Side Hustle: How to Make Money By Renting Your Car

Side Hustle Economy

Today’s economy has morphed into a sharing economy full of gigs and side hustles. From Uber/Lyft to Air BnB, millions of Americans are finding ways to either make money on the side or make a living with their side hustle.

Side Hustle: Turo Rental Car

New Way to Rent Cars

Turo has emerged as the leader in the latest peer-to-peer side hustle: car rentals. Personally, I pride myself on living in an area that allows me to park my car on Friday night and not see it again until Monday morning. I walk to world class dining and entertainment which leaves my car sitting idle two full days a week and costing me money.

Insert Turo: an online based company where you upload a few photos of your car, post days it’s available and rent it out to others who need a to rent a car.

Newer, more expensive cars will (obviously) command higher rates than older, less valuable ones. If you’re interested in how much you could earn with your car, Turo even has a calculator on their site.

Side Hustle: Turo Car Rental

Free Car?

Assuming you only used your car a few days a week, you could use this to get a free car.

With an $18,000 market value car, your monthly payment would be roughly $290 a month. Add in $75 for insurance, and you’d be breaking even at $4,380 a year (290 + 75 = 365, 365 x 12 = $4,380).

Rent your car out 11 days a month (for $4,650 a year), and poof! Free car! For a bonus, use Uber/Lyft the other 20 days a month and now you’re cruisin’. Try it out and if it works, maybe buy two cars and open your own car rental business.

Combine with another side hustle and you’re killing it like millions of other Americans. Now that’s being a smart money maker!

Are you still hungry for more? Click here for 10 businesses you can start today.

 

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