Lyft’s new price lock feature caps the cost of rides, even during peak hours

Lyft is rolling out a brand new value lock characteristic that caps the price of rides, in an try to unravel the issue of price unpredictability for individuals who depend on the platform for day by day commutes. The corporate says this software will even work throughout peak hours, when rides are normally at their most costly. There are, nevertheless, some caveats.

To start with, there’s a required month-to-month subscription value to make use of this service, although it’s solely $3 monthly. There’s additionally a curious lack of particulars concerning how precisely the cap works. Does it simply common previous rides and exclude peak pricing? Is there a restrict to simply how a lot might be capped? We reached out to Lyft and can replace this publish if we hear something.

One factor is for certain. Lyft is planning on this characteristic being a success. It has urged that commuters will take 40 % extra rides as soon as the worth lock software turns into commonplace. Nonetheless, it is price noting that Lyft is the one which units the costs within the first place, so it triggered the instability that this software units out to unravel.

There’s additionally a promotion to promote the worth lock mechanism: 100 clients who’re beginning new jobs will obtain free “first day” rides. This can be dealt with through LinkedIn. Simply 100 rides? That appears fairly stingy for a corporation as giant as Lyft, however what do I do know?

This isn’t the primary time Lyft has tried its hand at a subscription-based service. The corporate’s Pink subscription service has been an on-again/off-again thing for years. This is kind of a bundle of add-ons at this level. Pink stopped providing journey reductions however began offering perks like free precedence pickups and three free cancellations monthly. This program is still live, at $10 monthly or $100 per 12 months.