Getaround.com is said to be a fascinating concept in that it involves renting a car for a few hours or a day and paying hourly to do so. However, the person you pay can be someone down the street who is willing to rent out their car. It's an interesting business model and there is a larger number of cars in an area than some of the competing companies like Citycar and Zipcar. In this case, someone rents your car so you can make money.
There are some challenges that people are presented with when allowing people to rent your car. First of all, you will have to establish limits on how long they can rent the car. This may not coincide with a lot of schedules. For example, you may only be able to rent it out for two hours on Thursday. This means you may not get a lot of business on a Tuesday.
The second issue is the amount of mileage that will be put on your vehicle. The mileage, as well as wear and tear, can accumulate quickly. Of course, the maintenance of your vehicle is on you, so you will have to deal with the long-term cost of excessive vehicle use. With that in mind, one of the hooks of getaround.com is that they are cheaper than other car companies, so you have to watch your pricing. Getaround.com advertises a start price of $5 per hour, but state that you can earn up to $10,000 per year by sharing your car.
There is also the fact that a person driving your car could wreck. While insurance is included, an accident can cause a major inconvenience for you. There is a lot to consider, but there are also a lot of perks.
Advantages of Getaround.com
When you're not using your car and want to rent it out, a person from the getaround.com can unlock it with the app after they have paid to rent it. This means that you don't have to worry about handing over keys. You keep your keys with you. Every trip also comes with 24/7 roadside assistance and $1 million in insurance. You get paid once a month. You can also do the following:
- High-quality photos of your car can be uploaded
- You set the availability of the car
- Getaround.com picks up your car to install the Connect device that allows renters to unlock the car, but there is a $99 one-time fee and then a $20 per month fee that follows
- You can specify pick up and return instructions that can include location and parking details, which is privately sent to the renter
- Expectations are set for renters, such as mileage limits, no smoking, and no pet policies
- Customer service is available 24/7
The signup process is easy. When you go to the website, all you have to do is click “List your car” and you can.
To complete the listing, all you will do is just provide the requested information. Once completed, your car is listed. It's completely free to start and Getaround says that you get a return on your investment because you are making money from your car rather than letting it depreciate.
Earnings accrue monthly. Getaround takes 40% commissions from your rental earnings. This allows them to cover the costs of insurance, customer service, and roadside assistance. When you get paid, payment is sent to you the 15th of each month by check or PayPal. If you refer friends that sign up, you get rewarded.
All in all, this can be a nice opportunity to earn extra money. If you have an idle car, you can earn more. However, the commission is high. If you are willing to take 60% of the cut while Getaround.com takes 40% after paying a $99 one-time fee and $20 per month, then this may work for you. The more you can share your car, the better when it comes to making a reasonable amount of money. Signup is easy, listing is easy, and getting paid is easy.