Turn your idle car into a passive income. If you want to become a car rental owner, learn about the top five platforms for doing so.
Renting out your car to traditional rental car companies is no longer the best side hustle for people with idle or unused cars.
After all, most of these companies charge high fees, have poor customer service, and don’t take care of your car.
Fortunately, online car-sharing marketplaces have become popular in recent years, allowing owners to bypass care rental companies, directly communicate with drivers, and earn more.
However, how does car-sharing work, and how do you get started?
If you’re ready to become a car rental owner and earn extra money, this guide provides insights on car sharing and lists the five best platforms you can try.
For your convenience, here’s a quick summary of the top car rentals by owner.
If you want to learn more about this side hustle opportunity, here are a few things about online car rentals.
Car rentals directly by the owners, also dubbed the Airbnb of car renting, allow them to communicate and negotiate with buyers without needing a rental car company or agent.
As a result, the owners will be the ones to set the arranged time and location and hand off the keys to the renter.
This type of car rental is cheaper for many drivers because it eliminates or significantly reduces the fee from rental car companies, making them more affordable.
It means more profit for car owners since car-sharing platforms offer fewer commissions and more bonuses.
Plus, the sharing economy encourages eco-friendly means to travel or commute.
If you’re not using your vehicle, directly renting your car to others makes a profitable passive income.
It’s also an excellent idea if you have an idle or unused vehicle and don’t want it to go to waste.
If you’ve decided to rent a car to others, here are some of our top picks in these specific markets.
The best car rental by the owner is Turo.
Unlike a traditional rental car company, Turo offers an online car rental marketplace with flexible arrangements, decent profits, delivery options, and ideal car insurance.
The most profitable car rental by the owner is Getaround.
Getaround is an online car-sharing platform that allows you to earn over $1,000 monthly, plus possible bonuses.
Before joining a car rental business, consider the following factors to find good car-sharing companies.
What policies does a rental car company offer to protect your car from damage, especially in the event of an accident?
Always look at what the company’s insurance covers and other ways the platform can protect your car from theft, accidents, and damages caused by the driver or external factors.
Check if the platform includes commission or additional fees for every booking. Most companies take a cut of your earnings to cover your insurance and other services, like delivery and cleaning, if any.
How much will you earn from renting out personal cars? Most platforms allow you to set rental car prices, but they offer a guide to help you give a fair but profitable price.
Check if a platform’s price guide is competitive with other platforms or against industry rates.
Learn about a platform’s process, and see how much control you have regarding the number, type, and price of cars you can list.
Some platforms have strict requirements, like accepting cars made in specific years and having driven for a certain number of miles.
Online rental car companies often offer 24/7 support. If you can, test them out, and see if they’re responsive and helpful with your concern.
After scouring online car rental platforms, the following car-sharing companies top our list of the best car rentals by owner.
Turo provides a large online rental car marketplace to anyone who wants to rent a private car or rent out their vehicle.
Also, the Turo app is one of the best gig apps for owners who want to monitor their car rentals and communicate with guests seamlessly.
The Turo platform enables you to monitor and communicate with guests. Here are some key features of the app.
Here are the perks of using the Turo app.
Consider the challenges that come with trying Turo.
According to Turo, the hosts’ average annual income for one car is $10,516.
Turo is a reliable and profitable peer-to-peer car-sharing marketplace with over 14 million car renters.
It’s perfect for people who want to make passive income by renting their car, monitor transactions via an app, and have control and flexibility over their car-sharing side hustle.
Getaround is one of the best gig economy platforms for car owners who want better profits and flexibility, unlike traditional car rental companies.
The platform accepts all car models that pass their requirements.
The following features provide a seamless way to rent out your car.
Check out the top three perks of using Getaround.
Consider the following cons before joining the platform.
Getaround states that a new car model can earn $1,000 or more monthly. You can earn up to $1,200 for listing a new car and a $200 bonus for a successful referral.
Getaround is an excellent peer-to-peer car rental platform for any car owner with a full-time job who wants to supplement their income with this passive side hustle.
Consider this platform if you prefer comprehensive insurance and various ways to earn bonuses.
HyreCar is one of the rental car companies that allow you to rent out your car for a delivery service like DoorDash or a ride-hailing platform like Uber.
They also help businesses with fleets scale their operations across 50 states, especially Atlanta, Chicago, Houston, Dallas, and more.
Explore the five main features of using HyreCar as a host.
See the benefits of trying HyreCar.
Consider the following downsides before joining HyreCar.
According to HyreCar, car owners make over $720 monthly or up to $9,000 annually.
Consider signing up for HyreCar if you’re a car owner who doesn’t mind renting out their car to drivers doing gigs for Uber, Lyft, or DoorDash.
The high volume of delivery and ride-hailing drivers means more opportunities to earn income using your car.
Explore more rent-a-car platforms with the following runners-up.
Avail, previously called Drift, is one of the peer-to-peer car-sharing platforms enabling anyone to rent out their cars.
Unlike others, the company only caters to specific airports and apartment complexes in Texas, Illinois, Washington, Utah, Colorado, and Arizona.
Some of the airport locations you can find Avail include Denver International (DEN), Dallas Love Field (DAL), and Salt Lake City Internation (SLC), among many others.
Avail takes care of fleet management, from car wash to payments. They also handle pickups and drop-offs of the renters, allowing you to make passive income without managing bookings.
Regarding the Avail car rental business insurance, a car’s owner receives up to $1 million of comprehensive coverage with no deductibles.
Lastly, Avail offers free parking for shared cars, allowing you to get a good spot for free and earn money passively while you’re away.
According to reviews, some car sharers experienced car damage and car theft.
Other hosts and drivers also find it difficult to communicate with the support team, as email is the only communication channel available.
Some hosts say that they unknowingly get charged for the toll fees.
Avail states that you can earn an average of $20 per day for a standard sedan, mid-sized vehicle, or van. Meanwhile, large vehicles can generate around $25 per day.
Outdoorsy provides a free, professional platform for peer-to-peer car rental, specifically for vans and RVs.
You can start a transportation business with one van or RV, attracting campers and vacationers. Their popular rental destinations include Los Angeles, Seattle, Austin, New York, and Honolulu.
Outdoorsy offers vehicle owners various perks, such as having control over their prices and rental schedule. The platform also provides insurance coverage of up to $1 million and free roadside assistance.
The company also conducts comprehensive verification to ensure your vehicle is in safe hands.
Regarding payment, Outdoorsy pays within 24 to 48 hours after the vehicle departs.
Outdoorsy mostly caters to recreational rental vehicles like camper vans, motor homes, or camping buses. As a result, it’s not a side hustle opportunity for everyone.
Also, if you have an RV to rent out, remember you need to take out your belongings and make them hospitable to your guests, which could take time, money, and effort.
Outdoorsy claims you can earn over $50,000 yearly on the platform.
Meanwhile, their 2022 RV Travel Trends Report reveals that the average RV rental rate per night was $153 in 2021, and the prices remain the same as of writing.
If you liked this article, consider learning more about other side income opportunities. Here are a few suggestions.
Have more questions in mind? See the answers to the most common questions about renting cars online.
Yes, Turo and Getaround have similar concepts to Airbnb, where an owner turns their private vehicle into a rental car.
Car rental companies often allow you to set your price, but a host can make around $200 to $2,000 monthly. Factors affecting your earnings include your car model, condition, and location.
Turning your vehicle into a rental car offers an excellent way to make extra money at home or away.
Consider listing your car at Turo if you want a secure and profitable platform. It’s a well-rounded company offering decent rates and insurance, car delivery options, and flexible arrangements.
Meanwhile, check out Getaround if you prefer premium parking, more bonuses, and considerable insurance protection.
Regardless of your chosen platform, grab this gig economy opportunity today and earn extra income tomorrow.
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