Lyft is rolling out a new price lock feature that caps the price of rides in an attempt to address the unpredictability of costs for those who rely on the platform for daily commutes. The company says the tool will even work during peak hours, when rides are typically the most expensive. However, there are some caveats.
First of all, there is a monthly subscription fee required to use this service, although it is only $3 per month. There’s also a curious lack of detail about exactly how the cover works. Does it just average past rides and exclude peak prices? Is there a limit to how much can be restricted? We’ve reached out to Lyft and will update this post if we hear back.
One thing is certain. Lyft plans for this feature to be a hit. Price suggested that passengers would be 40 percent more likely to ride after the locking device became commonplace. However, it’s important to note that Lyft sets the prices in the first place, thus causing the volatility that this tool sets out to address.
There is also a promotion to advertise the price-lock mechanism: 100 new customers will receive free “first-day” rides. This will be managed through LinkedIn. Just 100 rides? That seems pretty stingy for a company as big as Lyft, but what do I know?
This isn’t the first time Lyft has tried its hand at a subscription-based service. The company has a Pink subscription service something happened again/again for years. It’s more or less a pack of extras at this point. Pink has stopped offering ride discounts, however began to offer concessions such as free priority pickup and three free cancellations per month. This program is still alive$10 per month or $100 per year.
