Did you know you can make money renting out your car?
With Turo, you can become a “host” and list you car for rent when it’s not being used and earn an average of $620 per month!
When you think of rental cars, you probably imagine a car rental company that has a parking lot full of new cars that are worth millions of dollars in total. Well, that was the case until technology advancement allowed for companies such as Turo to rise and offer a marketplace for car owners and individuals seeking to rent a car. Now, normal car owners who have a car that is relatively new and in good shape can earn extra income by listing their car for rent for a specific period of time in exchange for money.
How does it work?
Listing you car for rent is free! All you have to do is sign up on Turo, list your car details, renting price and rules, and wait for an interested renter to book it!
You can find your drive by selecting the city, dates, vehicle make, price, and any other filter you like that is available!
Where is it available?
Turo has been operating for a long time and it is available in the United States of America, parts of Canada (Alberta, British Columbia, Nova Scotia, Ontario, and Quebec), and the United Kingdom.
How much can you make?
On average, hosts make $620 per month, but that of course depends on the vehicle, host reviews, availability of vehicle for rent, and other factors.
What are the Cons and Pros
- Not all insurance providers accept to allow you to use your vehicle for that purpose.
- Not all cars fit the requirements to be listed on Turo
- Your car could be involved in an accident
- Car wear and tear
- An ability to generate side income from you car to cover costs such as insurance, car payments, etc.
- Turo offers a $2 million liability insurance. You can read more about it on their website.
- 24/7 Support available for both hosts and renters
- The ability to leave a review for your host or guest
Renting out your car can be a good strategy . Many hosts claim that the extra side income generated from renting out their car helped them pay their car insurance, car loan, etc. Ultimately it is up to you to decide whether renting out your car is worth the risk associated with it.
Please note: This content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice.