Make Money By Renting Your Car Out?

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Make Money By Renting Your Car Out?

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Is It Time To Consider I Bonds

April 23, 2017

One of the planning items that most people have when they go on vacation is whether or not to rent a car.  With the evolution of services such as Uber and Lyft, some people are skipping the rent a car altogether and trying to manage the cost of having a car service take you around the city you are traveling through for vacation.

However, we love showing people how to make money and one of the up and coming ideas is to rent your car out to others while it is just sitting there in the driveway.   Some people leave the country for an extended period of time and won’t be using their car and others have a weekend car that does nothing but sit and collect dust during the week.   Being smart about making money is getting your assets to work for you instead of you working for your money.

The first service you need to learn about is called Turo (www.turo.com).   This website gives you a list of approved drivers in the Turo community to rent your car out to when you aren’t using it on the road.  The Turo website boasts that you are covered by their $1 million insurance policy and they will be here for you every step of the way. Or you can bring your own commercial rental insurance and take a bigger piece of the pie.  With Turo you’ll get notified when someone requests, or books your car instantly. Confirm or decline the trip as soon as possible, and contact the traveler if you have any questions.  Much like a rent a car agency you will meet your renter, walk around the car, and make sure all details are checked off the list.

The second service you need to learn about is called HyreCar (www.hyrecar.com).  Their website asks you if you have an underutilized car that is just sitting in your driveway collecting dust and depreciating in value.  Their website claims that you can rent your car out to ridesharing drivers for places including Instacart and Lyft and earn up to $14,000 per year.  That’s more than a $1,000 a month.    It’s easy to sign up with quick fill out form and HyreCar is responsible for all the insurance and fixing up of your car in case something happens.

The 21st century has moved us more into a shared economy with the ease of what you can do on the internet today.   We know there are two basic ways we can make money…actively working for it or passively having our assets working for us.   If you have a gar sitting idly in the garage or under a cover, it just might be time for you to create another income stream in your family budget.

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