Make Money by Renting out your Cars
You paid thousands of dollars for it, and now it’s just sitting in your driveway. And you know that there are people who need a car for the day or weekend. (Their car is in the shop, they only have one car in the family, they need a bigger car to take relatives around … ) How about renting your car or RV? Well this is another peer-to-peer business that skirts California’s traditional regulations so it’s now possible to rent out your car for profit. Some people only rent out their cars during the weekend, and some people only rent out their cars while they are at work. You can rent by the hour, day, or week.
Flightcar flightcar.com This company arround (not in) major airports as a substitute for renting a car from one of the big companies. They have a million dollar insurance policy. You drop off your car and they give you a lift to the nearby airport. You don’t have to pay for parking. Then they rent your car to a vetted renter who needs a car for a couple of days. She pays less than it would cost to rent from the rental counter at the airport. And when she returns your car it’s cleaned. Currently they have an operation at LAX.
The main advantage of this service is that you avoid parking fees and get a free car wash. According to their website, you get a rental income of about $30 for a five day period, and you avoid about $100 in parking fees. On the average 5-day trip, members save $100 in parking fees & make $30 in rental earnings. We are not sure this is a “business opportunity”, but we included because it seems interesting.
For occasional day or weekend rentals this service seems to work well with practical cars–Hondas Toyotas … that people know are reliable and good on gas. They are going for $30-40/day. And owners of nicer cars are renting out their cars on a full time basis. These cars are going for north of $150/day. They have a deal with GM’s OnStar to allow potential customers to unlock the car with their smartphone so you don’t even have to meet up with them, but very few people have GM cars in SoCal.
Avoid side-deals Some customers might ask if they can just rent directly form you and cut out the peer-to-peer network fees. This might not be a great idea. Even if you have “full coverage” on your personal auto policy, it probably will not cover you if a renter gets into an accident.
Relay Rides relayrides.com This site is being used by people in Orange County. They estimate you can make up to $1,000/month renting out your car, they take 25% of the rental fees (an older ABC news story said they take 40%). The company also screens renters to make sure they are using their true identity and that they are licensed and have a good driving record. They also provide 24/7 towing service and a $1 million dollar insurance policy to cover the car owner against liability damage to your car and theft. (As with all insurance, it caps out at what the insurance co thinks is the cash market value of your car, not what you paid for it or think it’s worth.) And you decide who gets to rent your car based on their on-line profile.
The way the pricing works is the cooler your ride the higher the rent.
On the coolness scale we observed:
1994 (20 year old) Toyota Camry — $26/day
a full size pick-up — $45/day
2012 Mini Cooper with custom paint — $79/day
2008 Mercedes-Benz CL — $128/day
2008 Porsche Cayenne — $240/day.
2006 Corvette — $240/day
These are asking prices so we don’t know how often these cars actually rent. And we won’t get into whether a Corvette is cooler than a Cayenne. Owners set the price and decide when the car is available for rent. And listing your car for rent is FREE.
note, story if from Florida.
Getaround getaround.com/safety This is another company that basically does the same thing. Cars are rented by the hour to those who just need them for part of the day. The advantage of this company is that they say they offer full coverage insurance “Rest easy knowing that all Getaround rentals are insured through our primary insurance policy. Coverage includes liability, collision, property damage, and uninsured motorist protection.” (copied from their website) They also vet your renters by checking out their social network profiles and dmv records. And they confirm identity (we don’t know how they do that) Additionally, you have an option of installing a device that allows renters to unlock your car with their smartphone. But you stay in control–you decide who gets to rent your baby and you decide on the rental rate. As with the peer to peer ridesharing services there is also a review process. They are currently in San Diego and Northern CA. They will be coming to the OC soon.
Rent out your RV
ShareMyCoach.com Think of them as the Air BnB of Vacation Vehicales. If you have been to any car shows, you have seen this company. This is a great concept both from the renter’s perspective and from the owners perspective. How many people have fallen in love with the dream of traveling, and now have an RV sitting in their driveway or backyard for 49 weeks a year? Why not get some extra cash?
This company helps you monetize your “investment.” They take care of storage, maintenance, cleaning… And they make sure your renters have insurance that covers RVs so you’re covered. (If you rent out your RV on your own, your policy will probably not cover rental use. )
The other advantage of this company is the people. So unlike some of the other share services, you won’t be talking to someone in a far away call center who doesn’t know what you are talking about. These Guys know RVs. It’s a local OC Company run by people who know how people use and misuse RV’s. They are located on Beach Blvd in Stanton..
Rent out Your Boat
GetMyBoat getmyboat.com Make money from yur boat that’s not used most of the time. You can rent out your boat to private parties through this company. This company has a wide variety of boats from kayaks to luxury boats. They also offer insurance. You can also offer to skipper the boat for the renters.