Discovering the Secret to Financial Success as a Car-Sharing Host: Unveiling Firsthand Experiences and Effective Strategies

SIDE HUSTLES
How To Earn Extra Income From Car Sharing
By Marc Andre
Updated January 10, 2023

More of us are looking for ways to supplement our income, and car sharing might be a great option to consider. Here’s why:

1. You don’t need special skills or experience to rent out your car.
2. It doesn’t take up a lot of your time.

Car sharing sites like Turo and Getaround are gaining popularity. If you own a car that you’re okay with renting out, you could potentially turn a tidy profit with minimum time and effort.

But don’t just take my word for it. I recently spoke with a savvy car share host – Justin from Just Car Share. Even though he’s only been with Turo for a few months, he’s already raking in considerable earnings. He made $2,000 last month from merely 9 or 10 hours of work!

Yes, Justin may have advantages living in a significant city and owning high-end cars. But his success story shows what’s possible with this side hustle. He shared his journey, and his insights are nothing short of inspiring.

Another option you might want to explore is Fetch. If you have a truck, Fetch guarantees you’ll make at least $1,500 in the first 90 days for each new vehicle you list on their platform.

Understanding Car Sharing:

Car sharing is similar to Airbnb, but for cars. You list your vehicle for rent on apps like Turo and Getaround. The renters book your car directly via the app. While it can earn you extra money, keep in mind the increase in maintenance costs from added mileage and possible rise in insurance costs.

On average, a host renting a single car on Turo can make around $10,516 per year. But don’t forget to deduct maintenance and other costs to determine profit.

Is car sharing suitable for everyone? Not necessarily. It’s a fantastic option if you don’t mind strangers using your car and live in a place with high demand for rentals (like a city). And you’ll have to have a plan for maintenance and wear-and-tear costs. But if these aren’t deal-breakers for you, it could be a worthwhile venture.

Turo takes between 15-40% of the rental cost. However, remember these funds go towards marketing and insurance that support your business. They do offer levels of insurance, but it isn’t automatically provided.

Could the future of side hustling look like this? Maybe. Justin plans to expand his fleet. Car sharing, for him, is not just about the money but also about helping others make informed financial decisions.

Finally, a big thank you to Justin for sharing his insights and experience. If car sharing sounds like the side hustle for you, head over to Justin’s blog – Just Car Share for more information, and consider signing up on Turo (or on Getaround, which is quite similar).

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