximately 40-60% higher. To see the price difference, you can open the Uber rider app and enter your destination in the ‘Where to’ field; this will display the varying fares. By subtracting the 25% commission that Uber retains, you can get a rough estimate of the amount drivers receive from Uber Exec fares.

An Uber Exec car may attract fewer rides due to a niche clientele. However, each of these rides could be more lucrative on average. It’s crucial to weigh these aspects against the more consistent but lower-priced services like UberX.

There will be times when you do not want to sit and wait for an exec ride. In those moments, it is better to offer other rides such as Uber Comfort.

Demand for Executive Rides in London:

Uber Exec’s appeal varies greatly across different areas. In metropolitan cities with a high concentration of business professionals and affluent residents, the demand for Uber Exec is typically stronger. For instance, in London, where the presence of financial sectors, luxury hotels, and upscale neighbourhoods is prominent, you might find a more consistent demand for premium ride services.

Your potential customers for Uber Exec are often distinguished by higher income brackets and a preference for luxury and comfort. These customers usually include business executives, tourists accustomed to higher standards, and individuals celebrating special occasions. Understanding and targeting your marketing efforts towards these demographics can maximise your chances of success with Uber Exec.

If you are thinking of driving in London, I don’t think there will be any shortage of demand. The key thing is to identify the key hotspots where you will get plenty of executive rides. The same can’t be said about other cities in the UK.

Is Uber Exec Worth It: The Final Verdict

So, is Uber Exec worth it for you as a driver? It’s important to weigh up the higher earning potential against the stricter requirements and added expenses.

Balancing the Pros and Cons

• Pros:
  • Higher Earnings: Uber Exec usually offers higher fares compared to standard Uber services – which means more income per ride for you.
  • Premium Clientele: You’ll cater to a more business-oriented and upscale clientele who might tip better for the premium service.
• Cons:
  • Vehicle Standards: The investment required for a qualifying luxury car is substantial – ensure you can afford this before committing.
  • Operating Costs: Higher operating expenses, such as maintenance, insurance and fuel for luxury vehicles, can cut into profits.

Making an Informed Decision

Assessing whether Uber Exec is worth it in the UK involves understanding the unique market dynamics. Consider local demand for luxury ride services and factor in regional cost variances. If the demand for premium rides is high and you’re prepared for the investment, it could prove profitable. Your decision should be based on a thorough analysis of these critical factors.

How I Made My Decision

When I began my search for a car, it marked the first time I wanted to invest in purchasing rather than just hiring one. I initially considered a decent used Toyota Prius, priced at £19,000. However, my research didn’t stop there; I also explored the option of Uber Comfort cars, which were slightly more expensive at around £22,000. My search continued until I came across the BMW 5-series, an executive-eligible car, priced at £25,000. After careful consideration, I decided to purchase the BMW 5-series, deeming the additional £6,000 a worthwhile investment.

Now, nearly two years later, I can confidently say that I do not regret my decision. This purchase has met my expectations and requirements, reaffirming my belief in the value of investing in an executive car.

Frequently Asked Questions

If you’re considering Uber Exec as a service option, it’s important to understand how it differs from other offerings like Uber Lux, vehicle eligibility, driver requirements, the potential cons, the typical clientele you would be servicing, and the best vehicle options.