You’ve heard of Air BNB, but have you ever heard of Turo (formerly known as RelayRides)? Just as you can rent our your home for money while you are away, now you can rent your car. The idea behind the San Francisco based business is to help individuals pay off their car payments quicker and then pocket whatever is left as extra income.
The idea of renting your car for money has been around since 2010 when Shelby Clark first launched RelayRides. Lyft and Uber didn’t exist yet. In 2015, the company had grown so massively they underwent a complete re-branding and that’s when Turo came to life.
How does it work?
If you think about it, you probably don’t drive your car for more than a couple hours each day. While you’re at work, your car sits in the parking lot. Turo is the idea that your car is rented out to anyone who needs a car for a duration of time during time periods you aren’t driving it yourself. You don’t get the option to set how much money you earn. Turo helps set that number for you based on the market value of your car and how many days per month you rent out your car. For example, a car with the market value of $8,000 rented out 8 days per month would earn the owner an extra $2,000 per year.
To list your car, you create a free account through Turo using either Facebook or a Google account. Describe your car like the make, model, year, color, condition. Upload some pictures of your car so renters can get a great idea of what exactly they would be paying for.
To read more about how the process works, check out their page HERE.
Perks for Renters
Why would anyone want to rent a car from a complete stranger when they could use a taxi service, Uber or Lyft, or a car rental company? It all comes down to cost. Taxis charge their riders by the mile and are known for taking longer routes to charge more. Uber and Lyft also charges by distance. And car rental companies can be a hassle if they don’t have the car you reserved or need. The perk of Turo is that you get exactly what you pay for. The owner of the car also meets the renter face to face, which Turo says helps its business greatly. By forcing the owner of the vehicle and renter to meet face-to-face, it creates a feeling of “trust” and “honesty.” You aren’t just riding around in someone else’s car, but are taking on a responsibility of taking care of that car.
Another perk of using Turo is all reservations can be done online or through their app. There isn’t any paperwork or forms to worry about filling out. This saves renters tons of time. They get the keys to their rental and off they can go. Easy as pie.
While most people don’t mind riding around as a passenger in some sort of taxi style service, being able to drive yourself allows drivers their independence and to move about freely on their own time. It also helps its customers earn money which is always appealing. To learn more about Turo and their services you can visit their website. And make sure to check out our blog next week as we talk about Turo and Insurance.