If you don’t drive much—maybe you convinced your boss to let you work from home more!—there’s potential to make extra money by renting your car to other people. It may sound like a risky proposition, but there are a few platforms that exist to facilitate this peer-to-peer exchange.
Turo allows you to set your own pricing and vehicle availability, and you keep between 65 percent and 85 percent of the rental fee, depending on how much damage insurance you choose (Turo covers the liability insurance). The company says the average user earns about $700 per month by listing their car. You get paid a few days after each rental.
Getaround suggests how to price your car, and in some cities, it offers predictive pricing that fluctuates depending on demand. The company takes 40 percent of every rental fee, which covers liability and damage insurance. You pay $99 up front to have a device installed that allows your car to be unlocked with the company’s app, plus $20 per month to use that device. Getaround says the average user makes about $500 per month, and you get paid monthly.