With the rising popularity of Airbnb, many retirees are growing accustomed to the idea of hosting strangers who find their homes through the Internet — or of being a paying guest in someone else’s house or apartment. But some people are going a step further these days and using phone apps to rent out their cars to make extra cash.
Retiree Rob Khadivian, 62, told the Las Vegas Review-Journal that he’s been making $500 to $700 each month renting out his 2017 Toyota Camry through Turo, an online peer-to-peer car-rental marketplace. Khavidian said he can make that much by renting out his car fewer than 10 times.
Turo and a competitor, Getaround, offer virtual marketplaces that function somewhat like Uber, connecting car owners with would-be renters and taking a cut of the proceeds, the San Jose Mercury News reports.
According to Turo’s website, renters typically pay 35 percent less than what a conventional car-rental agency would charge. It also provides insurance, so car owners don’t have to worry about their vehicles coming back damaged. Getaround, which also offers insurance, says its car owners earn $500 a month, on average.
Turo CEO Andre Haddad told the Mercury News that he envisions sharing as the future of car ownership. Boston Consulting Group estimates that 35 million people worldwide will use car-sharing services by 2021.
Also of Interest
- Keeping the lines of communication open with millennials
- Taxes and the gig economy
- Quiz: How well are you maintaining your car?
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