Do you own a car that spends more time parked than on the road? Are you looking for ways to generate extra income? Consider transforming your idle vehicle into a money-making asset by renting it out through car-sharing apps. This innovative approach allows you to earn passively while helping others access convenient transportation. This guide explores several popular peer-to-peer car sharing platforms, outlining their features, requirements, and earning potential.
Turo: The Leading Car Sharing Marketplace
alt text: A silver car parked on a residential street, ready for Turo rental.
Turo boasts the title of the world’s largest car-sharing marketplace, offering a nationwide platform for car owners to connect with renters. Listing your car on Turo is free, and you retain control over pricing and rental terms, including mileage restrictions. You can designate a convenient pickup location, whether it’s your driveway or a public parking lot.
Turo prioritizes safety by screening all drivers before they rent. A review system fosters transparency and accountability for both owners and renters. While Turo offers comprehensive insurance coverage, some drawbacks include the inability to rent hourly and the limited availability of Turo Go, a keyless entry feature requiring hardware installation. Without Turo Go, key handoffs are usually necessary unless a key box is utilized.
To list your car on Turo, it must meet certain criteria: generally no older than 12 years (exceptions for specialty or classic cars), under 130,000 miles, and possessing a clean title. Motorcycles, RVs, and vehicles with more than eight seats are not eligible. Consult Turo’s website for the complete list of requirements.
- Cost: Free listing; optional Turo Go hardware installation for $190 (no current subscription fee).
- Earnings: 65-85% of the rental cost (depending on the chosen vehicle protection plan).
- Availability: Nationwide.
- Insurance: $1 million liability and damage protection.
- Potential Earnings: Turo reports average owner earnings of $706 per month.
- Eligible Renters: Anyone excluding rideshare drivers.
- Hardware Installation: Optional (Turo Go).
Getaround: Hourly Car Rentals in Select Cities
alt text: A red car parked in a city, available for rent on Getaround.
Getaround distinguishes itself by offering hourly car rentals. However, its availability is limited to specific cities, primarily in California, Massachusetts, and New Jersey. Getaround mandates the installation of Getaround Connect hardware, enabling keyless entry and remote vehicle access for renters.
Getaround utilizes an algorithm to suggest optimal rental pricing, aiming to maximize your earnings. You also have the option to set your own rates. The platform screens potential renters, adding an extra layer of security. Vehicle requirements include being a 2010 model year or newer, having fewer than 125,000 miles, and seating eight or fewer passengers. Only private passenger vehicles with at least four wheels are permitted. Check Getaround’s website for detailed eligibility requirements.
- Cost: Free for 90 days, then a $20 monthly subscription fee. $99 one-time hardware installation fee.
- Earnings: 60% of the rental cost.
- Availability: Over 100 cities.
- Insurance: $1 million liability and damage protection.
- Potential Earnings: Getaround claims potential earnings in the thousands per year.
- Eligible Renters: Anyone, including Uber drivers (but not Lyft drivers).
- Hardware Installation: Required (Getaround Connect).
HyreCar: Catering to Rideshare and Delivery Drivers
alt text: A white car parked in a driveway, available for rent on HyreCar for rideshare and delivery drivers.
HyreCar specifically targets Uber and Lyft drivers, as well as delivery service drivers for platforms like DoorDash and Postmates. Listing your car is free, and you set your own rental rates. However, your vehicle must undergo inspection and approval by Uber and Lyft before being listed.
HyreCar doesn’t offer keyless entry hardware, so in-person key exchanges are usually required. Renters are screened before approval. Vehicle requirements are determined by Uber and Lyft’s respective guidelines.
- Cost: Free.
- Earnings: 85% of the rental cost.
- Availability: Nationwide.
- Insurance: $300,000 liability and damage protection.
- Potential Earnings: HyreCar suggests potential earnings of $1,200 per month.
- Eligible Renters: Rideshare, food delivery, and package delivery drivers.
- Hardware Installation: Not offered.
Conclusion: Choosing the Right Car Sharing Platform
Renting your car through a peer-to-peer platform offers a viable path to supplementary income. Each platform—Turo, Getaround, and HyreCar—presents distinct features, benefits, and limitations. Consider your location, vehicle type, target renters, and desired level of involvement when selecting the best platform for your needs. By carefully evaluating these factors, you can effectively leverage the sharing economy to maximize your car’s earning potential.
