Uber, Lyft to surge prices on New Year's Eve

If you’re planning to ring in the new year with cocktails and Uber it home, be prepared to pay a pretty penny. The popular ridesharing company is once again upping its prices on New Year’s Eve.

In a press release, the company said it will have a record number of cars on the road, but because customers want rides at the same time, they will have to charge more. 

In a video on the company website, Uber co-founder and CEO Travis Kalanick said if you can get to where you’re going before 8 p.m. or if you can wait until 10 or 10:30 p.m., you’re good.

Prices are expected to be highest between 12:15 and 2:30 a.m.

“From 12:30 a.m. to 3 a.m. is like the busiest time on Uber because it’s the busiest time in the cities around the world after New Year’s,” he said. “So, if you are at a party at 1 a.m. and you’d like to get home economically with a relatively inexpensive ride wait until after 3.”

Uber says customers will always be notified in big, bold print when surge pricing is in effect and the app allows customers to split fares with friends.

Lyft, another popular ridesharing company, is also increasing its prices Thursday night.

In an email, company spokeswoman Mary Caroline Pruitt said Lyft is the only ridesharing platform that caps price multipliers during its busiest time, so the price of the ride will never be multiplied more than 200 percent.

“When prime time is in effect, passengers must confirm the prime time percentage before requesting a ride, which can be anywhere from a 0 percent to 25 percent, or a 50 percent to 200 percent increase,” she said, clarifying that it is not guaranteed nor likely that prices will be multiplied by 200 percent.

This story was updated at 5 p.m. to clarify that it is not likely for Lyft prices to rise by 200 percent.