Do you have a car that is gathering dust and cobwebs? The snail paced traffic and the lack of parking spaces near your office may have choked out the last sliver of interest in you to drive down to work. Although car sharing and car sharing services are there to fill the void, what must you do about your car?
Are you financially exhausted of paying insurance premiums for a car you barely use? Then it is time to kick your car out from its slumber and put it to work. It is time to evoke the entrepreneurial spirit that runs in your veins and let your car pay for itself!
Renting Out Your Car
It is a simple concept: You are not using your car as it is, why not rent it out? There are plenty of car rental services that are available out there such as Zoomcar, Revv, and Myles which allow anyone to simply list their car as “up for renting”.
Squeezing Out The Most: Do Your Research
Doing some marketing research beforehand will make it more profitable for you, in every way possible. You can begin by researching the area in which you live in. Mid-sized SUV’s are in hot demand as many families want the space and comfortability that these cars offer. Another high demand is for luxury sports cars as well. Bachelors would love to pick up their dates in a flashy car for that added oomph!
Undercutting The Competition: The Pricing
The best way for you to get the deal is by undercutting the competitors. Have a look at the rates that similar build cars are going for in your locality and see if it is possible for you to undercut them by a lot.
Undercutting the market is the key to making a sizable amount off of renting your cars. People are seen renting out their cars for $90/day when setting the rate at $30-40/day will yield better results. If you are able to rent out at this rate, which is likely, then chances are that your car will be rented out 22 days of the month or more. People will also frequently ask for the rental and you’ll get a bunch of repeaters! Win-win!
And don’t worry about accident coverage as you will be covered under the plan of the rental company that you’re putting up your rental. Last but not least, make sure to do a thorough check of the various rental companies out there that take the least “cut” and most coverage/benefits.