We often hear of Uber and Lyft, two ridesharing companies similar to taxi services for local neighborhoods. But did you know another service helps drivers in the ridesharing business? Instead of providing rides around town, HyreCar connects vehicle owners with drivers who want to rent cars for their ridesharing gigs.
According to HyreCar, the car-sharing business is another money-making opportunity. So, how does this work?
What is HyreCar, and how does it work?
HyreCar is a car-sharing website. It connects Uber and Lyft drivers with owners who have vehicles they’re willing to rent out for a specified time. Drivers who need a vehicle can browse the site for cars that match what they’re looking to rent. Owners can rent them out and earn money while they do it.
Of course, Lyft offers some rental cars through Sixt, but it’s generally used by people who don’t want to deal with Uber or Lyft drivers.
Though some owners are leery about renting out their vehicles to strangers, HyreCar helps alleviate some of those concerns. First, the company requires background checks on drivers to ensure they’re not reckless or careless.
Next, the service offers rideshare insurance for owners’ vehicles, so HyreCar’s insurance will pay for it if something happens on the job. The website explains how to go about filing a claim if something happens.
So, how much do owners make renting their cars out?
The amount of money you could make by renting out your car depends on a few factors. For a high-quality vehicle, such as a Toyota Prius, you could get around $1,000 a month if you found someone to rent it for a while. If they happened to rent it for a full year, you could make $12,000 just for renting out your vehicle. And you put forth no effort, either, outside of going through the process of getting your car listed on the site.
However, you decide how much money you’ll collect from renting out your car. On average, most owners with good vehicles rent them out for $35 to $45 a day. So, for example, renting out your vehicle for six months would bring you about $6,300 to $8,100.
Plus, you could earn even more by renting out the space your vehicle once occupied. Some companies can connect you with drivers who need a parking space. Putting your vacant spot to use could earn you another $100 to $300 a month.
According to Autoblog, you can also earn money from the mileage the driver puts on your car. This can be added to your IRS forms when tax time rolls around. It seems that for every two miles the driver puts on your car, you get a $1 tax deduction. Because some drivers travel several hundred miles a week, you could end up earning a few thousand off your taxes.
HyreCar vs. Turo: Which is better?
HyreCar and Turo are popular car-sharing companies for drivers looking for vehicles to rent and owners looking to rent out their spare vehicles. But the two companies target different segments of the car-sharing market.
As previously mentioned, HyreCar connects vehicle owners with Uber or Lyft drivers who don’t have their own cars to use. Turo offers the same service, but it targets the traditional rental market instead. Business travelers typically use Turo when they need a vehicle for a few days to a week or two.
Overall, HyreCar is a legit service that connects car owners with drivers who need to rent vehicles for their Uber and Lyft gigs, Ride Share Guy reports. If you want to earn some extra cash without having to do extra work, consider renting out that vehicle sitting in your garage, collecting dust. Instead, let it make some extra money for you.