Renting Your Car Online
Are you thinking of ways to earn money while you are relaxing at home or when you are working full time? Would you like to have an extra flow of cash without sweating out too much from hard work and overtime? There is another way you can have a steady flow of cash, and that is with the help of your vehicle.
If you have an extra vehicle that is parked in your garage, or perhaps you only have one car that you don’t use often and which you can use for a money-making idea. All you have to do is to find the best online marketplace where you can join and get your car listed and making money for online car rental.
Are There Any Requirements For Renting Your Car Online?
Each car-sharing company has varying requirements such as well-maintained, or cars that are in great- condition should be below 150K mileage and must work perfectly. Although, there may be some companies that will let you join if you have an older car model, remember, car renters may choose a car that is the latest model instead of an older one.
Also, it is just easy to join and have your car listed. As long as you fulfil the simple requirements and fill out some form and provide photos, you will surely get a nod from these companies.
5 Best Places to Rent Your Car Online
Here are some samples of the online car rentals program that you may check so you can have your car listed and start earning.
They launched this company in 2016 by two friends who have a vision, and that vision started in the U.K.
It is a peer-to-peer car rental company that lets you list your car so that other people who need a vehicle to go around, go to work, or to attend a party perhaps, can have their access to a car.
Its start-up was brought about by the idea that some people are having second thoughts about owning a car because of the numerous financial and administrative burden it has on the owner, and what’s more when it is not often used and just gathering dust in the garage. There is also maintenance expenses and having to make sure everything about the car works perfectly.
Now, when you have a car, there is a way you can earn money out of it while you are just waiting at home for the cash to be credited to your account. Some car owners are finding this the bright side of owning a car cause they will not be thinking mostly of the car’s upkeep and expenses since it is making money with the car rental scheme.
The founder Risby and Larmour first wanted the car renting scheme like Airbnb for cars, that instead of your car just parked somewhere, why not make money out of it by lending it to your friends or other people and then get paid for it?
When you want to have your car listed, you just go to the Hiyacar platform and check whether your car is eligible and fill out some form, and complete the information required. Information will be the rent price for your car and the car’s availability. Hiyacar connects renters and owners so they can benefit from each other, and that is made possible with the use of this app.
When someone is interested in hiring your car, you will just reply to the person who would like to rent your car so you can have all the control if you like to reject or accept the request. If you accepted the request, you are also the one to control how much you want to get paid in rental fees and will depend on how long the renter will lease it or for how many hours or even days.
Once you have agreed on a price and other important details, both will agree on a place where they will meet so that the owner can give the car and key to the renter.
There is another way where you need not meet the renter in person with the help of Quickstart Technology, where the renter does not need to get the key from the owner cause they can unlock the car with this technology.
The owners will get 80% of the rental fee, and the 20% will go to Hiyacar as a commission. Payment will be credited to the owner automatically with every completed car use. The owner can generate yearly earnings between £4500 to £6000.
Also, there are ways that car owners will get more renters and include adding more days to the car’s availability, making sure that the rent price is fair. Reviews are also one thing, so the more positive reviews you have about your car, the more flow of steady renters you will have.
Uploading clear pictures of your vehicle is also important so that renters will get a pleasant image when they are looking for vehicles they can rent. One other thing is ensuring that you respond quickly to the request of renters, if your car is not free, let them know immediately, and do not let them hanging, waiting for your response.
Car owners not only get to enjoy an extra cash flow, but they also have tax breaks being given by the tax authorities from the UK, where they allow vehicle owners a tax break of a £1K income tax fee. They also have comprehensive insurance for every time there is a renter of your car.
Another well-known car-sharing company that has opened its doors in the UK in 2018. Turo is not just found in the UK, but it is available across the USA and Canada.
You can have your car listed in minutes, and it’s free. Just make sure you have all the required information such as car description, model, make, photos, and you are ready. Setting the daily price is also up to you, or let Turo help you with setting the best price that can benefit you to earn more. Plus, you can choose the dates where you can list your car as free and when it isn’t. Having many days where your vehicle is free for renters can also double your earnings.
Turo will notify you when someone is interested to rent out your car. Sometimes it takes time for your car to get a renter and of course, describing your vehicle is important, and having splendid pictures of the vehicle helps as well. You agree to the renter, and you need to decline or accept the request promptly so that the renter will know if they need to find another car.
Next is coordinating where you and your guest will meet so you can hand over the car and key, it will help as well to have your car cleaned before handing your keys to the guest. Turo will also make sure that the guest undergoes a background check before they let them rent any car, the same way you have to check your guest’s driver’s license before handing over your keys.
The company offers £20M liability insurance and your guest will have roadside help 24/7 so you can rest easy while you are home waiting for the vehicle.
You will get between 75% of the total payout and will be directly credited to your account in 3 to 5 days. However, if you have your own insurance for your vehicle, you can have 80% of the total trip price since you will not be getting any vehicle protection from the company.
Car owners can earn £500 a month and can even earn up to £50K a year, which is a good amount of money considering it is a side hustle.
When you have less than a hundred and thirty thousand miles for your car mileage, not less than a hundred and fifty thousand dollars fair market value of your car, not over 12 years old vehicle, you can easily list your transport on Turo.
Turo also accepts light trucks, cargo vans, and classic cars. They do not accept motorcycles, limousines, box trucks, and certain make/models of vehicles.
Once you list your vehicle under Turo, they do not allow you to list your car on other car-sharing platforms as they require exclusivity.
Another car-sharing company that has over five million users as of this writing. This company has been around since 2009 and is located in San Francisco, California.
Getaround is available in 66 cities across the USA. It is also now available in the United Kingdom. There are some perks when you have your car listed in GetAround, such as earning a typical rate of £24.50 from £35 less than the service fee of £8.75 by the company per rent. Earning an easy £560 a month is possible, even more.
You can still increase that earnings and will depend on how long you have your vehicle free for renters. Plus, if you have a newer model, this will be beneficial for you as GetAround also based the hourly rental price on your car’s year, make, model, the demand of the guest, and the location.
Renters also based their preference on the make of the car and the model, they also like cars that sometimes may look fancy and impressive at first glance. Car owners will also get that extra point when they keep their car smelling nice all the time since renters can also do reviews, and positive feedback from renters will ensure you of many future renters.
Primary insurance coverage from Allianz is a big help every time someone will rent your car as they cover it from a collision, property damage, theft, among others. A car will be divided according to three categories, such as economy, comfort, premium, and would base on the car’s model and age. Your car should also be well maintained when you want it rented. Indicating the days that you can have your car rented must be completed.
When you set a rate for renting out your car, set a realistic price like taking into consideration the make and model of your car, and if you are just new to the website, it is ideal to set a lower rate so you can attract renters cause you won’t have reviews yet where renters will base their decision on. If you decided that you want the renters to pay £40 per day, that doesn’t mean you will get paid the said amount, sometimes the renter will have a special request on how much you will both agree on depending on how many hours they will use your vehicle.
Guests or renters of your car must follow some rules such as when your car is unclean when returned, the renters need to pay £30 for dirty car interior and exterior, then if the renters smoke inside, there is a £15 fee.
There are also rules about not returning the vehicle at the agreed time where the renters will be billed an additional fee for every hour of delays, samples include £10 per hour of lateness, but if under 30 minutes late, there will be no penalty.
Fuel should be filled with the same amount of gas when it was delivered to them.
The vehicle owner will get paid after 3-working days after the rental period, then transfer to your bank account will take a day or two.
The company called the new Airbnb in car sharing. The unique scheme of having your car make some money for you while you are travelling was launched in 2018 at Bristol Airport.
A bright idea and the best way to earn money while you travel is by enlisting your car through this company. It allows you to leave your car at the airport while you are travelling, and then your car will be rented by other travellers while you are away. This is a great idea for those who would rather have some earnings with the use of their vehicle while they are away instead of their cars just parked in airport lots.
You need not worry about insurance because your car will be insured when a renter will be using it, so you can breathe easy. Your car will also be checked for roadworthiness, which is a good thing as well. If in case your car wasn’t rented at all, it is still safely tucked in airport lots that you can use when you need a ride home. Car owners will surely benefit from this money-making plan since they can have extra earning after they travel.
The easiest way to make £1,000 a year is by having your car rented via the EasyCar Club. This company was patterned after WhipCar with a very similar service, but suddenly disappeared or gone out of business in 2013.
The success of the EasyCar Club can be charged for its easy car listing, where a car owner can be a member and have their car get rented in no time. The owner also has the say on the schedule that renters may use their vehicle, and the more days they list it free, the more earnings they can get. Zenith Insurance provides comprehensive coverage for the entire time the vehicle is out being used by renters and is covered for mechanical damage, among others.
You can list your car if it is not over 10-years old, lower than 120K mileage, and should be less than £25K in worth. Your vehicle should also be well-maintained and can take a few shorts or even longer drive.
A vehicle that is over 5 years old already gets inspected to make sure it is roadworthy and that nothing will happen while it is being used by renters. Renters also get interested in cars that look nice, clean, and those that are of newer models. Car owners will know when someone would like to rent their vehicle, and they can agree on the price and everything else about the car rental. You can also decide if you want to reject the request, usually after finding out reviews about the renter.
Some ideal renters will take care of your vehicle when they are driving it and will return the car the same way it was handed to them – should be in top condition.
However, for those renters who just don’t know how to handle a rented car properly, there is also a corresponding fine such as failing to fill up the petrol, not returning the vehicle on time, and the car is too messy inside and out. Another issue is when there are dents on the car or some scratches. Although the insurance will take care of this, there is also a corresponding fee for careless use of the renters.
Renters, on the other hand, also have some clearance before they can get to drive a rented car. They should have a clean driving record and should be over 25.
Renting out your car online for money is a great way to earn extra cash, but as you can see there is a lot to this. Many people usually start with one platform and then learn how to use it to the best of their ability. Any of these platforms can do what you are probably wanting them to do, but your decision is now whether or not they have the correct additional features for you.