Can I Make Money by Renting out my Car?

Can I Make Money by Renting out my Car?

To answer your question, Yes! it is possible to make a ton of money by renting out your car. There is no point in parking your spare car in the garage. You must be making the monthly payments(if you bought it with a car loan), paying for annual maintenance, etc. You can turn the tides by renting it out to a trustworthy and responsible person who will pay a handsome amount in exchange for it. Usually, people approach car rental agencies for putting their car on rental.

How much money can I make by renting out my car?

The amount you make entirely depends on the type of car you have, it’s physical condition and the renter’s capacity to pay. For instance a Mercedes Benz SLK class, 2015 model will go for $99 per day or a face-lifted Lexus IS200T F-Sport, 2017 model can be rented out for $77 per day. Most of the cars on TURO can be rented out on a per-day basis.

What are the ways to rent out my car and make passive income?

1. Turo

You can rent your car on a per-day basis on Turo— a peer to peer car sharing company based in San Francisco Bay Area. It was earlier known as “RelayRides”. With the founder being Shelby Clark, it has become one of the best car rental companies in the US.

Along with the on-site service, the website of TURO is also sublime. The user interface is such that you don’t have to switch screens or open new tabs. User can check out the cars whilst reading the location on the map. This makes it easier for car owners like you to rack-up them a price and find trustworthy renters.

2. Getaround

Getaround is another car-sharing company from the San Francisco Bay Area. With a total funding amount of $443M, they have been on top of things since the year 2009. You can rely on them. The screening process involves a thorough background check and police verification. So, you don’t have to worry about am irresponsible person damaging your car, while on rent.

3. Ryde

ryde

To begin making money by renting out your car with Ryde, all you have to do is fill up the sign-up form and list your car(provide details of your car). That’s it! The staff at Ryde will take care of the rest of the business.

Ryde promises to deliver clients regularly and, on average, you can make $1400 per month. Lastly, before you sign up, you can also know the estimated earning annually. Select(on the slider) the value of the car and days per month the car is available for rent. The website will display the possible earnings per year.

Summary

Renting out your spare care that is lying idle in your garage can put a decent amount of cash in your pocket. But there are some risks involved as well. You are entirely dependent on the renter to keep your car in good condition. What if the renter is a reckless person? This is where top companies listed above come in play. They have a screening process to filter out the trouble makers.

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