10 Ways To Rent Out Your Car & Make Money
Rent Your Car Out
Owning a car is a significant investment, and it costs a lot of money to keep it running. However, owning a car can also become your side hustle and help you make some extra cash. If you’re interested in making more money, renting your car is a great option. Whether you use it all the time or only occasionally, renting your car can help you earn additional income. Here are ten ways you can make money renting your car.
1. Rental Companies
Renting your car to a rental car company is the most traditional way to make money from your car. Renting your car to a rental car company like Hertz, Avis, and Enterprise is an option if you don’t mind giving full access to your vehicle. The downside to renting your car to rental companies is that you might not earn as much as you would if you rented your car out yourself.
2. Rent your car on Turo
Turo is a car-sharing platform that allows you to rent out your car to others. All you need to do is list your car on their platform, set your price, availability, and mileage allowance. Once a borrower books your car, you can communicate and coordinate with them directly to arrange key exchanges and car pickup. Turo takes 25% of the rental price, and they provide liability coverage of up to $1 million in case of accidents.
3. Rent your car on Getaround
Getaround is another car-sharing platform. The Getaround Connect device is easily installed in your car, and it allows renters to unlock the car and access the keys using their phone. This means you don’t need to coordinate key exchanges with borrowers directly. You can set your own prices and choose when your car is available. Getaround covers your car with comprehensive insurance and liability coverage up to $1 million.
4. Rent your car on HyreCar
HyreCar is a platform for people who wish to rent their car to rideshare drivers, such as those working for Uber and Lyft. If you have a car that meets the rideshare company criteria, you may be eligible to rent it out through HyreCar. Payment is made directly to your bank account, and HyreCar provides liability insurance that meets the rideshare company’s requirements.
5. Become a driver for Uber or Lyft
If you own a car that meets Uber or Lyft criteria, you can apply to become a driver for the company. You’ll need to pass a background check, possess a clean driving record, and provide proof of insurance. As a driver, you can earn money by offering your vehicle as a taxicab to riders. The amount you earn varies depending on how much you work, where you drive, and the type of service you offer.
6. Advertise your car rental locally
Another option for renting your car is to advertise it locally. Post an ad in the local newspaper, on social media, or on Craigslist. Set your rental rates, requirements, and restrictions for potential renters. Only rent your car to people you trust, and make sure that they have car insurance before they drive it.
7. Rent Out Your Car for Advertisements
If you don’t mind turning your car into a moving billboard, you can earn money by renting your car for advertising purposes. Many companies will pay you to wrap your car in their branding and drive it around town. Some companies offer a percentage of the advertising campaign fee, while others pay a flat rate for the entire duration of the campaign. If you’re open to the idea of branding your car, you can contact companies such as Carvertise, Wrapify, or Free Car Media to find potential opportunities.
8. Rent Your Car To Tourists
If you live in a tourist destination or near a major airport, you can rent your car to travelers who need a car for their trip. Renting your car to tourists is more profitable than renting to locals, since tourists are usually willing to pay higher rates. You can list your car on platforms such as Turo, HyreCar, or Getaround. Alternatively, you can work with car rental aggregators like Expedia, Kayak, or Priceline to reach a wider audience of travelers.
9. Rent Your Car for Photo Shoots or Film Shoots
If you own a unique, high-end, or vintage car that you rarely drive, you can rent it out for photo shoots or film shoots. Movie studios, advertisers, and photographers often look for interesting or exotic cars, and they’re willing to pay for the privilege of using them. To get started, you can list your car on platforms such as Kapture, Car and Classic, or Film Cars, or you can contact film production companies and photographers directly.
10. Rent Out Your Car for Deliveries
You can also rent your car out for deliveries. Many people need a car to transport goods or make deliveries regularly. By renting your car to them, you can earn a decent income without much effort. If you’re interested in this option, you can sign up with companies such as Amazon Flex, UberEATS, or Postmates. These companies allow you to use your car to make deliveries in your local area.
Conclusion
Making money from renting your car is an excellent opportunity if you don’t use your car all the time and are not dependent on it. There are many ways you can make money from renting your car, such as renting your car to a rental company, using peer-to-peer platforms, car wrap advertising, delivering food, or leasing your car to film production. By properly vetting your opportunities, conducting your due diligence, and taking the necessary safety measures, you can create a source of passive income for yourself. Start exploring these options today, and you might be surprised at just how easy it is to make money off your car.
