Do you have a car that sits idle most of the time? Do you want to make some extra money without much hassle? If you answered yes to both questions, then you might want to consider renting out your car using Getaround or Turo.
What are Getaround and Turo?
Getaround and Turo are online car sharing platforms that connect car owners with drivers who need to rent cars. They are similar to Airbnb, but for cars. You can list your car on their websites or apps, set your own price and availability, and accept or decline requests from potential renters. You can also choose to deliver your car to the renter or let them pick it up from your location.
Both platforms offer insurance coverage for your car during the rental period, as well as 24/7 customer support and roadside assistance. You get paid via direct deposit or PayPal after each trip, minus a service fee that varies depending on the platform and the protection plan you choose.
How much can you earn?
The amount of money you can make by renting out your car depends on several factors, such as the type, age, and condition of your car, the location and demand of the market, the duration and frequency of the rentals, and the price and protection plan you set.
According to Getaround, the average car owner earns $800 per month by sharing their car for 15 days. According to Turo, the average car owner earns $706 per month by sharing their car for 9 days. Of course, these are just averages and your actual earnings may vary.
To get an estimate of how much you can earn with Getaround or Turo, you can use their online calculators. You just need to enter some basic information about your car and location, and they will show you a range of potential earnings based on historical data.
What are the pros and cons?
Renting out your car using Getaround or Turo can be a great way to monetize your idle asset and generate passive income. You can also enjoy some benefits such as:
• Flexibility: You have full control over when and how often you want to share your car. You can also adjust your price and availability according to the season and demand.
• Convenience: You don’t have to deal with paperwork, maintenance, or repairs. The platforms handle everything from booking to payment to insurance. You just need to keep your car clean and ready for the renters.
• Community: You can meet new people and share your passion for cars with them. You can also get feedback and ratings from your renters, which can help you improve your service and reputation.
However, renting out your car also comes with some risks and challenges, such as:
• Wear and tear: Your car will experience more mileage, depreciation, and potential damage from the renters. You may also have to pay for extra maintenance or cleaning costs.
• Liability: Even though the platforms provide insurance coverage for your car, there may be some gaps or exclusions that could leave you liable for certain incidents or claims. You should read the terms and conditions carefully before signing up.
• Availability: You may not be able to use your car whenever you want or need it. You may also have to deal with cancellations, no-shows, or late returns from the renters.
How to get started?
If you are interested in renting out your car using Getaround or Turo, here are some steps you need to take:
• Check the eligibility: Your car must meet certain requirements to be listed on Getaround or Turo. For example, it must be less than 12 years old, have less than 125,000 miles, have a clean title, and pass a safety inspection. You can check the full list of requirements on their websites.
• Create a profile: You need to create an account on Getaround or Turo and provide some personal information such as your name, email address, phone number, driver’s license number, and bank account details. You also need to verify your identity and pass a background check.
• List your car: You need to upload some photos and details of your car, such as the make, model, year, color, features, description, location, price, availability, delivery options, and rules for the renters. You can also choose a protection plan that suits your needs and preferences.
• Manage your bookings: You need to monitor and respond to requests from potential renters. You can accept or decline them based on their profile, ratings, reviews, and trip details. You can also communicate with them via the app or website to arrange the pickup and return of your car.
• Enjoy your earnings: You need to check and rate your renters after each trip. You will receive your payment within a few days after the trip ends, minus the service fee and any deductions for tolls, tickets, or damages.
I hope you find this article helpful and informative. If you have any questions or feedback, please let me know.