If you’re reading this, there are chances you’ve considered the possibility of renting out your car to earn extra cash.
Renting out your car is a great way to generate passive income and contribute to reducing the number of cars on the roads. Besides, it can help you save on monthly expenses such as insurance, services, parking and gasoline.
If you have an extra car or do not drive much and you’re looking for ways to make money by renting out your car, you’ve come to the right place.
In this article, we will walk you through the easy ways to make money renting out your car.
How to Make Money by Car Sharing
Make Money with Car Rental on Peer-To-Peer Car Sharing Services
Peer-to-peer car sharing services in Toronto allow private car owners to rent out their cars through their sites. All you need to do is list your vehicle online and people who wish to rent a car share will book a request.
Peer-to-peer car sharing services provide a reliable platform for car owners to list their vehicles and make extra cash. Along with performing in-depth background checks on car owners and the people looking to rent cars, P2P car sharing services conduct marketing on behalf of private car owners.
Rent Out Your Car for Special Occasions Such as Weddings and Parties
If you don’t like the idea of renting out your car on a long-term basis, you can rent it out for special occasions only. There are many people out there in Toronto who are looking for car rentals for occasions like weddings, prom events, parties, graduations and more.
You can make a decent amount of money by renting out your car during peak seasons like summertime and during holidays when the demand for car rentals is far above what it is for the rest of the year.
Rent Out Your Car to A Company as A Company Vehicle
There are many companies in Toronto and the nearby areas looking to rent different types of cars for their daily activities. For instance, moving companies may be looking for pickup trucks to add to their moving fleet and delivery companies may rent minivans to help them deliver products.
You can rent out your car to companies that may need additional vehicles. A simple Google search will help you find companies that rent cars in Toronto.
Start A Limo Business
Investing in a limo business is another easy way to make money renting out your car. If you own several luxury cars, you can lease them to event planners for occasions such as weddings, prom parties and birthday parties.
On average, limo rentals in Toronto cost about $95-215 per hour depending on passenger capacity. Therefore, investing in a limo business can be lucrative if you keep your fleet in good shape.
Keep in mind that you’ll require a business license, tax identification number and liability insurance to start a limo business.
Make Money with Car Rental on RideAlike
You can list your car on RideAlike and rent it out to people looking to rent cars. RideAlike is a Canadian company that offers vehicle sharing marketplace for both car owners and renters. If you need to rent a vehicle or own a vehicle and want to rent it out, look no further than RideAlike. You can also find rent to own cars in Toronto on RideAlike.
How Much Can You Make Renting Out Your Car?
The amount of money you can make renting out your car depends on your location, the demand for your specific type of vehicle and car rental company you use to rent out your car.
For instance, large SUVs and Minivans have a higher demand compared to other types of vehicles. That means someone who lists an SUV or a high-end car on a car rental site will get paid more than one who lists a compact car.
The car rental company you use to rent out your car will also determine how much you make. Some companies charge a higher commission than others.
Bottom Line
Instead of letting your car sit on your property without being driven, it would be nice to put it to work earning money. Luckily, you have many options to choose from when it comes to ways to make money renting out your car.
