How to Rent Out Your Car for Money (And What Apps to Use)

Yes, you can rent out your car for money. You don’t need a car-rental business to do so; there are apps that let you participate in “peer-to-peer” (P2P) car sharing as a way to bring in passive income.

To rent out your car, you’ll need to meet certain requirements, like having the right insurance and owning a car that meets your chosen app’s restrictions.

Once the app has approved your car, your part doesn’t require much effort—you just have to schedule your key handoffs and keep your car well-maintained.

Pros & cons of renting out your car

Is renting out your car safe?

Personal car rental is legal and comes with certain built-in protections when you do it through an app, but it isn’t perfectly safe.

It’s impossible to know for certain how risky a potential driver is and what their intentions are when they use your car. It’s always possible that someone will:

• Get into an accident or otherwise damage it
• Use your car for illegal activity
• Fail to return your car on time, or with the right amount of gas

These are all risks that you need to be willing to take before committing to loaning out your vehicle.

To rent your car as safely as possible, we recommend using a middle-man service (like one of the apps mentioned below), getting the right insurance coverage, and using ironclad rental agreements.

If you’ve decided that renting out your car is the right move, here are the four best apps you can use to make up to $700–$800 per month (and even more in some cases).

1. Turo

The Airbnb of car rentals, Turo is a P2P car sharing app that’s become very popular over the past few years and that operates in multiple countries. In addition to its easy-to-use interface, Turo boasts:

• Built-in insurance: Up to $750,000 in liability insurance from Travelers.
• High demand: Over 14 million users worldwide.
• Help & support: 24/7 customer service, roadside assistance, business coaching, and more

How much you can make with Turo

You’ll earn 65%–75% of each trip price when you rent out through Turo.

Turo claims that the average annual income for someone who rents out one car is $10,516, while someone who rents out three cars is $31,547.

However, how much you’ll actually earn depends on a variety of factors, including your car’s make and model, how often you rent it out, and where you’re based. You can use Turo’s Carculator feature to get a better sense of what you can earn.

Turo’s vehicle requirements

• Registered to your name with valid plates (dealer plates aren’t accepted)
• No more than 12 years old
• Fewer than 130,000 miles
• Fair market value of up to $200,000
• Not possess a “branded” or “salvage” title
• Never been declared a “total loss”
• Meet insurance requirements 1

Not that special restrictions apply to cars deemed to be “classics” and those operating in New York.

2. HyreCar

HyreCar is another popular car-sharing app. It stands apart by advertising itself as a service for those who drive for apps like Uber, Lyft, and other ridesharing or delivery platforms.

Like Turo, it has built-in insurance, 24/7 assistance, and a system of vetting drivers. It also claims to rent cars out for longer periods than comparable apps (on average). This is good news if you want to make more money, but bad news if you can’t afford to part with your car for substantial chunks of time.

How much you can make with HyreCar

You’ll earn 75% to 85% of the trip price, depending on the protection plan you choose. 2 HyreCar says renters can earn up to $720 per month for normal vehicles and $845 for electric ones (EVs).

Be aware that you may need to pay a refundable deposit to rent out your car on HyreCar if you live in Arizona, California, Maryland, New York, or Nevada. 3

HyreCar’s vehicle requirements

• 15 years old or newer
• Have 4 doors (or 2–4 doors for delivery only)
• Meet insurance requirements
• Have a current and valid registration
• Have a clean title
• No damage or branding
• Meet state-specific rideshare or delivery vehicle requirements 4

3. Getaround

Getaround might not have the same name recognition as Turo and HyreCar, but it has a lot of appealing features. In particular, it’s known for its:

• Bonus system: Getaround offers various bonuses, including referral bonuses and an onboarding bonus worth up to $1,200. 5
• Contactless handoff: Along with insurance, 24/7 support, and predictive pricing, Getaround’s biggest claim to fame is its Getaround Connect technology that allows contactless handoff of your vehicle. Getaround will install hardware into your car that allows drivers to digitally unlock it when the time comes. It will also provide you with location and usage date.

How much you can make with Getaround

You will earn 60% of the trip price with Getaround. 6 They’ll issue your payment through PayPal.

In addition, you’ll need to pay a one-time fee of $99 for the Getaround Connect installation, and a $20 monthly fee for the service.

Getaround’s vehicle requirement

• Be a 4-wheel private passenger vehicle
• Model year 2007 or newer (inspections required for cars 10 years or older)
• Have less than 200,000 miles (inspections required for cars with 125k-200k miles)
• Seat no more than 10 passengers
• Have power door locks installed in the front driver’s side and front passenger-side doors
• Be in good physical and mechanical condition 7

4. Avail Car Sharing

Like Getaround, Avail Car Sharing offers a bonus (currently $200) when you sign up to share your car through the service.

It’s uniquely passive compared to other car-sharing apps. It mimics a traditional car rental service—you drop off your car and Avail takes care of the rest, including bookings, handoff, cleaning, refueling, post-trip inspections, and payouts. 8

As an Allstate partner, Avail also offers impressive insurance—up to $1 million in liability coverage.

How much you can make with Avail Car Sharing

Unlike other car-sharing apps, Avail’s earnings structure is not based on a trip price and commission. Instead, you’ll earn a daily rate of up to $25 according to the type of car you share:

• Standard: $20
• Mid-size SUV: $20
• Vans: $20
• Large SUV: $25

Avail guarantees earnings of $50 for every 7 consecutive days you share your car, even if no one rents the vehicle.

Avail Car Sharing’s vehicle requirements

• Automatic transmission
• Model year 2014 or newer
• Gas-powered or hybrid engine
• No damage or maintenance issues
• Less than 125,000 miles
• No open recalls
• A valid, current registration
• Meets insurance requirements

To make the most of renting out your car through peer-to-peer sharing and protect yourself and your property, keep these tips in mind:

Do your research

As you know, you have to make sure your car is eligible for rental with the platform. However, your work doesn’t stop there. You should also check with:

• Your insurance company
• Your lessor (if the car is leased)
• Your auto loan provider (if you bought it on a loan)

Take pictures of your car

Not only should you take high-quality photos to post with your listing, but you should take comprehensive photos of your car from all angles.

If a renter damages the car, it’s important to catch them right away and have proper documentation for your insurance claim.

Have adequate insurance

Car-sharing services like those above will require you to have the right insurance (check their policies, as they may vary) to even list your car on their platforms.

If you aren’t renting out your car through a middleman, make sure your car is adequately insured to protect yourself, your property, and your money. Some insurance policies do not include damage done to the vehicle while someone else was renting it, so don’t assume you’re covered without explicitly confirming with your insurance company.

Maintain your vehicle

Keep your car in good working condition and get it serviced regularly. Additionally, make sure it’s thoroughly cleaned after every use, and never leave personal items in the vehicle.

Know your boundaries

Understand what you are and aren’t willing to allow. Consider:

• How long are you willing to rent out your car each day, week, or month?
• How many miles are you comfortable putting on your car?
• Will you allow smoking in the vehicle?
• Will you allow pets in the vehicle?
• How far can someone drive your car (e.g., across state lines)?

Set competitive prices

Conduct market research before you set your rate to ensure you’re being paid fairly. Luckily, many car-sharing apps have built-in features and support that help you estimate your vehicle’s worth.

Read the fine print

Carefully read and understand the terms and conditions set by the car-sharing app you choose before signing up and listing your vehicle. If something seems off or doesn’t align with the boundaries you’ve set for yourself, explore other options.

Renting your car can be a great side hustle as long as you don’t lose sight of what you’re doing. It’s not without risk—after all, it involves letting people drive away with what’s probably one of your most expensive possessions—but when it goes well, it can be a lucrative source of passive income.