Most people by now have heard of the ride-sharing giants Uber and Lyft, which have disrupted the taxi industry as we know it, allowing people to make money with their cars.
Far fewer, however, have heard of Turo or Getaround.
If earning extra income with your car, without having to chauffeur strangers, interests you, perhaps it’s time to familiarize yourself with these names.
Both Turo and Getaround were launched with the mission of putting the world’s one billion cars to better use. Yes, you read that right — there are at least one billion cars on the planet, many of which remain idle. Therein lies the opportunity.
Turo and Getaround allow people to make some serious cash by renting out their cars.
How much cash, exactly? Turo spokesman Steve Webb says the average active car owner on the site made $653 in Dec. 2016. Getaround, meanwhile, reports that the average monthly earnings for its users is around $550.
“It’s amazing to think of any asset, especially one costing tens of thousands of dollars, being so idle,” says Webb. “We have been able to flip the car ownership equation on its head, providing people a means to better use this asset.”
Want in on the action? Here’s what you need to know.
Turo has a presence in 4,500 cities in the U.S., U.K. and Canada.
Here’s how it works. You list your car for rent on Turo for free. You can set your daily minimum rental price and choose a mileage limit for drivers. Turo can also set your car’s rental price, based on market value, location, time of year, and other data designed to boost your listing’s competitiveness.
In addition, Turo covers your vehicle with $1 million in liability insurance while it’s being rented. To give you further peace of mind, Turo screens all its renters. The renter can either pick the car up at your home, or you can deliver it to an agreed-upon location.
People renting their cars through Turo earn enough to cover their monthly car payment, says Webb.
Getaround has a somewhat smaller footprint than Turo. It operates in six cities, including San Francisco, Chicago and Washington, D.C.
In each city, Getaround has a core operating area, where your car must be parked. If you live outside Getaround’s operating zone, the vehicle can still be shared if it remains parked in the active area. To facilitate this, Getaround often helps owners find discounted parking in high-traffic locations.
Getaround renters are able to unlock your car using an app, however, you have full control over their car’s daily and hourly rental rate. Getaround can also set a recommended rate when you first launch your rental, based on the car’s make and model, features and location. Also, your car is covered with $1 million in insurance when being rented through Getaround. Renters are screened by the company.
The big difference between Getaround and Turo is that Getaround allows renters to use your car for just a few hours. With Turo, the minimum rental time is one day. When renting your car through Getaround, the vehicle must always be parked in the company’s core operating area, instead of, say, in your driveway, where you could keep an eye on it.
If these differences don’t matter to you, the earning potential may be nothing to sneeze at.