People Have Made Over $30,000 Renting Out Their Car With This Service

People Have Made Over $30,000 Renting Out Their Car With This Service

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Owning a car isn’t cheap, so seizing the opportunity to make money from your vehicle is a smart thing to do. This is made possible with Getaround, a service which allows you to turn your car into a paycheck with no driving necessary. All you have to do is list your vehicle for free on the website and choose how and when to rent it out. Some car owners have pocketed over $30,000 using Getaround.

That extra cash can be helpful when it comes to paying for the never-ending costs of car ownership, from gasoline to oil changes and tire replacements. But if you want even more cash, that’s possible too. In fact, you can make a pretty sizeable profit through Getaround.

How does it work?

Getaround makes it super easy for owners like you to list their cars on the site for free. You’re in complete control, deciding when and for how long you want to rent out your car – from a few hours to a few days. You also decide where it should be picked up and dropped off. Getaround will take care of the photos, uploading professional images to help boost your car’s profile.

The entire process is hassle free for both the owner and the renter, thanks to Getaround Connect – a tool installed in your car that allows people to find, book, and unlock your vehicle from their phones. This means you don’t have to waste time meeting with renters to exchange keys. Getaround also picks up your car and installs Getaround Connect for you, so you don’t have to lift a finger.

You’ll be paid via PayPal on the 15th of every month, and will receive a personalized earnings report. All you have to do is sit back and let your car do all the work.

How much can you earn?

The more you rent out your car, the more you make. Getaround states on its website that you can earn over $800 a month. If you make that amount and your car ownership cost is around the national average ($8,000 a year), you’ll be pocketing around $1,600 pure profit each year.

But as with anything, those who push harder can make more. If you know that you only use your car on the weekends and take public transportation during the week, your car will be far more available to renters than someone who uses their vehicle to commute every single day. Greater availability means greater opportunity for making cash – and your car probably has a lot of availability, as most vehicles in the US sit idle for 22 hours a day.

Some people have managed to make some serious bank from the service, like Evan G., who has made $37,141 renting out his 2008 Honda Civic Hybrid since 2012. There’s also Bruce C., who didn’t join Getaround until 2015 but has already pocketed $31,000 by renting out his Tesla Model S 162 times. That’s an average of $191.36 per rental – not bad considering all he had to do was list his car on the site to pocket that cash. You’ll get more cash for a luxury vehicle than an economy one, but there’s money to be made no matter what kind of car you own.

Breaking it down.

Let’s say you lease an everyday car like a Toyota Corolla for $150 a month. You can get about $44 a day renting that car out on Getaround. After the website takes its 40% commission, you’ll pocket $26.40 a day. You’d only have to rent your car for six days to break even on your monthly payment. Any additional days would be pure profit.

Or perhaps you have more expensive taste. Maybe you lease an Audi A3 for $298 a month. You can rent it out on Getaround for about $70 a day. After the commission is taken out, that’s a $42 daily rate. Rent it out for one week and break even.

Of course, there’s a good chance you own a car rather than lease one. That’s cool too. Any money you make on Getaround can go towards your auto loan, bringing you closer to becoming debt-free. Every little bit helps, especially as the average monthly car payment is now $523.

Are you protected in case something goes wrong?

The answer to this question is yes. Every single trip taken in your car includes $1,000,000 insurance and 24/7 roadside assistance. Drivers are also screened to make sure they have a safe driving record, and their identities are verified through multiple channels. Getaround also enforces rules for renters, including mileage limits and a no smoking policy.

The Getaround team will always know where your car is, because Getaround Connect allows for GPS tracking through a secure cellular network. This lets the team track both mileage and driver behavior. Getaround Connect is in constant communication with the platform, even when your car is sitting idle.

If a renter ever returns your car in a condition that isn’t as they found it, all you have to do is contact Getaround and they’ll help you resolve the situation. You’ll also get compensated for any downtime if repairs are needed.

What are some other benefits?

Owners who rent out their cars on Getaround benefit from designated parking spaces in cities across the US and a $50 monthly driving credit (perfect if you need a pick-up truck for a big move or just fancy driving around in a convertible for a day).

It also comes with the added benefit of helping the environment, because sharing your vehicle takes approximately 10 cars off the road. This means more parking, less pollution, and less traffic. It’s a win for you, the renter, and Planet Earth.

What are you waiting for?

You can try Getaround for free for 30 days. If you don’t like it, you can quit. If you do like it (which you probably will), you’ll be charged a one-time $99 fee to cover installation costs. After that, you’ll be charged $20 a month and Getaround will take a 40% commission from each rental (this helps the website provide its awesome service and great protection for owners).

Sign up to list your car on Getaround.

 


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