7min read

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Want to turn your idle car into an ideal money maker?

Peer to peer car sharing has existed since 2010. Exactly as it sounds, peer to peer car sharing allows individuals to list their vehicles on a car sharing platform to be rented out by potential guests. In many ways, car sharing is similar to renting a car through a traditional car rental company. Depending on who is hosting, the experience can range from one that is highly personal, where the guest(s) and host meet face-to-face, to one that is rather impersonal where the guest and host have no interaction aside from communicating through the car sharing app. As the host and owner of the vehicle, it is up to you to set the parameters for how you would like to manage your guest’s experience.

What are the benefits to car sharing?

The biggest benefit to sharing your vehicle on a car sharing platform is to minimize the time that your vehicle (or vehicles, if you have multiple) might otherwise sit idle and unused. By listing your vehicle and making it available to others, it can potentially be earning for you and helping to offset operating expenses, while simultaneously giving you the freedom to do other things.

Demand often exceeds supply when it comes to rental companies and vehicle availability, particularly during peak holiday periods. Many a guest has turned away from car rental and towards peer to peer car sharing because of being unable to secure a vehicle through the traditional method. By offering up your vehicle, you can take advantage of this shortage to make a little bit of extra income.

If you have an entrepreneurial spirit, car sharing can also offer you the opportunity to be a small business owner and your own boss. Given today’s fragile economy, being able to be self employed and not having to rely on others can be a huge attraction when contemplating the car sharing business.

What are the requirements for sharing my vehicle?

There are currently a handful of car sharing platforms where one can list their vehicle. The principle of each is more or less the same, however, the specific requirements are dependent upon the platform you choose. In the case of Turo, where we have three vehicles listed, the requirements are that you have a vehicle no older than 12 years and with a mileage of less than 200,000km. It is also a requirement that you keep your vehicle maintenance up to date by having it serviced annually and ensuring it passes the required maintenance inspection checklist to guarantee its safety and road-worthiness.

What options do I have for sharing my vehicle with others?

Of the car sharing platforms that currently exist (Turo, RideAlike, Rent your Ride, Eligocars, HyreCar (American only), Getaround (American only)), different companies operate out of different locations. Some of these are strictly Canadian, others strictly American. Only Turo has a presence that extends across international borders (its network extends throughout the U.S.A., parts of Canada - Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Quebec - and the UK). It is important to consider this when selecting a platform, as those with a more extensive network will naturally attract guests from further afield. As this network continues to expand across the globe, the potential for more guests will only increase.

How easy is it to list my vehicle?

If your vehicle meets the specific requirements outlined by your chosen company, it will be necessary to develop a profile to proceed. Once a personal profile has been set up, it will be necessary to create a profile for each of the vehicles you intend to list. To do this requires some work, but it is only necessary to invest this time once. As soon as the car has been listed on the platform, only minor adjustments are typically needed. A complete rundown of how to set up a vehicle profile will be featured in Part 2 of this article. Stay tuned or subscribe to our newsletter for updates on its release.

How much I can potentially earn?

Potential earnings depend on the particular year of your vehicle as well as its make and model. When listing your car it is also helpful to scope out the competition, meaning those who have an identical make and model to the vehicle you are offering in the vicinity of where yours is being offered. The fewer vehicles there are to compete with, the better your chances. If you are interested in how much your vehicle could potentially earn, check out Turo’s carculator for a rough estimate. Keep in mind, however, that these figures are averages and depend on several factors like seasonal fluctuations, geographic location and price.

If you are looking to get started on a peer to peer car sharing platform, are in the market for a car for this purpose (check out our article on buying a car 100% online) and are seeking some guidance on which vehicles are deemed top performers and the most sought after by guests, look no further. Turo has ranked the top performers in five different vehicle categories - daily drivers, sport, luxury, trucks and SUVs as well as vans and minivans. While this information can prove useful, equally important is to evaluate the geographic area where your car is being offered and assess which vehicles are most likely to be in demand given the unique landscape of your particular region.

Are there any downsides?

In our article titled Passive Income Ideas 2022, we listed peer to peer car sharing as a half passive form of income. By this we mean that once set up, there will continue to be a certain amount of work involved to manage day to day operations. This work will come in the form of managing bookings, routine cleaning, vacuuming and sanitizing of the vehicle and coordinating repairs in the event the vehicle sustains damage while out with a guest. The potential for these to consume a considerable amount of your personal time and energy is a noteworthy downside of the car sharing business.

Check out Part 2 of this article, where we will outline how to set up a vehicle profile and attract guests.

We list our cars also on Turo and offer a 5% early bird discount for bookings 7 or more days in advance, a 5% discount for any bookings longer than 3 days, and a 10% discount for bookings longer than 7 days.

When booking one of our cars we will plant a tree in North America and issue you a Tree Gift Certificate (see here for more information)

2017 BMW X1 xDrive28i AWD (Midsize SUV, 5 seats)