Everyone can benefit from making quick, easy money. Some people achieve this by selling products like makeup or jewelry. Other people may take on simple jobs like babysitting or doing delivery. One thing people overlook that can make a chunk of fast cash is renting out their car. Check out how renting your car out works in five easy steps!
Decide how you are going to rent out
There are two ways you can rent your car out; let the renters drive the car themselves or you drive like a paid chauffer. If you prefer to be in the car while it is in use, renting your car through a company providing on-demand driving services like Uber may be better for you. You might not make big bucks overnight considering it is highly based on when people need a ride. Alternatively, you can choose to rent your car out to people personally. Doing this yourself gives you the option to let renters take the car for however long of a term you agree upon without your presence in the car, which could potentially make you more money.
Formulate A Rental Rate if Necessary
If you decide to rent your car by using companies like Uber, your rates will be decided for you based on the company’s formula. When you decide to choose the personal route, you will write the price tag. Research the prices car companies are charging for rental rates, gas mileage, the year of the vehicle and so on to charge a fair price. You can use this to your advantage by telling potential clients that choosing to rent your car will let them bypass bogus fees rental companies charge.
Have Your Car Inspected
You cannot rent your car out if it is not meeting certified regulations and safety standards. If a renter gets in an accident while driving your car and something can be linked to vehicle issues, you are liable. Protect yourself and renters by ensuring your vehicle is updated and safe to be on the road.
When you are ready to begin business, advertise that your car is ready-to-rent. You can do this in a number of ways:
- Promote on social media
- Create a newspaper advertisement
- Make business cards to hand out
- Print flyers
- Word of mouth
Don’t Forget Coverage
Once you have a renter, make sure insurance is covered. If an accident or unforeseen event occurs, you and the driver need to be protected. Contact your current insurer or browse around to find what is appropriate for you. There are insurance plans that will cover your car, you, and the passengers.
Renting your car out is a big decision. Think about what you are and are not comfortable with. If you are ready to rent out your car, start with the aforementioned five steps!