Have you ever considered the possibility of making money with car rental? The car rental business is a prospering industry. Car rental businesses flourish in less populated areas as well as big cities because businesses and individuals need vehicles for various purposes.
This is a great source of income as it is among the safest and reliable types of businesses out there. You can make money through this by purchasing or leasing cars and start renting them to people who need them.
There is a lot you can do when it comes to car rental, but to make things simple for you, I have listed a few main areas that you should focus on to make money.
1. Rent a Car to a Company as a Company Vehicle
If you own a car and it doesn’t suit your present needs, why not rent it out to a company and earn some extra income? For example, if you own a pickup truck, you can consider renting it out to moving companies. Here is where the money-making potential of car rental comes into play.
A lot of companies today need additional vehicles to get their employees to work. You can look for such companies and contact them to rent your car out. You can start this business with a very small amount of money.
In fact, most of the return on your investment is made from getting companies to hire out their vehicles as company vehicles. This means that most of the profit comes from no cost to you. This is something that is low risk and has a simple business model.
SEE: Are moving companies worth it?
2. Rent Vehicles To Uber Or Lyft Drivers
With the new ridesharing phenomenon of Uber and Lyft, many people need a car for some timeshare cars as a side hustle. Renting out your vehicle to Uber and Lyft timeshare drivers has become a popular side hustle as more individuals become drivers.
Rent your vehicle to Uber or Lyft drivers, or any local driver who needs a car. These rideshare companies contribute to a large percentage of total inventory rental car agencies have on the road.
If you have a car you would like to rent, why not try renting it through these services? Rent it by the week/month—whatever you agree with the renter. Put the money you earn in savings or spend it for household expenses.
This is a real opportunity to make money with car rental. In any city in the US, you can rent vehicles to make money with car rental. All it takes is a few vehicles and some search-engine marketing skills to rent them out.
3. Rent Out Your Car for Special Occasions
Do you sometimes need money quickly, but you are not able to rent your car out on a long-term basis? No problem. You can rent your car out for special occasions only. This is especially useful for holidays or any other time of the year when you are not using your car.
By renting it out you might be able to make enough extra money to cover certain costs which will benefit you in ways that renting it out on a more long-term basis would not. This is a business that has been around as long as there have been cars.
Renting your car for special occasions can be a lucrative business. Some events that people usually look for car rentals are weddings, prom, parties, graduation day, etc. However, marketing your car rental business through different marketing channels is required.
SEE: How to market a product or service online
4. Join a Franchise Program of Cars for Rent and Leases
It is possible to make money by renting out your car. But, if you want to make money by renting out cars securely and earnestly, rather than getting into individual car rentals, it is better to join a franchise program.
For the most part, the franchise owners are big companies that outsource these tasks to independent contractors. The tasks include renting or leasing used cars, so-called ‘off lease’ cars, registration papers handling, cleaning, and maintenance of the fleet.
Franchise programs of cars-for-rent and leases are highly profitable and stable. Most companies stick with their existing franchise for an average of 10 years. When a business partner needs assistance, assistance is provided and this adds to business growth. Your share in the profit is up to 50%.
5. Invest In a Limo Business
Investing in a limo business is the best bet to making money with car rental. A limousine is a luxury vehicle used for transporting passengers exclusively. In addition, many limousine owners make money by owning luxury cars and leasing them to event planners for activities such as weddings and birthday parties.
A limo company can be set up to include a full limo fleet with maintenance, insurance, etc. There are various ways in which one can earn with this investment.
On average, professional limo rentals cost $100 per hour, with the minimum charge of four hours, though sometimes longer rides to other cities can be arranged. Rental prices are typically fixed ahead of time to make it easier for all parties involved.
SEE: How to make money driving car, van, or truck
6. Make Money With Car Rental On TravelCar
You may have to pay up to $17 per day to park your car at airports. What if you were able to leave your car at the airport and make money from it while traveling? Using TravelCar, you can connect with renters while you’re away.
Additionally, you’re eligible for free parking and complimentary car washing. On top of that, you can earn up to $100 per mile. You will also be covered by insurance. When you list your car, you get seven days of free parking even if it does not get rented out.
About 500,000 parking spaces and one million frequent users are available at TravelCar in 62 countries.
TravelCar website: www.travelcar.com/en-IE/
7. Make Money With Car Rental On Avail
With Avail, you can rent a car while traveling, similar to TravelCar. Avail gives you $50 if you refer a friend. Likewise, your friend will get $50 for their trip.
Avail provides car rental services at airports all over the country. Their services are available to travelers who would otherwise leave their cars at the airport while they travel. Your car is listed on the app once you drop it off at the airport.
People who rent your car pick it up from the airport and return it there when they are done. Renters even provide fuel before they drop off your car. If you travel for four days, you will make about $140, and receive a first-time user bonus of $100.
Avail website: www.availcarsharing.com/
8. Make Money With Car Rental On Turo
You can make money renting out your vehicle with Turo, one of the world’s largest car-sharing companies. Turo Calculator can help you estimate how much you can potentially earn before listing your car.
Listed vehicles on Turo have the option of setting their daily price or using Turo’s automatic pricing. With Liberty Mutual, your liability insurance coverage is up to $750,000. Once your client has finished their trip with your car, your compensation will be available on your PayPal account within 24 hours.
Turo website: www.turo.com/
9. Make Money With Car Rental On Getaround
Getaround promotes itself as a car-sharing marketplace and encourages you to use your car or to buy your fleet of cars to start your own car-sharing company. Getaround assigns you a Fleet Business Manager if you have two or more cars on the service.
Connect with drivers, charge rental fees, and arrange drop-offs and pick-ups with Getaround’s technology. Unlike other car rental companies, Getaround does not require you to meet the person renting your car.
The Getaround app for iPhone and Android lets users unlock their vehicles with a digital key. The app eliminates the need for physical key exchanges.
Getaround website: www.getaround.com/
10. Make Money With Car Rental On HyreCar
Become a driver for ride-sharing apps such as Uber and Lyft, as well as delivery apps (such as DoorDash) by renting a car from HyreCar. HyreCar also carefully vets its drivers before they join. As a result, you can receive long-term rental requests with minimal effort.
You can use your car to deliver food and packages or to drive passengers around town. Uber and Lyft must check and approve your vehicle before your rental listing can be live. With HyreCar, you won’t be able to locate and unlock a vehicle using the app, so you’ll have to meet the renters in person to exchange keys.
The insurance policy covers $300,000 in liability and damage protection
HyreCar website: www.hyrecar.com/
How Much Money Can You Make With Car Rental
Car rental rates differ depending on the type of vehicle and the location. For the most part, daily automobile rentals at the low end, such as a KIA Picanto, cost between $35 and $50 dollars. An expensive Mercedes-Benz or Lexus rental car will be about $100 to $200 per day or more.
FAQs
What is peer-to-peer car rental?
Peer-to-peer car rental, sometimes called peer-to-peer carsharing, is an online marketplace that connects people who own vehicles to people who need cars. It’s typically cheaper than owning a car yourself.
How important is insurance in a car rental business?
It is an absolute necessity to have valid insurance coverage. Car rental companies should not operate without proper insurance and there should be at least two levels of insurance. One to cover the liability of renting a car and the other to ensure the car against loss by fire, theft, collision, and other unforeseen circumstances.
How do car rental businesses make money?
Car rental businesses can make money from various sources. Generally, they make big profits from rental fees, though they can sometimes earn some from repairs or repairing cars if any damage is done to the vehicle. They also might make a little bit of money by selling used vehicles.
Should I buy a car to rent?
Certainly, with the right strategy. When you buy a car to rent it out, you can earn passive income for years. An investment in an automobile can be the best decision you ever make if you use it smartly.
Indeed, buying a car to rent out is not for everyone, though. You’ll need to decide whether the type of vehicle you buy, its level of quality, and maintenance requirements are in sync with your budget and capabilities.
Is the car rental business profitable?
Car rental can be a side hustle worth exploring if you live in a major city and have your cars and a clean driving record. Besides, you generate a passive income. Through services like Turo, you can rent out your car to people in need of rides, allowing them to turn their cars into more lucrative money-making machines.
Final Thoughts
Do you find yourself driving to work in your luxury car every day, even though you only use it for one hour? With the surge in usage-based car rental outfits like Getaround and Turo, car owners can now rent out their idle cars when not in use. Besides, this article has highlighted their different ideas on how to make money with car rentals.
The best overall car rental platform is Turo. If you are a traveler, It is advisable to join TravelCar. This way you can generate passive income even when you’re away. If you love referral bonuses (and can convince people), then Avail is for you.
Another option to make money with car rentals is by making your vehicle a mobile billboard. See the article on companies that will pay you to advertise on your car for more information. Additionally, you can also learn how to flip cars to make more money.
Tosinajy also offers a section devoted to business ideas in case you would like to run a business and rent a car at the same time. You are welcome to follow the blog for interesting content.
Thank you for reading.
