The gig economy has opened up numerous opportunities for individuals to earn money actively and passively. Now, you can make money by lending your car to vehicle-less drivers near you.
Amazing right?
If you have a car sitting idle in your garage, you can start earning by renting it out.
In this guide, we present the top 11 vehicle suppliers you can link with to earn by renting your car.
Some of the best vehicle suppliers include:
1. HyreCar
HyreCar is a vehicle supplier marketplace where vehicle-less drivers can borrow a vehicle for ridesharing. When you lend them your car, they will use it to ferry passengers from one point to another, like Uber and Lyft.
How it works
HyreCar is an option to earn money passively without long-term commitments or fees. The process of joining the platform is easy. You log onto the HyreCar website to get started.
You have to make your vehicle popular among drivers to sell your listing. Some tips you can try to create the best profile when signing up as an owner on the platform include:
- Including an informative description of your vehicle, but keep it short and simple
- Using high-quality photos of the car, both interior, and exterior
- Uploading the driver’s license, vehicle registration, 19-point inspection, and insurance details
When you set up your car, you get notifications for every request. It is vital that you reply to the drivers in less than 24 hours before their request expires. As a car owner with HyreCar, you also get a rideshare insurance cover.
Pros of using HyreCar
- You can list your vehicle within minutes
- You get to set your commission and prices
- Custom protection plans offered can help you control the risks
- You can earn up to $14,000 annually for renting your vehicle
2. Turo
Turo is among the world’s largest car-sharing marketplaces. You can rent your car for multiple occasions, unlike HyreCar, which only hires for ridesharing purposes. Turo is the new Airbnb for vehicles, available across many US cities and Canada.
When you sign in, you gain access to all the tools you need to create your vehicle’s portfolio with a higher success rate. Whether you are renting out a single car or starting a small rental business, Turo is the place for you.
How it works
Turo pays out 65%-85% of the vehicle’s rental fee, depending on the protection policy you choose. However, you earn 90% of the trip amount if you have commercial rental insurance.
To set up your vehicle at Turo:
- Describe your car in a short and simple form
- Upload quality photos of your vehicle
- Using the calendar, select the dates when your vehicle is free to rent
- Start earning when you approve requests
- Once the driver returns your vehicle in good shape, you wait for five days to receive your payment via direct deposit
You need a vehicle with less than 130,000 miles on it and a market value not more than $150,000.
Once you receive a request, you can contact the renter for more information. You also coordinate the pickup and drop-off for your vehicle. However, you must check the driver’s license and inspect your vehicle before receiving it. Also, take note of the mileage and fuel levels.
Pros
- Turo offers a $750,000 liability insurance, in which you can customize your protection plan
- You get 24/7 customer support from their roadside assistance and safety team
- Once you sign up your vehicle for rent, you get instant access to their 14 million customers with free marketing and advertising for your vehicle
- The Turo app is easy to use, making it possible to accept or reject bookings and manage your business from your phone
List your car with Turo and start earning an average of $10,516 annual income.
3. Getaround
From side hustles to full-time entrepreneurial opportunities, Getaround can help you get there. The platform has minimal entry requirements. All you require is a vehicle in good condition.
You then enroll your car to get started with the rental business. If anyone wants to drive your vehicle, you will receive notifications on your end. With the help of the onboarding team, you can set up a vehicle profile once you submit all the required information.
You can select when your vehicle is ready for renting with the calendar setting. You also keep track of your cars and maintenance schedules.
How it works
- Sign your vehicle for rental. You get a free trial period, but you pay a one-time $99 fee when the period is over.
- A digital key for remote unlocking of the vehicle
- Getaround sets the prices automatically, saving you the hassle of pricing and earning you the optimal returns
How much do you make?
Getaround releases payment to vehicle owners on the 15th of every month. You get 60% of the trip money. Getaround keeps a 40% commission covering your insurance cover, the 24/7 help desk, and roadside assistance.
Pros
- Getaround has premium parking access in some cities, meaning you could worry less about parking fees
- You get instant access to the over 6 million customers in the Getaround’s community
- 24/7 customer service support
- Any driver hiring your vehicle must pass the driving-record test, which makes Getaround safe and trustworthy
- Collison, liability, and comprehensive insurance cover for the owner and the vehicle during active trips
Sign up to rent out your car with Getaround and start earning some money.
4. TravelCar
TravelCar allows you to earn money even when traveling out of the country. The Paris-based car renting service is also available in over 160 countries helps travelers earn cash when away from their cars. The platform enables you to rent out your car to other travelers when you travel out of state.
How it works
When you sign up with TravelCar, you can earn money by letting other travelers drive your car. When leaving the country or state, you drive to the airport. There, you get free parking until a renter picks up your car for use while you are away.
Car owners earn money for every mile their car travels. The car also gets a complimentary car wash service upon return. Also, vehicles under TravelCar come with $1 million insurance for liability, theft, and physical damage.
You can earn up to $100 for every trip your car travels. Customers receive 70% of the renting fees, while TravelCar keeps a 30% commission for upkeep.
Benefits of joining TravelCar
- You receive $1 million for insurance
- Free parking in airports or train stations if you do not rent your vehicle
- You have the chance to make money while you are away
- Competitive rates
- 24/7 customer service
Sign up with TravelCar and start earning money
5. Avail
If you are still iffy about strangers driving your car around the state, Avail is the platform for you. Avail protects your vehicle with Allstate, which covers your vehicle for liabilities and damages. Your car also undergoes rigorous inspections to ensure it is in its best working condition at all times.
Car owners sharing their vehicles through Avail earn compensation.
How it works
If you want to earn money while you travel, you can sign up with Avail. The platform connects car owners with travelers without cars. You can park for a subsidized fee at the Avail parking lots when you travel.
When travelers book your vehicle, they can access it from the parking lot.
Car owners can earn $20 per day from mid-sized cars. Large vehicles like SUVs make $25 daily. The renters have a limit of 150 miles per day, beyond which they pay extra fees.
As a car owner, you also get a $100 bonus guaranteed when you start renting your vehicle. Your car needs to be under ten years and has less than 125,000 miles on it to pass the Avail requirements.
Pros of renting with Avail
- Renters refuel your vehicle before dropping it off at the Avail car share parking lot
- You get $1 million Allstate insurance that covers roadside assistance too
Share your car with Avail and start earning when you travel.
6. DriveMyCar
DriveMyCar is a private car rental revolution that lets owners decide their schedules. You determine how long you want to rent out your car. From this, you can earn up to $1,000 per month, depending on your choice.
DriveMyCar connects vehicle owners to verified renters and performs credit checks on them. It also collects a security deposit and manages the payments. In addition, the body issues a legal rental agreement to you and the renter. Finally, DriveMyCar provides its motor fleet insurance cover to protect your car.
How does it work?
To rent out your car, it must be less than 15 years, with less than 94,000 miles to it. It should also be under $75,000 in value and well maintained.
DriveMyCar takes a keen interest in their fleet. Therefore, you need to present your vehicle in its best state with appropriate CTP insurance. The downside is that you have to avail your car for rent at least seven days in a row.
To rent it out:
- List you vehicle
- Respond to booking requests
- Handover and pick it up
- Maintain your vehicle in good conditions
Benefits of renting with DriveMyCar
- You earn depending on the market value of your car
- You get theft and accident insurance for the period you rent out your vehicle
- 24/7 support handling customers and roadside assistance
List your vehicle with DriveMyCar and start earning today.
7. Vinty
You can let your classic car earn you some money on the side by renting it. With Vinty, you can rent any vehicle older than 25 years. However, the vehicle has to be in good shape.
You can rent out with Vinty under three categories:
- For advertising, movies, or music videos. Your vehicle will appear on ads, commercials, digital prints, or movies
- For self-drive options, where the renters drive your car for a fee. This option is only for professional companies who have insurance for the vehicle
- Chauffeur services, where you service special events like weddings and tours.
How much do you earn?
Vinty lets you set your rental prices. It can be hourly or daily, depending on the type of hire the renter requests.
Classic vehicle owners earn 80% of the rental price. The remaining 20% goes to Vinty as commission. Owners also receive their payment within three business days after the rental event.
List your classic car for rental with Vinty today.
8. RelayRides
RelayRides connects drivers without vehicles to those with nothing to do with their cars. It is a peer-to-peer car-sharing marketplace where car owners set their prices.
You get to choose the availability of your vehicle, and RelayRides takes care of the rest. You also get a $1million insurance policy to keep your car safe while on the road.
In 2011, RelayRides got into a partnership with GM. Now, if you own a vehicle from GM, you can link up your OnStar subscription with your RelayRides account. This makes it possible to unlock a reserved car without keys.
RelayRides changed to Turo, but it still services cities across the country.
9. MyCarYourRental
The world is moving towards private car rentals to save money and travel more efficiently. Now, if you are traveling or do not need to use your car for a few weeks, you can turn it into a moneymaking machine.
MyCarYourRental is an excellent place to source trusted and verified renters for your vehicle.
How MyCarYourRental works
- Owners list their vehicles on the platform, including a detailed profile, photos, details on pricing, and availability
- Renters request to hire the vehicle online and make payments. Vehicle owners then confirm the booking and enter the address for pickups.
- Both car owner and renter prepare rental sheet reports, and they exchange keys, at which point an insurance cover for the vehicle begins
- Renter fills the fuel tank before returning the vehicle to the owner, who then inspects the car before taking it back
Benefits of listing with MyCarYourRental
- You get comprehensive insurance cover when the rental period starts
- The platform is free
- You decide how you will be charging to rent your car
- You are in charge of your renters
List your vehicle with MyCarYourRental and start making money today.
10. Maven
Maven is a next-generation peer-to-peer car rental service. It services fewer cities than industry giants like Getaround and Turo, but they offer reasonable compensation to car owners.
Maven is an exceptional rental car service because it focuses on reducing environmental impact while being sustainable. Therefore, if you have an electric or hybrid vehicle you want to rent out, Maven is the place for you.
If you own a vehicle by GM, you can list them to the platform and earn some money by renting it out.
Why use Maven?
- You get premium features and tech
- Maven caters for maintenance, gas, and insurance for your vehicle during the rental period
- You can rent out a wide range of vehicles
- It is free; you do not need a monthly subscription fee to use the platform
Find out more about the Maven car rental service here.
11. JustShareIt
Do you own a vehicle and are interested in new ways to make money? Using platforms like JustShareIt, you can rent your car to your neighbors when you do not need to use it.
How it works
To register your vehicle with JustShareIt;
- Select the vehicle type, either SUV, Mini-truck, RV, or regular car
- Fill in the details of your vehicle, indicating the make, model, year of manufacturer, color, seating, and category
- Proceed to set your prices on an hourly, daily, weekly, or monthly rate. JustShareIt takes 40% of your base price as commission
- Choose your location
- Include any special notes for the renter
Register your vehicle for hire with JustShareIt today.
Peer-to-peer car rental is fast becoming the new way to travel and move around. People no longer need to buy vehicles to travel in luxury. Thus, if you’re a car owner you can take advantage of this situation to earn some extra cash by renting out your car.
From the list above, Turo is our favorite pick. It has been tried and tested. Besides, it gives you flexibility whenever you want to rent out your car. Be sure to check other good business opportunities that may help you on your financial goals.
