3-Sentence Summary:
- Uber just announced Uber Carshare, which will let you rent out your car when you’re not using it.
- Uber Carshare won’t be available until later this year, but other companies like Turo and Getaround offer a similar service.
- Renting out your car is a great way to generate fairly passive income, with the average Turo user bringing in an average of $500 per month.
Make Cash Renting Out Your Unused Car
Uber, which is traditionally known for its taxi-style ridesharing, just announced a new service that will let you rent out your unused car to strangers. In doing so, you’ll be able to turn any cars that are sitting stagnant in the driveway into a form of semi-passive income.
Services like Uber Carshare can also help make shopping for a new car more affordable. For example, let’s say that you want to buy a new car that will come with a $500 monthly payment. If you can earn $300 per month renting your new car out using Turo or Uber Carshare then your net monthly car payment would really only be $200.
Uber Carshare is expected to be made available in North America later this year. Until that time, you can check our Turo or Getaround, which offer similar services. These services typically handle all back-end responsibilities for you such as insurance, customer service, and payment processing.
How Much Can I Make?
Finance Buzz estimates that the average car renter makes about $500 per month renting out their car on Turo. However, this number will fluctuate depending on the type of car you intend to rent, how often you can rent it, and where you live.
For example, you can plan on earning more if you’re renting a luxury car and live in a popular vacation destination like Miami as opposed to renting an economy car in Wichita, KS.
When you list your car for rent, you’ll be able to select the daily rate that you want to charge customers.
Getting Started
Uber carshare is not available in North America yet. But, you can start renting your car on Turo today. Keep in mind that Turo has specific requirements for cars on its platform in regard to their age, mileage, and maintenance history.
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