Last updated Mar. 11, 2023 by Peter Jakes
Instead of allowing your car to sit idle for long after work or when you travel, why not use it to make extra cash? Car sharing is a great way to earn extra money with your car. If you are the type that doesn’t use your car too often, you should consider this hustle.
There are peer-to-peer car-sharing companies where you can make money by renting your car to others.
Simon has been in the car-sharing business for years as a car-share host on Turu. Through the platform (Turu), he lists his vehicles and finds customers willing to rent them short-term. He explains his experience in the business so far thus:
Simon: I’ve been in the hustle for over three years, and it has been successful. I rent out my vehicle using the Turu platform and earn a commission after each session is completed.
My car is my asset, and a means to make extra money even after work. So, I started using the platform immediately after I heard about the opportunity it offers.
I became much interested in Turu and started learning more about the platform months before starting.
The first Turo hosting rental I did was in June of 2018. Back then, I rented out my car, a 2016 BMW X5. And to be frank, I was pretty anxious because it was my only reliable car.
Not up to six hours, I had my car back in one piece and, of course, my money. That was when I decided to go into the business and started earning more. In my first few weeks, I made a $3k profit.
Well, as the name implies, car sharing is all about sharing your car with strangers, except this time, you’ll earn. To begin, you’ll need to join a car-sharing platform, which will serve as a mediator between you (the sharer) and the borrower. For this purpose, I signed up for the Turu platform.
For those unfamiliar, Turo is one of the world’s largest peer-to-peer car-sharing platforms. Turo relies on those with vehicles ready to rent out to rent their cars to users. Turo offers technology, insurance, marketing, payments, and much more in exchange for a fee.
My primary role as a Turo host includes getting the car ready and turning it over between reservations. I also strive to provide an extremely clean vehicle each time.
And my reward for this is positive reviews, more reservations, and hopefully a price premium.
Well, I’ll say 8 to 10 hours a month. Although, listing the vehicle isn’t that involved. Like I’ve said before, most of my responsibility is ensuring the car is ready. This includes cleaning the cars vacuuming, interior cleaning, exterior washing, and so on.
I’ll also spend time moving the vehicles around to avoid city parking violations and sometimes deliver a car to a premium guest. Additionally, I spend time communicating with guests to ensure they enjoy an optimal experience.
And I usually optimize my profile page on the Turo site ( availability, pricing, profile details, extras offered, etc.).
How Does Turo Works? Can You Tell Us More About The Process of Renting Your Car?
The process isn’t long at all. Turo’s job is to verify and approve every third-party user (the renter) through their background checking service. As the host, I’ll receive an SMS informing me that my car has been booked. Then, we (I and the renter) message each other in the Turo app.
Within 24 hours of the reservation, I clean, fuel, and park my car street side. Very importantly, I’ll document and upload my car’s condition, fuel level miles, and some other vital info to the Turo app. After uploading about 40 photos of my car’s condition, I’m done, and the car is ready to go for the renter.
Once the reservation starts, the renter uses the Turo mobile app to find, unlock and start the vehicle. It is possible because of a hardware device installed by Turo in my car’s OBD port.
However, from the information I gathered, not every market supports this Turo Go (remote unlock/lock/start). The renter is advised to take pictures of any dirt or damage on my car, which he doesn’t want to be responsible for.
After the reservation, the renter replaces the fuel and parks in a similar area as the pick-up. And within 24 hours, I’ll check out the vehicle: check for damage, miles, fuel, and cleanliness. When everything it’s in place, I notify Turo.
I started making profits on my very first rental. You don’t need to spend much, especially if your car is already in good shape. All you need do is fuel and clean the car. Generally, I’ve made about $2,000 in profit over the last month.
Other than a minor windshield chip, they’ve been no damage issue at all. Turo handles this claim very efficiently. Though I expect there will be additional issues at some point. So most res, I forecast maintenance costs in my financial projections.
So what Tips Would You Give Someone Who Wants To Start Car Sharing?
Firstly, know that every market differs, and every journey is unique, so there’s no perfect car. I advise getting a niche and striving to become a five-star host.
To achieve this, you need to focus on every little detail and provide exceptional service. There’s no better feeling than having a repeat customer.
By this, you should also focus on the guest experience to generate stellar 5-star reviews. And everything else will follow. One of the ways to offer excellent customer service with car sharing is through good communication.
Most first-time guest always has plenty of questions, so don’t be frustrated. Instead, answer them patiently and in detail if necessary.
In addition, strive to provide super clean and well-maintained vehicles. Clients always want to know they can trust the person they’re renting from and don’t want day-to-day issues to trouble them.
As a car share host, planning and accounting for added maintenance costs is essential. If your car is frequently rented out, it’ll probably rack up miles faster and might be subject to more wear and tear.
For this, I save part of the money I make from rentals to be ready for these expenses. So, ensure that you’re doing the same. However, this means your profit will be relatively lower than what you’re being paid for the rental, but you won’t be caught off guard when repairs or maintenance is needed for the vehicle.
Some more questions about Car sharing hustle.
To join Getaround, sign up for the platform here. Then create an account using your email and password. Then Download the app on Google Play or App Store, and take Getaround for a test drive.
Getaround is an easy platform to join and charges no membership fees. Also, you’ll need to upload your driver’s license to get verified instantly.
After registering, you can browse cars, vans, and trucks shared in your vicinity and book instantly using the Getaround app.
Convenient hourly rentals mean you have to pay for the time you need. You only need to book your vehicle, and you’re all set. Then pick up the vehicle at its home location, unlock the car using the Getaround app, and drive.
Yes, they do. Car-sharing companies make money in two ways. First is through membership fees, and then, most significant is the cut they get from individual rentals.
Though much of the rental cost goes to the car’s owner, car-sharing companies take part in the profit. The cut generally covers the company’s efforts in managing and coordinating rides.
Yes, you can make a living off the Turo platform. Renting on the app can be profitable. The key is to use strategies that can help you get more bookings, which will translate to earning consistent income.
There are many, but a major one is to get one of the best cars on Turo and optimize for utility and popularity.
The amount you earn typically depends on the car you list, where you live, and how often it’s rented. However, most car hosts make approximately $500 to $1000 per month.
Overall, Turo is an excellent platform to use whether you’re a host or a driver. Drivers can save money using rental cars and enjoy more flexibility regarding rental terms. On the other hand, hosts can earn extra money monthly by listing their cars on the platform.
Turo will issue you payment for damage and repair costs above your protection plan’s deductible. They use the word “deductible” for the amount you’re responsible for before you have the right to reimbursement for any physical damage to your vehicle that happens during a trip.