A legitimate way to earn extra needed income every month is to rent your car to people in need of transportation. How do I safely rent my car for added cash? This is an important question to ask. Renting your car to strangers without legal and financial protection is a huge risk. Car sharing companies such as Turo, Getaround, HyreCar and more are available to safely help you earn the extra money you need today.

How does a car sharing company work? What is the difference between ride sharing and car sharing? Rideshare companies allow you to share rides with another driver and/or other passengers in the vehicle at the same time. Uber and Lyft are the two most popular and successful examples of rideshare companies today.

Companies To Rent Out Your Car

Car sharing companies, however, help you rent out your vehicle for other drivers to use while you are not present. The main risk to car sharing is your lack of presence while another driver operates your vehicle. The two primary benefits when you rent out your car are the time you save and the extra income you make in the process.

HyreCar, Getaround and Turo are three of the main car sharing companies available today. Application and registration processes are handled online. Required documents include your vehicle registration, inspection documents and clear photos of your vehicle from all required angles. It is also possible a vehicle inspect will be required, so prepare for that potential expense as well.

Some companies offer convenient video-based inspections as well, albeit still with an out-of-pocket charge to you. 

Once your vehicle is qualified by an applicable company it is posted in its database and made available to rent. The car sharing company sends notifications each time a renter chooses your vehicle. Responding quickly to notices when you rent out your car helps maximize your earning potential. You have the power to approve or reject rental offers and meet each driver personally to verify his or her license/insurance are both valid.

How do I rent my car for the most possible money? Place your car for rent during hours while you are at work in order to earn more money while you are already earning money. Rent out your car at night to earn money while you are sleeping. What is another benefit of signing up with a car sharing service today? 

Mileage used during registered/verifiable car rental hours (through companies such as Avail) is tax deductible within limited amounts. Even with limitations imposed the write-offs are potentially significant. For example, up to 1,000 rental miles on your vehicle per week possibly gets you up to $20,000+ in tax deductions when qualified.

Car rental income amounts vary based on how often and how long your vehicle is available for rental use. Rental availability limited specifically to weekends might earn you between $200-300 per month. Full-week rental availability might earn you quadruple that amount, however.