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Uber is cutting prices to spur demand in a slow winter

Fares are dropping by up to 20 percent in over 100 North American cities.

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Not surprisingly, demand for ridesharing services like Uber and Lyft tends to drop in January. You don't have all those holiday parties to visit, and you're usually back to the daily grind at class or work. Uber knows this all too well, and this year it's determined to do something about it -- the company is slashing fares in over 100 North American cities this month, 80 of which will see the cut on January 9th. How much the price drops depends on where you live. It'll be a relatively modest 10 percent in Los Angeles and San Francisco, but rates are dropping by a tangible 20 percent in places like Houston.

Before you ask: no, Uber drivers aren't taking a pay cut. The outfit is promising guaranteed earnings, so you're not making that driver's life too miserable by asking for a ride home when it's freezing outside. Just don't count on the good times lasting for long. Uber is all too eager to restore prices if the cuts don't lead to enough new rides, which could lead to you paying full fare in a matter of a few weeks. Look at it this way, though -- it's not often that Uber's prices go down. Enjoy this while it lasts!

[Image credit: Al Seib / Los Angeles Times via Getty Images]

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