You do not drive your vehicle 24/7 but that does not mean there is no profitable use for your car during your downtime. You can get paid for car advertising stickers when you are not behind the wheel. It is also possible to rent your car during the times you do not need it for yourself.
If your car is already wrapped or stickered it is possible to double your earning opportunities by renting it to another driver who drives the same routes as you. Even if your car is not stickered it is still possible to rent your vehicle for people in need of transportation at a reasonable price.
How do I rent my car safely? The first aspect of safety to consider is how to rent your vehicle safely to people you do not know. If you simply rent your car to strangers without any regulations you are putting yourself at risk of theft, damage, injuries, and lawsuits.
Fortunately, car-sharing companies are available to help make the process of renting your car safe, secure, and effective. HyreCar, Getaround and Turo are three popular car share companies on the market with solid reputations with their customers. Having an opportunity to earn extra cash is exciting. It is advisable to first research all possible scenarios including how much money you might earn and how to secure your vehicle before making any commitments.
Uber and Lyft are the two most prominent ride share companies in operation today. They are both considered ride share companies because other drivers operate the vehicles and transport passengers. Car sharing companies allow you to rent and drive vehicles owned by other people.
Instead of going to Hertz or Avis to rent a vehicle, customers contact a car-sharing service to rent cars owned by private individuals. It is possible to rent out your car to people without having them go through a car-sharing company.
This poses many potential risks to the safety and security of your vehicle and your home, however. Using a car-sharing company imposes legal regulations and restrictions on renters.
The mileage placed on your vehicle when it is rented is tax-deductible within certain limitations. These write-offs are often significant. If qualified, up to one thousand rental miles per week yields as much as $20,000+ in tax deductions. You might earn between $200-300 per month for part-time rentals on weekends or up to $1,000+ per month when your car is available for a full week at a time. Once approved and following an inspection, car-sharing companies notify you when your vehicle is chosen.
Fast responses to app-based rental notifications help you earn more money each month. You also have permission to either accept or reject all rental requests.