Do you have a car that just sits around idle or one you do not use all the time? You can make extra money by renting it out through Getaround.
This company works similar to how Airbnb works, just that in this case, you will be renting out your car instead of a room.
And it is an excellent way to increase your income; all you need is a car.
What is Getaround?
Getaround is a carsharing company that connects car owners with people who want to rent cars.
This means that you can list your car with this company, and a person looking for your type of car can rent it out through the platform, and you will get paid.
The platform allows a wide range of cars such as Sedan/coupe, convertible, SUV/jeep, pickup truck, and minivan/ cargo van.
Unlike traditional car hire companies, Getaround offers convenience and flexibility. There are several rental options, such as hourly or daily, that a client can choose.
People can rent out cars to do simple tasks such as grocery shopping, picking kids from school to bigger things such as going on a trip.
And, not everyone has a car, or their car could be having a mechanical problem. This is where you come in to provide solutions to such issues with your vehicle.
Read on to discover how you can make extra income renting out your car on Getaround.
How Getaround works
Getaround has a technology, Getaround Connect, that allows drivers to access and rent out cars listed in the system.
Once you list your car, you are required to give the description of your vehicle and how long you want to rent it out.
When a driver is searching for a car, they will search it based on the time they want to hire it. The company’s algorithm will match you with a driver looking to hire your type of car.
A driver or person wanting to rent out your car will find it through a phone application. They will then use the Getaround Connect technology to unlock your vehicle and use it.
You can also instruct the driver where the car keys are inside the car. You, therefore, do not need to be there at the pickup time.
The good thing about this technology is that it allows you to feel that you are still in control of your car.
The system is linked to your phone, and you can track everything. It also supports cellular communication.
Even better, this technology has tamper detection and engine unlock capabilities. You can be guaranteed that nothing will happen without your knowledge, even when you are not in possession of your car.
The safety and usability of Getaround are further enhanced by car owners and drivers' ability to leave reviews about their experiences.
How to rent out your car with Getaround
Unfortunately, not all cars are accepted by Getaround.
To make Getaround safe to use, the company has specific requirements that your car must meet for you to be allowed to rent it out using the platform, as discussed below.
Vehicle Eligibility Requirements
- The vehicle must be well maintained. The company will require you to submit proof of the last time that the car was serviced.
It is wise to schedule and record vehicle maintenance.
- The car must be 2010 model or newer and completed less than 125,000 miles. In the event that your vehicle exceeds this mileage, you must notify Getaround and stop renting it out.
- The car’s performance should not have been tampered with in terms of performance or physical appearance in a way that changes the purpose of the vehicle.
If Getaround notices liability concerns due to such alterations, the vehicle will be declared ineligible.
- The car must not have more than ten seats and must be a private passenger vehicle with not less than four wheels.
- It should not have any prior or existing damage and should never have been given a salvage title.
It is also important to note that all models of BMW, Tesla, Maserati, Mercedes, and Infiniti are ineligible. Also, Chevrolet Camaro, Chevrolet Corvette, Dodge Challenger, Dodge Charger, and Ford Mustang are not accepted.
Before Getaround formally accepts your vehicle, you might be required to provide documents proofing its eligibility.
Getaround continues to periodically monitor records to ensure that your vehicle meets all the requirements all the time.
Process of renting out your car with Getaround
Getting your car listed and working with Getaround involves a pretty seamless process.
You need first to download the Getaround mobile application or access their website to list your car.
The next step is to fill out specific details such as the car’s year, whether the mileage is under 125,000 miles, and your contact information.
You will also be asked to sign in through your Facebook account. This company uses Facebook for identification and verification for both car owners and drivers.
Proceed to name your car, and you will be provided a link that is beneficial for promoting your ride.
You must also provide photos of your car from the four sides so that the company can determine if there is any damage before accepting your vehicle.
Another essential bit when signing up to Getaround’s platform is providing the location and address where you want drivers to be picking and returning your car.
After completing the process, you will be provided with instructions to drivers, and the location will be sent privately.
Setting up details about the availability of your car is critical. You are even allowed to indicate when your car is not available.
Getaround guarantees to take high-quality photos of your vehicle and upload them to their system when your application is approved.
In this digital world, people are attracted to catchy and good images on the internet. As such, the company needs to upload excellent pictures of your vehicle to attract customers.
The last bit is installing Getaround Connect technology to your car after you have submitted your application and it has been accepted. You will pay $99 for this service.
This is a security system that allows you to track your car. It also allows you to lock and unlock if you notice any misbehavior with the driver.
This installation process is very simple, takes a few hours, and is done by representatives from the company.
Car owners usually pay $20 every month. During the first month, you will be given a free trial period. You will start paying the twenty dollars after the first month elapses.
In case you want to uninstall the system, you can do so and return it to Getaround.
Also, note that Getaround will take 40% of the money people pay to rent your car each time it is hired.
How much money can you make with Getaround?
You are probably wondering if Getaround is worth it and the amount of money you can be making.
Without any doubt, you should expect that the more your car is rented, and for longer durations, the more that you can earn.
According to Getaround, if your car is hired three times a month, you can make £30 daily, which translates to £1,000 per year.
This is a fair amount considering that you are mostly doing this as a source of passive income.
The company also advises that your hire out your car more often to increase your income.
You can also estimate the amount of money you can make through the company’s simulator. Enter the car's name, make and model, and year of registration to get approximated income.
Renters usually pay using a credit card. Getaround compiles all your earnings and pays you on the 15th of every month.
Pros and Cons of renting your car with Getaround
As is with any business, there are some pros and cons of renting out your vehicle with Getaround.
It is good to know what you are getting yourself into and what to expect. The pointers below will help you make the right decision.
Pros
- Security is guaranteed
Getaround provides a safe and secure way of renting out cars for car owners and the people renting.
Its technological system, Getaround, allows you to track your car. You can even lock and unlock it through your phone if you notice anything fishy going on.
The car also is protected from theft
Every driver is screened and verified before being allowed to use a vehicle from the platform.
The reviews also help you know how a driver was rated in the past through the platform.
- Insurance
One of your most significant concern, as is with many car owners, is your car getting damaged.
The truth is that no matter how safe people drive, accidents are bound to happen; they cannot be avoided altogether.
A useful aspect of Getaround is that it provides insurance.
When you start renting out your car on Getaround, the company will insure your vehicle for $1M. The insurance covers theft, collision, liability, comprehensive and uninsured motorist protection.
Should any accidents or damage occur when a driver is using your car, you can be sure that you will be compensated.
- You retain control of your car
One of the best things about using Getaround is that you retain total control of your car even when it is not in your possession.
The Getaround connect system enables this by allowing you to track the vehicle at any given moment. The cellular communication system also facilitates this capability.
Additionally, you get to make the rules on how your car should be used. For instance, if you do not like pets in it or smoking, you can indicate that so that your drivers know.
This promotes responsible use of your car since drivers know that there are repercussions for not adhering to such rules.
- Can increase the passive income
Renting out your car with Getaround is a great way to earn passive income. You do not need to be there to hand over the vehicle to a driver. They can lock and unlock using Getaround’s system.
All you need to do is list your car that meets the vehicle eligibility requirements, and you are good to go.
The good thing is that you can always increase your income if you hire out your car more often.
- Promotes environmental sustainability
Car sharing promotes environmental sustainability. When you allow others to travel using your case, air pollution is reduced.
So, if you list your car on this platform, you are contributing towards a significant cause that is required for our planet.
Cons
- Wear and tear
Even though you can increase your income streams, renting out your car subjects your car to wear and tear.
This is not something that you can prevent, especially if different people use your car for long durations.
You should consider this as an expense and therefore be prepared to often service your car to keep it in good condition.
- Unavailability in some locations
Getaround is one of the best carsharing platforms in the globe. However, it is not available in all locations.
Currently, it is in about 300 cities in 7 countries.
You can search here to see if your location is included.
- Improper use of car
In as much as Getaround guarantees the safe use of a car, not everyone will use your vehicle responsibly.
Some drivers will trash your car, drive recklessly or even return it late. Getaround will compensate you, but no one wants their property to be misused.
Conclusion
There you have it if you were wondering whether to rent out your car with Getaround.
Getaround is a legit and safe way to make money using your car. You do not even need to be there to hand over your vehicle to a driver.
The system does everything for you. You do not lose control of your car. It connects you to a drive, ensures that you can track it, and protects your vehicle from theft.
Given that maintaining a car is expensive, why not offset these expenses by listing your car and earning from Getaround?