Share your Car and Make a passive income

We live in a sharing economy. Airbnb, Uber, eBay, Amazon and more are coming up every day.

People share their assets to make a side income. 

Why not do the same with cars?

Owning a car in the city is a lot of investment, car payments, insurance, parking, maintenance and so on. Every month the cost keeps going up.

On top of that, there are other unexpected repairs, tickets, increasing gas prices, and other expenses that come with owning your car.

That’s one of the reasons why services like Uber is doing so well today.

But the downside is that using an Uber is not cheap for the everyday commute in many places. 

So most of the people often buy the least expensive, most practical city car with good mileage, to reduce the cost of commuting. Especially in major cities. 

These guys came up with a better solution than UBER. A car-sharing service.

Getaround – Peer-to-peer car Sharing app

Getaround is a service like Airbnb, but for cars, which means that the car is owned and maintained by an individual. They can list their car in the Getaround app to rent it out to others, whenever you want. 

You just need to sign on their website and you can share your car instantly.

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Daily and Hourly rentals.

The best part is you rent the car only when it is sitting idle and not being used. 
You can either rent the car while you are on vacations or rent it hourly when you have no work.

Why should you rent your car at Getaround?

It is a True Passive income on the side.

You will be paid each time you share your car with Getaround when someone rents it from you. You can charge by the hour even when it is not used. 

Depending on your car model, you will get a pay around $1000 or more per year just by renting your car when not being used by you.

This sounds to me better than parking my car in my garage.

Set up our own Schedule

You have the liberty of scheduling the car. Getaround doesn’t mandate you to rent your car at a certain time, you can choose when to rent and when not.

The mobile app is easy to use

You can manage all the listing and renting your car through a mobile app without much work.

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Getaround takes cares of you and your car

Getaround includes a $1,000,000 insurance and 24/7 roadside assistance on each trip.

Not only this, they screen each of the renters to ensure they have a safe driving record.

A green future by having less car

They say each car you share takes away 10 cars off the road. We all want a clean and unpolluted environment for us to live in and enjoy our life.

One way of doing that is by reducing the cars on the road. 

How to rent your car on Getaround?

You can start off by registering on their website.
Then a representative of the company will get in touch with and work with you on selecting a parking slot, where you can leave your car.

Then they will install an instant kit which will cost $100 one-time fee + $20 / month. 

They also will work with you to estimate on your potential earning in your location. If it works out you can sign up and start making your passive income. 

How much can we make with Getaround?

According to many Getaround rental car users, they get paid about $500 / month net if the car is available for 50% of the time and upwards of $1000 / month net if it was available full-time.

That sounds like a good profit margin for the car. 

Getaround is new in the market and is still a long way to be mainstream, which limits options for people in non-major cities.

But for people in or close to big cities, this is a great deal of opportunity to jump on before it gets super competitive.

There is no downside to try this service as Getaround cover all the aspects from screening, insurance, and offering subsidize car parking if you had to pay for parking. 

Some user feedback about this service. 

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Check if it is available in your location

It is not available in all US location. And currently available in the following cities:

Boston, Los Angeles, New Jersey, Seattle, San Francisco, Berkeley, Oakland, Los Angeles, Chicago, Portland and Washington D.C.

Good investment opportunity

It is a really effective way to use your car to earn a bit on the side.

For me, it seems like a good investment idea to invest in a car. I have just started the process to check if my location will be profitable. 

If I can get a car for about $200 payment and if that makes $500 on autopilot, seems like a good option to try. 

Let me know what you think in the comments.