How to Make Money From That Car Sitting in Your Garage

High inflation 2022 has raised prices for petrol, fare, Groceries and everyday items, but it’s caused even more pain for car buyers and renters. According to Kelley Blue Book data, new car prices are up 12% since last year, and the average cost of a new car is now nearly $50,000. Rental cars are even worse — CBS News reports that the cost of renting a car has increased 48% over the past year.

If you own a car, the high prices for buying and renting cars set in possible part-time job right in your garage. You can make some extra money with online services that let you rent your car to other drivers when you are not using it.

If you rent your car online, you can quickly earn extra money on the side and you really don’t have to worry about anything extra in everyday life. Just make sure it’s not your main car that you have to use daily for your commute or other important trips.

We tell you how to start renting your car and how much money you can earn from it. For more ways to earn extra money, see six other side jobs.

On which websites can you rent your car?

Renting out your car works like renting a house or apartment on Airbnb. Turo, HyreCar, Getaround and Avail are currently the largest online rental services where you can list your vehicle.

tower: This peer-to-peer car sharing company was founded in Boston in 2010 as RelayRides and is now available in all 50 states. If someone is visiting your area and needs a car for the week or weekend, listing your car on Turo could be an option.

You can choose to have your renter pick up your car from a specific location, or you can choose to bring it to them. You’ll get between 60% and 90% of the trip cost (the rest goes to Turo), depending on the protection plan you choose.

HyreCar: At HyreCar, car owners rent their vehicles to ride-along and delivery drivers who need cars for their performances. For example, if someone doesn’t have a suitable vehicle to become an Uber driver, they could rent your car for the weekend.

When someone requests your car, HyreCar will send you a request, which you then need to approve. Your income from the rental depends on the car protection plan you choose. At HyreCar you can get between 75% and 85% commission.

getting around: Like Turo, Getaround is a peer-to-peer carsharing company. Note, however, that Getaround charges a 40% commission on all trips booked, and you have to pay a one-time fee of $99 to get started. You will also be charged a monthly connection fee of $20 for your car.

Available: With Avail, you drop off your car at the airport and the carsharing company takes care of the rest. Once a vehicle is rented, owners receive a fixed amount every day, ranging from $20 to $25 depending on the vehicle.

Note that the requirements for renting your vehicle vary from company to company.

What happens if a renter crashes or damages your car?

Before drivers can rent your vehicle online, they must go through a background check. Drivers cannot use cash, so you always have a card in case something goes wrong with your car.

All carsharing companies offer various types of accident insurance. When you get your car back, check it thoroughly to make sure there is no damage – for example, a dent that wasn’t there before, or if it smells of cigarette smoke.

How much money can you make by renting your car online?

It won’t replace your full-time salary, but you can still make a good chunk of money on the side. How much you earn depends on your location, your own vehicle and the demand for rental cars.

Here are a few different Turo estimates, which vary by vehicle and price range:

• A $12,512 vehicle with loan payments of $2,519 per year could earn you $7,009 annually.
• A $31,853 vehicle with loan payments of $6,414 per year could earn you $10,857 annually.
• A $68,351 vehicle with loan payments of $13,762 per year could earn you $21,453 annually.

Note that each company pays different amounts, so look for the best service that suits your car.

If your car is already paid off, you’ll make more money renting your car because you don’t have to make loan payments. Also note that for most of these services you set your own prices for your rental car and these prices will change throughout the year depending on demand – for example during Summer travel timepossibly more people need rental cars.