Car rentals are becoming more expensive. And as people are aspiring to get out and travel now that global COVID-19 restrictions are dwindling, there’s money to be made.
If you own a vehicle and find yourself driving it less than you expected, don’t let it sit there and collect dust. Renting out your vehicle can provide a slew of benefits, not least of which is some extra cash in your pocket.
Let’s dive in.
Extra $$$ In Your Pocket
The big reason to rent out your vehicle is the extra income it can give you. If you have multiple cars, are no longer commuting, or are traveling abroad yourself, why not rent out your car?
Car SHAiR is an app-based platform that allows you to do just this. They offer estimates for how much you could make per day, on average, by renting out your car.
If you own an SUV, say even an older model, like a 2015 Cadillac Escalade, you could be making around $2500 a month, renting out the vehicle an average of 20 days per month.
Or maybe you have a brand new 2020 Ford Mustang. If you’re renting it out 20 days per month, you could find yourself netting a cool $1200.
Of course, your location, your availability, and your car’s make and model are all impact how much you can make. But renting out your car for just one day a month at $100 is more than you would’ve made with it taking up garage space.
Worry-Free Insurance
The first concern that comes to mind is “what happens if someone crashes my car?” Likely your auto insurer won’t cover you using your car for commercial rental services.
Fortunately, almost every rental service out there comes with its own insurance packaging to prevent you from being without a vehicle.
Insurance packages vary, ranging from minor scratches to full-on car replacement, so make sure the program you subscribe to covers everything you need.
Screened Renters Makes It Easy
All renters go through a pre-screening check before accessing rental services. This includes full DMV and background checks, to mitigate risk for car owners renting out their vehicle.
Many of these rental companies install anti-theft technology in your vehicle as well. This is to monitor the location of vehicles and prevent them from potential theft.
Better yet, you’re even able to meet a renter to exchange keys in person if that is something you’d prefer. Because your car is an important piece of property, rental services offer flexibility to ensure everything works best for you.
Free Cleanings and Parking
One perk from some rental services is that they’ll keep your car cleaned and tidy for you. One particular service allows you to leave your car at an airport for free while away.
The rental service will then rent out your car while you’re away, keep it cleaned and washed, and by the time you return it’ll be ready to go.
The best part? No parking fees! Certain rental services will cover these costs.
Start Renting Out Your Car
Renting out your car is easy—especially in an all digital-app-based ecosystem.
Compare services to see which offers the best perks and lowest rental fees to get yourself earning some extra income. Find out which coverages matter for your car and then start renting!
Like this content and want to learn more about all things cars? If so, check out our other blog posts.
