You may cringe at the thought of letting a casual friend, let alone a stranger, drive your car. But what if you could earn a few extra bucks by renting it out? Several car-sharing services facilitate such deals, putting you in touch with potential renters and providing insurance to protect against damages and liability.
RelayRides is the most widely available and versatile of the bunch. Its marketplace feature links you directly to people looking to rent for at least a day in more than 2,500 cities (although the company doesn’t operate in New York State). You can check up on potential renters, who have online profiles and are prescreened by the company.
Your car must be a 2005 model or newer and have fewer than 100,000 miles on the odometer. RelayRides recommends pricing based on demand in your city, but you can charge whatever you like. In the month of August, the average active user made more than $500 after RelayRides’ 25% cut to cover administrative fees and insurance, says Steven Webb, director of communications.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
RelayRides isn’t as high-tech as better-known car-sharing services, such as Car2Go: You have to coordinate pickup and meet the renter to exchange keys. The company touts its $1 million primary liability insurance, but if your car is totaled, you’ll receive compensation only up to the actual cash value of your car. And unless you’ve taken “before” photos of your vehicle immediately prior to renting it, coverage excludes dings, dents or scratches less than 6 inches long.
-
Amazon To Offer Students $25 Flights For The Holidays — But You Must Act FastAmazon Prime Student members will have a chance to score one of 3,000 tickets for a limited time, starting December 5.
-
Walt Disney's Dividend Is Back. Will DIS Stock Follow?
Disney reinstated its dividend after a three-year suspension as shares remain depressed.
-
5 Ways to Save Money on Vacation Rental Properties
Travel Use these strategies to pay less for an apartment, condo or house when you travel.
-
10 Annoying Hotel Fees and How to Avoid Them
Travel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
Gas-Saving Tips That Actually Work
Buying & Leasing a Car When fuel prices rise, all kinds of gas-saving schemes get floated. We separate the serious from the silly for you.
-
Want to Lease an EV? There's a Tax Credit 'Loophole' for That
Tax Credits If you're trying to decide whether to lease or buy a car, here's what you need to know about how the EV lease tax credit works.
-
Car Buying in a Topsy-Turvy Market
You need a new car? Good luck with that! What should you do? We've got some answers.
-
Watch Out for Flood-Damaged Cars from Hurricane Ian
Buying & Leasing a Car In the wake of Hurricane Ian, more flood-damaged cars may hit the market. Car prices may rise further because of increased demand as well.
-
Car Buyers: The 3-Day Grace Period Is Just a Myth!
Buying & Leasing a Car Many car buyers think they have three days after making a purchase to return a car. Here’s where they’re going wrong, and what they should do instead to get a decent used car.
-
PODCAST: Car-Buying in an Inflated Market with Jenni Newman
Buying & Leasing a Car With cars both scarce and expensive these days, what to do if you want – or need – a new ride? Car-buying strategist Jenni Newman of Cars.com shares some tips. Also, more on the magical 9% savings bond.
