According to the ride-sharing company the price cuts are already available in the app. Lyft told Engadget, "we want to remain the most affordable option for passengers."

While this is good news for penny-pinching customers, the reduced rates will mean less money per ride for drivers. They currently get an 80 percent cut of a fare. Of course, the reduction in price could yield more rides and potentially more money overall. Something Lyft clearly wants to happen.

Lyft isn't the only ride-sharing company slashing prices to get your butt in their drivers' seats. Uber announced a similar cut last week. It's a price war, to get you across town.