My favorite types of side hustles are the ones that require the smallest amount of work. Renting items is always a great income stream that can be categorized as semi-passive.
I was recently introduced to a company called Turo that lets car owners rent out their cars for extra cash. It’s a neat concept and if you have a vehicle that sits around much this could potentially be a good earning opportunity for you.
How Turo Works
The appeal of Turo is that those wanting to rent cars can browse the listings and find exactly what they need at the price they want. And those listing their car can make a profit.
There are some basics guidelines to list your car on Turo. The types of cars accepted are:
- 2006 or newer
- Less than 130,000 miles
- Clean title
- Legally registered in the United States (except New York)
Vehicles that are older than 2006 or have more than 130,000 miles but that are in excellent condition may also be listed with Turo.
You can list your car for free by filling in basic information about your vehicle, uploading photos and setting your rates. If someone decides to rent your car they can pick it up from your driveway or you can earn extra cash by meeting them at their preferred location. Turo makes their money by taking a percentage of the rental or “trip” fee.
If you’re worried about insurance and the safety of your car the fact that Turo provides up to a million dollars in coverage and prescreens renters should help ease your mind.
How Much Can You Earn with Turo?
The amount you can earn will vary depending on several factors. (Although the Turo website states you can earn up to $1,000/month.)
First off, the make and model of your car is going to help determine the rental rate you can pull in. Other factors include the demand for rental cars in your city (bigger cities and tourist areas will have a higher demand) and how many days per month you’re willing to rent.
Other things like the willingness to meet a renter at an airport and how fast you respond to customers can also make a big impact.
Right now Turo has a bonus of 25% (up to $100) of trips you approve within the first 60 days of listing your vehicle.
The percentage of the trip price you keep will depend upon the level of coverage you choose for your car. The amount you’ll profit will be in the range of 65-85% of the trip price.
How to Get Started
If you’re interested in renting out your car you can visit Turo to get more information and list your car for free. From there you can fill out your vehicle’s availability, price and other details.
If you try listing with Turo come back and let us know about your experience.