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.
This is one of the best potential mailbox money ideas. It lets you take something you have and don't use all the time (because, we really don't), and it lets you earn on your own terms.
Check out our Turo review here and try it out for yourself.
- Turo is a car sharing service where you can get paid to rent your car
- Great side hustle potential, especially if you have a limited use car
- Allows you to rent more exotic cars
How Turo Works
Turo, formerly RelayRides, is a car sharing company that allows people needing to rent a vehicle to do so through their peers who have listed their vehicles for rent on the Turo website.
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.
They also have fun programs, like the Porsche host program that allows unique car owners the ability to earn more, and allows renters to ride in a great car.
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.
The one major alternative to Turo right now is called Maven. Maven is a car sharing service that specifically focused on GM vehicles. It is also currently only available in about a dozen cities.
This limiting factor makes it less appealing than Turo, unless you have GM car. In that case, Maven may make more sense, because they are offering incredible bonus offers to get people using their platform.
For all other makes and models, Turo is probably the best choice to rent your car.
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.
Hopefully this Turo review showed you how it's possible to make money renting your car. For more inspiration, check out this review where the owners have three cars and fully pay for their rides on Turo -> Side Hustle Nation.
If you try listing with Turo come back and let us know about your experience.
- Flexibility - 80
- Ease Of Use - 90
- Company Support - 90
- Income Potential - 80
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.