Want your set of wheels to generate some extra income for you?
With car sharing, you can rent your vehicle and get paid while someone else uses it. It’s like Airbnb for cars — except much less complicated.
There are several ways to make money through car sharing. For example, you can rent your vehicle for a standard daily rate and charge by the amount of mileage added to your car. Or you can rent a vehicle from a ride-sharing service and use it to make money with services like Uber or Lyft.
You can easily find car sharing opportunities near you. A quick search will reveal some of the most popular companies, such as sites like Zipcar, Getaround, Turo, RelayRides, and ReachNow.
Rent Your Car To Make Extra Money Each Month
With these various apps, you can rent a car out for under $10 a day or up to as much as you want. However, the higher you list your vehicle, the fewer people may be interested.
So if you’re looking for a side hustle, why not try renting out your vehicle?
Rent a Car and Drive for Even More Cash
If your vehicle is not in prime condition, it may be difficult to rent your car out for cash. If this is the case, the peer-to-peer vehicle lending programs offer other options to make extra money each week. For instance, you can rent a car on HyreCar and work for other companies like Uber and Lyft to make money.
Options to Rent My Car
For people who need a ride, chances are they have used significant transportation apps like Uber or Lyft after eating at a restaurant. However, more people are learning about an alternative ride-share option that involves renting a vehicle from a private individual.
They could rent a car for a night and pay a private individual much less to rent a vehicle than they would from an established company like Hertz or Enterprise. As a vehicle owner, when someone rents your car, you can see who booked the car and how long they want to rent your vehicle.
Car Sharing as an Alternative to Purchasing
Car sharing is an alternative to buying a personal car. There are many different companies providing car sharing. Some even offer insurance coverage, which protects you against theft or damage to the vehicle.
Using Ride-Sharing Apps to Their Full Potential
If you’re interested in renting a private individual’s car to make money on Uber or Lyft, it’s essential to know about the evolution of these ride-share services. For example, Uber announced it’s launching a new feature called Connect, which lets people and businesses request a package and delivery service in their local area.
Another unique service is Lyft’s Line which connects passengers to save money by carpooling with a single driver. The service is similar to Uber Express POOL.
Drivers use the app to find customers via GPS and set rates based on demand. They can choose to accept trips to particular destinations, like grocery stores, gyms, coffee shops, etc., or offer standard fares.
Making Money With Rent My Car Services
Renting out your car can help you save money and make some extra cash.
There are several options for renting out your car, including:
- Car sharing: This option allows you to rent your car to someone else. That might be the best way to go if you don’t want to deal with having to drive for a ride-share service and want to profit while you’re not using your vehicle.
- Private party rentals: These offer a similar experience to car sharing, but you aren’t required to give anyone access to your personal information as the popular car rental programs require.
- ShareNow: This app lets you rent your car to people within a certain radius. Once you sign up, you can pick a location and set a price range. You can also choose whether to accept credit card payments.
Top Services to Rent Out Your Car
With the popularity of crowd-share services, car sharing services are increasing. Because of these advancements, renting out your car has never been easier. Here are three companies that offer this type of service:
Turo offers peer-to-peer car rental. You can use the app to find someone looking to rent out their vehicle. After paying a fee to Turo, the customer picks up your vehicle to use for a predetermined amount of time, and you collect the payment.
Getaround is similar to Turo in that it is a peer-to-peer lending service connecting renters to rentees. Once you receive a bid, you choose whether to accept the offer or not. If you decide to accept, you can set the price you want per hour or day.
HyreCar is one of the most popular online platforms for short-term rentals. If someone wants to rent a car for a few hours, a day, or even longer, HyreCar is the place to go. They offer vehicles from brands such as Mercedes-Benz, BMW, Audi, Volvo, etc.
The process for renting out your car is straightforward. First, the applicant searches for available vehicles based on the dates they want to rent a car and their preferred price range. After booking the vehicle, the renter receives a confirmation, and you arrange the delivery of the vehicle.
If you rent your car with HyreCar, they will take a fee based on the listed rental price of your vehicle. The cheapest and most basic plan starts at a 15% fee which goes to HyreCar.
Terms and Conditions
Before renting your car with a service like HyreCar, be sure to understand the terms and conditions. Many of the Terms and Conditions protect the owner and hold the renter responsible for any damage or theft associated with the vehicle.
Pros of Renting Out Your Car
Renting out your vehicle is a win-win situation for both you and the renters. If you are looking for extra cash, you can earn an additional $200-$300 each month, or even more if you increase the time people are allowed to rent your car.
Renting your car gives you flexibility and freedom. All you need to do is keep it clean and in proper working order.
What Can I Do To Protect My Vehicle if I Rent it Out?
Renting out your vehicle doesn’t mean you lose control over it. You still maintain ownership when others use it and are responsible for maintaining the car when it comes back into your possession. But there are some things you need to know about renting out your car.
1. Liability Insurance
Most rental car companies offer liability coverage. This covers damage caused to others by your rented vehicle. However, you could face severe financial consequences if you don’t have enough coverage.
2. Mileage Limits
If you’re concerned about the amount of mileage added to your vehicle, some agreements allow you to restrict how many miles can be added to the car.
3. Days Available
Shorter rental time frames also allow you to keep closer tabs on your vehicle. The more often you’re able to inspect your vehicle for damage, loss, and needed repairs, the more likely you can identify and remedy any potential issues.
Wrapping it Up
In conclusion, if you have a car and a smartphone, you have all you need to earn some extra cash. You can make money by renting your vehicle out to others or by renting a ride-share vehicle to make money with Uber or Lyft.
Many apps allow you to drive around town and pick up passengers along the way. Once you have enough passengers, you can split the fare evenly among everyone. This could be a fun side hustle for anyone looking to make a little extra cash on their days off from work.
This article originally appeared on Wealth of Geeks.
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Courtney Luke is a mother of three, wife, financial coach, and married to a full-time police lieutenant. Her inspirational story about her struggle to make ends meet, to paying off their home in less than 10 years, has been featured on MarketWatch, Fox Business, MSN, and other media outlets. To learn more about Courtney, head over to her about me page.