TAXI RIDEHAIL PATIENCE PAYS: Lyft riders opt for longer waits to save money

More than half of Lyft users are willing to wait longer for their ride in exchange for lower fares, according to new data from the Obi Global Rideshare Report 2024.

The report reveals that 56% of Lyft customers are choosing the “Wait & Save” option, a service that offers reduced fares in return for a slightly longer wait time.

On average, these users are waiting eight minutes compared to the usual five minutes for a standard Lyft ride. This three-minute difference is proving popular among cost-conscious consumers, who appear more willing to trade time for a better deal.

The findings are part of a broader analysis presented in the Obi Global Rideshare Report 2024, which examines the shifting dynamics within the rideshare industry. The report draws from a mix of proprietary and public data, covering essential aspects like driver earnings, pricing trends, competition among providers, and the rising importance of eco-friendly ride options.

As the post-pandemic landscape continues to reshape consumer behaviour, the growing preference for Wait & Save suggests that cost remains a key consideration for many rideshare users. With affordability at the forefront, this trend may influence how rideshare services evolve in the coming years.