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

Lyft is rolling out a new price lock feature that caps the cost of rides, in an attempt to solve the problem of cost unpredictability for those who rely on the platform for daily commutes. The company says this tool will even work during peak hours, when rides are usually at their most expensive. There are, however, some caveats.

First of all, there’s a required monthly subscription price to use this service, though it’s only $3 per month. There’s also a curious lack of details regarding how exactly the cap works. Does it just average past rides and exclude peak pricing? Is there a limit to just how much can be capped? We reached out to Lyft and will update this post if we hear anything.

The feature in action. (Lyft)

One thing is certain. Lyft is planning on this feature being a hit. It has suggested that commuters will take 40 percent more rides once the price lock tool becomes commonplace. However, it's worth noting that Lyft is the one that sets the prices in the first place, so it caused the instability that this tool sets out to solve.

There’s also a promotion to advertise the price lock mechanism: 100 customers who are starting new jobs will receive free “first day” rides. This will be handled via LinkedIn. Just 100 rides? That seems pretty stingy for a company as large 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’s Pink subscription service has been an on-again/off-again thing for years. This is more or less a bundle of add-ons at this point. Pink stopped offering ride discounts but began offering perks like free priority pickups and three free cancellations per month. This program is still live, at $10 per month or $100 per year.