Make Money By Renting Your Car Out?

One of the planning items that most people have when they go on vacation is whether or not to rent a car.  With the evolution of services such as Uber and Lyft, some people are skipping the rent a car altogether and trying to manage the cost of having a car service take you around the city you are traveling through for vacation.

However, we love showing people how to make money and one of the up and coming ideas is to rent your car out to others while it is just sitting there in the driveway.   Some people leave the country for an extended period of time and won’t be using their car and others have a weekend car that does nothing but sit and collect dust during the week.   Being smart about making money is getting your assets to work for you instead of you working for your money.

The first service you need to learn about is called Turo (www.turo.com).   This website gives you a list of approved drivers in the Turo community to rent your car out to when you aren’t using it on the road.  The Turo website boasts that you are covered by their $1 million insurance policy and they will be here for you every step of the way. Or you can bring your own commercial rental insurance and take a bigger piece of the pie.  With Turo you’ll get notified when someone requests, or books your car instantly. Confirm or decline the trip as soon as possible, and contact the traveler if you have any questions.  Much like a rent a car agency you will meet your renter, walk around the car, and make sure all details are checked off the list.

The second service you need to learn about is called HyreCar (www.hyrecar.com).  Their website asks you if you have an underutilized car that is just sitting in your driveway collecting dust and depreciating in value.  Their website claims that you can rent your car out to ridesharing drivers for places including Instacart and Lyft and earn up to $14,000 per year.  That’s more than a $1,000 a month.    It’s easy to sign up with quick fill out form and HyreCar is responsible for all the insurance and fixing up of your car in case something happens.

The 21st century has moved us more into a shared economy with the ease of what you can do on the internet today.   We know there are two basic ways we can make money…actively working for it or passively having our assets working for us.   If you have a gar sitting idly in the garage or under a cover, it just might be time for you to create another income stream in your family budget.

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

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2 Comments

  • April 25, 2017

    I’m so ‘paranoid’ about letting strangers drive our car, I might need to be locked up somewhere and have the key thrown out :D
    When we both travel somewhere, it’s usually for 7-10 days only. So, if we don’t drive, we leave the car at the airport. It’s true, renting your car out means earning some money, but both my other half and I prefer to know our car is safely waiting for us somewhere in a parking lot.