- December 18, 2019
How to Make Pounds by Renting Your Car
There will hardly anyone who would not like earning extra cash. You more often than not are in quest of finding ways to earn extra money to tide over. From part-time jobs top renting out a room, you try every possible thing to allow for cash inflows.
Some people work as a driver, but it is an expensive deal because it may cost your full-time job and weekend schedule. Many of you have cars parked idle, disbursing money on maintenance. Is it not nice to earn some money by your car?
You can rent out your car and earn a good amount of money every day. However, if you do not have a car, you can borrow money to buy it and then rent it out to earn extra money. This will make the loan payment easier too. Here is how you can earn money by renting your car.
List Your Car on Turo
Once you create your profile, the rest job Turo will do. It will set the price based on the model and location. However, it also allows you to set your own price. You will receive a notification if someone prefers to hire your car. You will have to quickly confirm or decline the request. Turo recommends checking the driver’s license, fuel level, and mileage before handing the keys.
Payout is between 65% and 80% of the trip price depending on the package you choose. You can also rent classic cars through Turo, but the market value should be over £80,000. The best thing about this app is it insures a car in case of damage or theft.
If you have commercial rental insurance, you can escape the protection scheme offered by Turo and can earn up to 90% of the price.
Rent Your Car to a Rideshare Driver
There are various ridesharing companies like Uber and Lyft offering rise services to people across the UK whether they have to run an errand or they want to explore the city. If you have a friend who wants to work as a rideshare driver, you can let them borrow your car.
This is a perfect way to charge daily rent. However, you need to get their names added to the insurance policy. This will increase your premium, but you can always remove them down the road anytime.
Rent Your Car To a Local Courier
Many people work as a local courier to earn some extra cash along with their full-time jobs. However, not all of them have their own cars. If you have a car, you can rent it. Make sure that your car is in good condition, and you have all relevant documents such as vehicle insurance documents.
Before you rent your car to a local courier, do not forget to verify the background as you may be taken for a ride. Verify that the person has a driving licence and does not have a criminal background.
Things To Consider Before Renting Out Your Car
You can earn money by listing your car on Turo, renting to a ridesharing driver and a local courier, but bear the following points in mind before you set off.
- Cities concentrated with large companies are better areas for renting your car.
- Negotiate carefully before you sign a contract. If the deal does not seem profitable, you can cast it aside.
- Make sure that your car is in good condition. well-maintained cars are highly likely to be hired,
- Be careful about letting another person drive your car. Make sure that the person is reliable and not a reckless driver.
- Look for the additional cost you may bear if you list your car on Turo and rent it out to rideshare driver.
What are the Alternatives?
Renting out is not the only way to earn money with your car.
- You can rent your parking garage or parking lot if you are living in a highly crowded area, for instance, the airport and sports stadium.
- Wrap adverts around your car. Display ads are one of the greatest ways to earn money. Advertisement agencies use vehicles for brand building.
If you are looking forward to earning money through your car, rent it out immediately. It is not a time-consuming job. You can get it off the ground as soon as you enter into an agreement.