Make Passive Income Renting Out Your Car with Getaround
Updated: Mar 10, 2021
If you’re searching for creative ways to earn extra passive money, why not turn your vehicle into a money-making machine? Getaround is essentially the Airbnb of cars, meaning you can rent out your car as you would your home. The financial rewards for doing so are actually quite good. In fact, I know a few people that make a full living renting out just a few cars on Getaround. This post will show you how to make solid cash with your car.
Getaround connects people who need a vehicle to people who own a vehicle available for rent. With a lot of people working from home due to the Coronavirus pandemic, there's a lot of unused cars hanging out on driveways. If you're one of those people or you simply don't drive much, you can rent out your car and start earning passive income nearly immediately.
On average, owners who list their car on Getaround make around $800 per month. It's easy to set up and you can get your car up on the platform within a few minutes. You can book customers quickly, but it largely depends on which of the 300 cities the platform is used in.
How Much Can You Earn From Renting Out Your Vehicle on Getaround?
While renters typically rent your car on a daily basis, Getaround also has an hourly rate available. Hourly rates are usually between $6 and $10/hour. Either way, Getaround keeps 40%, which includes full insurance and roadside assistance. Owners are paid once every month, enabling them to make up to $10,000 from a single car.
To list your car on the Getaround platform, you just need to follow these steps:
1) Enroll your car. Submit your personal info and your car info. This includes your license plate number, photos of your car, and make and model. A Getaround representative from your local team will follow up to help set up your car's profile and Connect® device installation-- which will allow keyless entry.
2) Get connected. They’ll install your Connect® device which enables renters to access your vehicle. It also provides enhanced security for your ride so you can share your vehicle with confidence.
3) Share and Earn. This step involves inputting your car’s availability and publishing the description page. Afterwards, you are ready to start booking and making money. 4) Your Rate. While a rate is calculated for you using Getaround's automatic pricing, you can manually set your own rate. However, keeping your car’s price at the recommended rate may help you stay competitive against similar vehicles on the platform.
5) Maintenance. It's largely your responsibility to keep your vehicle well maintained and clean between customers. However, during trips, your customers are responsible for any mess they make. Getaround ensures this.
Advantages Over Competitors
While there are other competitors in this space, Getaround has some advantages worth noting. These advantages include:
1) Personalized Reports. Getaround does an excellent job providing car owners with personalized earnings reports. They also use predictive pricing algorithms to help you maximize monthly earnings. 2) Be Protected. All trips on Getaround® are covered by a $1M insurance policy and 24/7 customer support, so you can feel secure about renting out your car to strangers.
3) Digital keyless Entry. The previously mentioned Getaround Connect® device allows renters to unlock your car with an app.
4) Trustworthy. All renters pass a driver safety screening before they get to use your car.
The Renter's POV
When listing your asset on Getaround, it's important to think about it from the renter’s point of view. They are your customer. Besides listing pics of your vehicle, it might be a good idea to also provide other details like you would an Airbnb listing. Including details like trunk space or whether there's XM radio are beneficial. It also keeps your vehicle booked. Lastly, use social media to further market your car. Don't forget, this is your business.
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