Since exotic car rental applications like Turo have risen in popularity, there are a lot of private car owners looking to rent out their own exotic cars. Whether you have a more common sports car like a Porsche Boxster, or something a bit more exciting like a Nissan GTR, renting out your exotic car can be a fun way to connect with other car enthusiasts, and even make a decent amount of income. But, as with any other car, handing your keys over to a stranger can be daunting, and exotic car renting isn’t for the faint of heart.
Rental car insurance
While your standard car insurance will usually cover your vehicle in case of an accident regardless of who is driving, that doesn’t necessarily mean that your insurance will cover your vehicle if something goes wrong while in possession of a renter. Professional exotic car rental companies pay a premium for business-grade automotive insurance in case of any accidents or damage, which gives them a layer of protection that most private exotic car renters lack, and can be pretty intimidating.
Cost of ownership
The cost of owning an exotic car can be pretty high. That doesn’t just mean the monthly payments or the overall price of the vehicle either. The cost of ownership includes repairs, maintenance, and detailing that is required before and after each client, and with cars that have higher maintenance costs, or devalue heavily with added mileage, these costs don’t always balance out with the profit of renting out your exotic car in the long run.
What exotic cars are good for rentals?
You don’t have to have a high-end exotic car to rent out, even something as simple as an older Porsche or Mercedes-Benz is enough to gain interest in the right areas. Having a car that doesn’t have a high cost of ownership, or has a branded title, such as being totaled by an accident or flood, are perfect candidates for rentals cars. Exotic cars with branded titles are typically worth less than their clean-titled counterparts, so the stress of depreciation is lowered significantly.
RELATED: How to Finance an Exotic Car
Renting out your own exotic car or having a few small rental investments can be a seemingly exciting and lucrative way to make money, or even pay off an exotic car that you otherwise couldn’t afford. But with that, there are a lot of hazards and potential costs that can pile up, so renting out your own exotic car privately isn’t for the faint of heart.