5 Best Ways To Rent Your Car Out for Extra Cash (Plus More!)

Turning your ride into a cash cow by renting your car out is the savvy move you didn’t know you needed.

Think about it! Your vehicle, cruising around, racking up fast cash, while you’re doing, well, absolutely anything else. Sounds pretty sweet, right?

Whether you’re looking to pay off loans faster, save up for a vacation, or just want to earn more money to splurge, renting your car could be the solution you’ve been looking for.

So, let’s get into how you can start padding your wallet by renting your vehicle!

Quick Picks

Turo
Uber’s Carshare
Lyft’s Express Drive

5 Ways To Rent Your Car Out for Extra Cash

Thanks to the magic of car sharing, making money with your car is easier than ever.

By renting your car out through these awesome car-sharing companies, you can make extra cash in the gig economy.

With these companies, car owners rent their vehicles every day of the week, and now so can you.

1. Turo

Turo is one of the popular car sharing companies.

With the rental service from Turo, your car can bring in some passive income that can help with your car payments or stash away cash for a rainy day.

And don’t sweat the what-ifs. Turo’s support team has got your back with solid insurance and roadside assistance, making sure everything is taken care of.

They offer a hefty $750,000 in third-party liability protection plans. That’s a big deal- it means you’re covered big-time if anything goes sideways when you rent your car to someone.

2. Uber

Driving for Uber means you’re the boss of your vehicle and own schedule, using your vehicle to make rides around town.

But Uber has another way to rent out your car! Uber’s Carshare service turns your idle vehicle into a moneymaker, letting others rent it.

It’s rolling out in cities like Boston, part of the sharing economy. You set your car’s rates and schedule, with Uber providing insurance, a lockbox, and GPS for smooth, contactless rentals.

It’s a savvy way to earn money, especially if you’re taking out a car loan or just want extra cash, but it’s currently only available in limited areas.

3. Lyft

Lyft, the ride-sharing giant, has a neat twist for car owners like you! Their platform isn’t just for catching rides; it’s also for making your car work for you.

With Lyft’s Express Drive program, you can rent your car to Lyft drivers who might not have a car of their own or who are looking for a short-term vehicle solution.

This means your car could be out there, earning its keep, while you’re doing whatever you love.

It’s a great way to earn passive income, especially if you have a spare car that’s just gathering dust in your garage.

4. HyreCar

Have you got a car just sitting around? Why not let it earn you some cash with HyreCar?

If you rent out your car on HyreCar, you can potentially earn over $720 a month. However, the amount you actually earn will depend on your location, specific vehicle, and market conditions.

Pick a protection plan to keep things smooth with an extra safety net on top of your insurance coverage. Once you list your vehicle, you’ll get rental requests from checked-out drivers.

5. Getaround

Getaround is a peer-to-peer car-sharing platform that lets you rent out your vehicle by the hour.

Imagine your car helping you pay its own bills while you’re not using it! This service is pretty widespread and available in over 100 cities across the U.S., making it convenient for many people.

However, the Getaround Connect service (keyless entry) requires a one-time setup fee of $99 plus a listing fee of $20 per month to have your car on the site.

Getaround also has a list of types of cars it doesn’t support, focusing on accessibility, cost, and practicality for the average user.

Other Apps To Make Money With Your Car

Renting out your car is not the only way to make money with your vehicle.

If you enjoy driving and would like to earn extra income while you’re on the move, food and grocery delivery services offer another great opportunity.

DoorDash

DoorDash is a cool app that lets you get food from local restaurants delivered right to your doorstep. You could be one of the Dashers making those deliveries happen.

On average, Dashers make about $19 per hour, which is pretty neat if you’re looking to make some extra cash.

Postmates

If you’re looking for a way to earn some cash on the side, driving for Postmates could be right up your alley. It’s not just about food; you can deliver all sorts of things with this app.

Now, for the part you’re probably curious about: the pay. Postmates drivers can pull in more than $25 per hour on average. Yep, you heard that right.

Uber Eats

Uber Eats is like the foodie version of Uber, where you can make money zipping around town and delivering delicious meals to hungry folks.

Uber Eats drivers typically earn cash for each order they pick up and drop off, plus some extra dough based on how far they travel.

On average, drivers bring in around $17.31 to $19 per hour before taxes and expenses.

Grubhub

Grubhub is the go-to for satisfying those cravings without leaving the couch. You can make money getting those meals from point A to B!

On average, Grubhub drivers pull in around $20 per hour. Not too shabby, huh? If you’re thinking about going full-time, that could add up to roughly $41,600 a year.

Instacart

Instacart is the grocery hero of busy folks everywhere, and you can get paid to shop for them and deliver groceries.

You must be at least 18 years old, hold a valid driver’s license, and be able to lift at least 50 pounds. If you meet those basics, you could put yourself to work.

Now, let’s talk green. Instacart pays drivers based on the batches they complete, so the more grocery trips you make, the more money you earn.

FAQs

Can I make money renting my car?

Absolutely! Renting out your car can be a fantastic way to boost your income. You can potentially earn $200 to $2,000 a month.

How much you can make when renting your car depends on several factors, such as what kind of car you have, how old it is, how often people rent it, and where you’re located.

What happens if my car gets damaged while rented?

If your car sustains damage while it’s out on a rental, the process for handling it typically depends on the insurance you have and the platform you drive with.

Most rental platforms offer insurance coverage to protect both the renters and you and the renter in case of accidents or damage during the rental period.

This coverage can include protection from physical damage, roadside assistance, any liability issues, and other potential expenses.

In the event of damage, you’ll need to report the accident or incident to the rental platform and follow their specific procedures in the insurance policy for filing a claim for your rental car.

This may involve providing documentation, such as photos of the damage, repair estimates, and other relevant information to the rental service.

What cars are best for renting out?

Typically, potential renters of car-sharing services demand well-maintained, clean, and reliable cars.

However, certain makes and models tend to be more popular among renters due to their reputation for performance, comfort, and style with the rental company.

Some of the best cars for renting out on a car-sharing service include:

Ford Mustang
Jeep Wrangler
Toyota Prius
Mercedes-Benz C-Class

How else can I make money with my car?

There are other ways you can turn your vehicle into a money-making machine.

One popular option is to sign up as a delivery driver for food and grocery delivery services like DoorDash, Postmates, Uber Eats, Grubhub, and Instacart.

These platforms allow you to use your car to deliver meals and groceries to customers, earning money for each delivery you make.

Do I need extra insurance while renting out my car?

Before you start renting out your vehicle, it’s a good idea to double-check with your car insurance provider to see what liability issues are covered and what are not.

You might also want to consider additional coverage for your vehicle, like a personal insurance policy tailored specifically for rentals, just to be on the safe side.

Luckily, most rental car-sharing platforms have their insurance plans in place to provide coverage for car sharing.

Final Thoughts

There are all sorts of ways you can use your wheels to pad your wallet with same day pay.

From car rentals like Uber, there’s no shortage of options when it comes to making money renting out your vehicle.

That’s not all! We’ve also explored other cool ways to earn money with your car, like delivering food and groceries with DoorDash.

With so many options out there, the road to financial freedom might be closer than you think!