It is not possible to get around the fact that owning a car is expensive. There are things you can do to reduce the cost of car ownership. The latest research from AAA shows the average annual cost of owning and operating a new car is now $9,282. That is not a small amount of change.
You should be able to offset some of the costs with the right mindset. By making smart financial decisions and budgeting for your expenses, you can begin to reduce or eliminate the costs associated with your lifestyle. Renting your vehicle out to people who need it will help you cover car payments and earn extra cash. Delivery services can be offered to make your rental service more convenient. Who knows? You might be able to make some money.
Determine if it makes sense for you to try to make some money by renting a car through a peer-to-peer car rental app. It’s easier than ever to rent a car with these apps, so why not try them out?
5 Ways to Make Money Renting Your Car
Here’s how to rent out your car to make extra cash:
1. Turo
Turo is the top car-sharing marketplace. It’s similar to Airbnb; you just rent your car instead of a house. At a time, you can list one car or an entire fleet of cars. It’s easier than ever to list multiple cars with the app.
One car has an average annual income of $10,516. In terms of time and money, owning a car is a great investment. If you owned and rented nine cars, you could make $94,000. This is a great chance for people to make money from their investments.
The amount of money you can make depends on the plan you choose. It’s important to choose a plan that works for you. You can earn up to 70% of the trip price if you wet Turo’s beak. Turo takes a portion of the payment processing fee, so be sure to factor that into your pricing strategy.
Turo has a liability insurance policy. The details of the policy should be read carefully. Roadside assistance and access to a safety and support team are provided to drivers. Drivers have access to a variety of discounts. 14 million global users are prescreened by the company. This is an important resource for companies that want to increase their reach and customer engagement.
The driver handles pick-up and drop-off when you rent a car on Turo. Turo has a convenient and hassle-free car rental experience no matter where you are. You don’t have to worry about that at all. The process is easy to navigate and hassle-free. It is up to the driver to find your car if you leave it in a parking lot or garage. The car locator app can help you remember where you parked your car.
Vehicle Requirements
- Proof of registration
- Permanent or Temporary Tag
- Model year can’t be more than 12 years old
- Have less than 130,000 miles
- Fair market value up to $200,000
- Clean title (i.e., not branded or salvaged)
- No total loss declarations
- Meet Turo Insurance Requirements
- Proof of OEM Trafficer if the vehicle has a value at the time of listing of $125,000
2. HyreCar
HyreCar is a rental service that enables you to list your car and generate passive income. You can create a profile for your vehicle with the HyreCar app. You can start earning money as a car-sharing driver once your vehicle is on the app. Turo allows you to determine pricing in the app. You can set preferences for the types of vehicles you want to rent with the app.
HyreCar makes money by taking a percentage of your weekly rental income based on the specific protection plans selected for your listed vehicles:
- Basic HyreCar Protection: 15% commission on the listed price of the vehicle
- Standard HyreCar Protection: 20% commission on the listed price of the vehicle
- Premium HyreCar Protection: 25% commission on the listed price of the vehicle
There are no fees to use the site. You get access to exclusive offers and discounts that you won’t find anywhere else.
Vehicle Qualifications for Delivery Services:
- The vehicle is at least 15 years old. It is in good shape.
- Only 2 or 4-door vehicles are allowed. No other types will be accepted if the vehicle is a 2-door or 4-door model.
- Current and valid auto insurance is what it is. It is important that your auto insurance policy is current and accurate.
- Current registration is valid. You have to complete the registration process in order to maintain your registration status.
- Clean title (branded or washed titles do not qualify)
- There is no damage, missing pieces, or commercial branding. Excellent condition for this item.
- Vehicle must have 4 doors
- A minimum of 4 passengers must be transported. A valid driver’s license is required.
- The vehicle is 15 years old or newer. To be considered roadworthy, it must have passed a safety inspection.
- Current and valid auto insurance is what it is.
- Current registration is valid. Keeping your registration up-to-date is important to ensure that you are in compliance with the laws.
- Clean title (branded or washed titles do not qualify)
- There is no damage, missing pieces, or commercial branding. This item is ready to use.
- Must be able to meet state requirements. It is necessary to have a valid driver’s license, vehicle registration, and proof of insurance.
- Some states may require a vehicle inspection. This could include an inspection of the vehicle’s safety features.
3. Getaround
Getaround is a top peer-to-peer car-sharing service that you can use to rent your car on an hourly basis. It is available in more than 100 cities. It’s a convenient way to get around.
To use the service, you have to pay a fee and the company can install the service in your vehicle. When your car is being used by other drivers, the Getaround Connect service will give you access and tracking. In addition, you’ll have to pay a subscription fee depending on how many vehicles you have listed:
- 1 car: $20 per month per car
- 2-9 cars: $18 per month per car
- 10-49 cars: $15 per month per car
- 50-99 cars: $12 per month per car
- 100+ cars: $10 per month per car
It is important to note that Getaround does not support certain car brands. People don’t necessarily need to own a car if they rent from Getaround. For example, if you own a You are out of luck. If you’re looking for a Mercedes, look elsewhere.
To give you a better idea of the specifics, check out this complete rundown of the site’s vehicle eligibility requirements.
Getaround Vehicle Requirements
- A vehicle with at least 4 wheels is a private passenger vehicle. Ensuring that the vehicle is maintained and serviced is important.
- The model year was newer. There are exceptions to the rule that apply to most vehicles.
- You have less than 200,000 miles.
- No more than 10 passengers are allowed. In order to ensure the safety of all passengers, it is important to adhere to the mandated seating capacity.
- The front driver’s side and front passenger-side doors have power door locks. They should be installed on the rear doors.
- It is a good idea to be in good physical and mechanical condition. Ensuring that your vehicle is serviced and kept in good working order is important.
4. Uber
Uber is the world-leading platform for rideshare drivers. You remain in control as the driver, even though you rent your car to help people get around. You can make money on your own time if you have a flexible schedule.
If you are not familiar with it, someone will issue a request for a pickup in the app. The driver will pick up the passenger once the request is accepted. Assuming you accept the trip and pick them up, then drop them off wherever they want to go, you will receive an alert. Your passengers will be able to confirm their trip with you once you arrive.
Along with tips, you will receive a rating and in-app payment. You will be able to leave reviews for customers as well.
Uber Vehicle Requirements
- A minimum of 4 passengers can be transported with 4 doors. The car is perfect for families as it has plenty of space and seating.
- The model must be at least 15 years old.
- Title can’t be salvaged, reconstructed, or rebuilt. When selecting a title for a project, it is important to take extra care.
- Rental vehicles – except those from an approved Uber rental company – are not allowed
- There was no damage, missing pieces, or taxi paint jobs.
5. Lyft
Lyft is a popular ridesharing service that functions very much like Uber. As a You can drive people around and make money. It is great for people who want full operational control over their cars.
Passengers can take short trips around town with the help of Lyft drivers. You can get where you need to go with the help of Lyft drivers. You can take someone to work, a restaurant, or the airport. You can also offer rides for shopping trips.
Lyft Vehicle Requirements
- Car age and condition requirements vary by region
- Must have 4 doors, minimum of 5 seatbelts, maximum of 8 seatbelts
You can earn extra cash with a rental car with the express solution from Lyft. If you don’t own a car, you can still drive and make money. If this sounds up your alley, check this out.
Renting Your Car Without an App
You won’t receive the full price for a ride if you use a car rental app. The cost of your ride could be more than you thought. In addition to insurance costs, you will have to pay a commission or service fee. When budgeting for insurance, it’s important to take all of these costs into account.
You hate paying fees when you don’t have to. You can keep more of your hard-earned money by avoiding these fees. If you want to avoid paying platform fees, you might want to consider renting your vehicle.
A friend, coworker, family member, or neighbor who has a driver’s license and needs a vehicle but doesn’t have the cash or credit to pay for a new car could be you.
Make sure you cover all your bases if you want to pursue this option. Before making any decisions, do your research and understand the pros and cons. If other people are behind the wheel and get into an accident, you need to confirm that your insurance company has you covered. It’s important to read the fine print of your policy to make sure you understand the coverage you have.
Check Your Insurance Coverage
Car rentals are not likely to be included in standard car insurance. Before renting a vehicle, it is advisable to research rental car insurance options. You need to verify with your provider that you have the right coverage plan.
You need to have car insurance for the person you rent.
Don’t rent your car until you have all of the right documentation in place. You may need to get insurance in order to protect yourself and your vehicle. There could be a lot of grief if you don’t check all the right boxes. It is best to take your time to make sure everything is done correctly, so that you don’t have any issues in the future.
Tips for Renting Your Car
If you plan on renting a car, here are our top tips. You should read the fine print of your rental agreement before you sign it.
Maintenance is Important
Maintenance and upkeep are important. You can either let people drive your car or drive them around town. It’s important to do your due diligence and make sure you trust the people you are doing business with. Ensuring the safety and security of your passengers is important. It’s important to always be aware of your surroundings and take precautions to protect your passengers.
Car owners wait for something to go wrong before they fix it. It is important to stay on top of preventative maintenance in order to avoid costly repairs down the line. Proactive maintenance is the better approach.
If you want to make money this way, you need to bring your car in for regular maintenance and repairs. It’s important to keep your car running well in order to make the most money possible. You will eventually come back to bite you if you drive a bad car around town. It’s best to invest in a reliable vehicle that won’t break down or cost you more money in the long run.
When a renter is driving your car, you don’t want it to break down. It’s important to make sure your car is in top shape before renting it out. They will have to call for help. It will take some time for the service to arrive. You could endanger their life. Pet owners need to take precautions to make sure their pets are healthy and safe. You will almost certainly get a bad review. The decline in customers could hurt your business reputation.
Car Quality Matters
The more money you can make in this line of work, the nicer your car is. If you rent a luxury car to would-be drivers, you can make more money. Roadside assistance and car cleaning can be offered to maximize your profits. If you keep a traditional car clean and presentable, it will be fine. It’s important to maintain your traditional car to make sure it runs well and looks great.
Don’t mess with spills, scratches, and dents. To minimize the risk of damage, be sure to clean up messes immediately. It’s a good idea to bring the car in for a weekly wash. Waxing the car once a month will help maintain its shine.
Pickup Trucks and Vans Make Great Rentals
People that need to move stuff in a pickup truck or van can make a lot of money on rental apps.
At the end of the month is when people tend to be moving and need quick transportation to haul objects to their new location. Businesses and individuals who might need assistance with larger vehicles could be advertised on your pick-up or van.
Frequently Asked Questions
There are a lot of questions about renting a car. Our team will be happy to help if you have any additional questions.
Is it safe to rent your car?
No matter what type of vehicle you own, you don’t have control over what happens behind the wheel. It is important to drive safely and remember that you have a responsibility to keep yourself and others safe. Someone may drive recklessly, get into an accident, or commit a crime in your car. If any of these things happen, you could be held liable. The risk that you take is this. It’s up to you to decide if it’s worth it.
It is important to document rental agreements and use protection plans when they are available. The rental agreement needs to be reviewed periodically to make sure everything is in order. You can legally protect yourself if bad drivers or chaotic events happen.
Can I make a lot of money renting my car?
You certainly can! How much you bring in depends on how often you rent your car, your location, the quality of your vehicle, and your tax management strategy.
This is a great option for people who work from home all day. It can provide a break from the monotony of daily routines. You can list your car and make money while you have a full-time job, which will accelerate your journey to financial freedom.
The Bottom Line
Renting your car is an awesome way to earn extra money in the gig economy — especially if you live in a big city like San Francisco or New York, where you can charge higher rates.
You can use the funds to pay off your car loan if you start making more money this way. Saving money and investing it will allow you to increase your wealth in the future.
It might take some getting used to. It won’t be long before you feel comfortable with the new way of doing things. You won’t look back once you set up a few trips.
