MAKE MONEY #9: Rent Your Car Out–No More Idle Wheels
Difficulty: 5 (MEDIUM)
Initial Investment: 5 (MEDIUM)
Location: REMOTE, WORK FROM HOME
Good for: Retirees, Students, ALL
Turning Your Car Into a Rental Car Asset
If you don’t need your vehicle to commute every day, you could rent your car out and be making extra bucks instead of letting it sit idle in your garage or carport. Following the model of AirBnB, apps such as Turo, HyreCar, and Hagerty DriveShare make it easy to let you set up your wheels for rent in select cities. Also, consider trying Getaround to rent your car out.
One Side Hustler on Turo has made extra money around an average of over $400 per car per month. He and his family then bought five more cars and listed them right away. Turo isn’t in all cities yet, but you can now start renting your car out in New York.
Tip: More Turo Success Stories
What Does It Take?
You will need to be accepted into each of the car rental programs first and your car must be in good, running condition. You will need to have several high-quality photos of your car, including a front shot, back shot, side shot and interior shots. Think of your car as a model car, the best in its class or kind.
How to Take Good Photos of Your Car
Here are their top tips for taking good dog model photos:
- Focus on the car’s headlights and front area when taking a shot from the front and to create depth
- Black backgrounds are out, use white or sunny locations
- Use a wide-angle lens for cool, fun looking shots
- Use manual focus for clear and focused, sharp images
- Use a variety of backgrounds to show the car’s adaptability to different roads and conditions
Borrow from Car Ads for Great Shots and Descriptions
Think of car ads and why they are so successful (you don’t need a model draped over the car, so old school)–do they make you feel adventurous? Practical and money smart? Safe, secure, and protected?
You will need to write a “bio” for your car and you want to emphasize its best points:
- Is it fuel-efficient? What is the MPG?
- Is it roomy inside? Would a family or group of friends with all their gear and baggage fit in there?
- How far are you from the nearest airport? Do you want to offer an airport ride service?
- Will you offer free pickup and delivery of your car?
- How much will you charge per day?
- Will you offer longer than 2-week rides?
Sample Description to Rent Your Car Out NOW
Here is an example of a great description for a car that has been super successful on Turo:
Analyze What the Car Renter REALLY wants…
Why is this description so GOOD? Because it puts you in the shoes of the car renter, and what kinds of fun things they will be able to do in the local area with a reliable, great set of wheels. You don’t need to be renting the best super luxury car in the world–a reliable set of wheels is a great option for most people. Make sure you are part of providing a range of great options and that you capitalize on what makes YOUR car the best for certain common situations, like moving and hauling, sightseeing, tours around college campuses, etc.
TIP: Be part of a range of great options that capitalizes on what makes YOUR car the best for certain common situations, like moving and hauling, sightseeing, tours around college campuses.
Do a Compare-Contrast on Your Car’s Listing against Other Great Renters
Compare your services and offerings to the cars that are already being rented in your area, to get a sense of how to successfully compete at this side hustle. Check out the marketing blurbs from the car dealers for your make and model, and year for ideas on what to say.
TIP: Add the blurbs from the car dealers for your make and model, and year.
Is Insurance Included?
Yes, in the case of Turo, it is. They offer comprehensive insurance for a car rental–the insurance is through Traveler’s. Every host plan includes $750,000 in third-party liability insurance from Travelers, standard. IF you are going it alone and renting your car out in a more casual way, you will still need to add a rider to your policy, and this can get really tricky to do. Add at least $750K in 3rd party liability. Consider using a platform like Turo until you “learn the ways of the road,” so to speak and get your feet wet with this kind of business.
TIP: IF you are going it alone and renting your car out yourself with using a platform, you will still need to add a rider to your policy. Add at least $750K in 3rd party liability.
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