If you want to rent out your car for some extra cash, you may have come across two of the most popular options, Getaround.com and Turo. These are companies I have mentioned before such as in my 42+ second job ideas and 50+ honest ways to make $500 per month posts, for example.
Both of these websites allow you to list your car for rent and the public can then book it if the price is right. Yes, just like Hertz, Avis or the bigger named rental car companies, you’re the source, and it’s a great way to make upwards of $75 per day, depending on where you live and what kind of car you’re renting out.
In today’s post, I wanted to compare Getaround and Turo.
Which one offers the best fees?
Which one has the most traffic to the site?
Which is most loved by owners?
I do the research and provide the results. As always, I’m 100% honest.
If you’re interested in renting out your car, let’s see which one will be the best bet.
What is Turo and Getaround?
Both of these websites work in the same way, the reason I will talk about both companies here.
Like Airbnb, you will create a listing, showcasing your car. You will take pictures of the exterior and interior basically selling it. Picture yourself as a customer. Why would you want to rent it for the afternoon? You get to set the fees, and as long as your car fits the requirements, it will go live.
It is then when someone contacts you about your listing, you will work out the details such as when they will come to pick it up (in some cases, you can deliver for a fee) as well as explain the rules, etc. This will all be in the listing as well. All payments will go through the platform and you will be protected by the company’s insurance policy while your car is rented by the customer.
The biggest difference between the two, however, is the fees, which I will get into next. Also, the Getaround allows you to rent out a car by the hour whereas Turo does not.
If you’re interested in renting your car out for cash, then these are two of the biggest players in the game, hands down.
If you’re interested in selling on Turo, they only allow residents from the United States, United Kingdom and Canada to list on the platform. You must be at least 21+ years old and prove your identity in order for your listing to go live.
Depending on which plan you choose, you will earn anywhere between 60% to 90% of the trip price, as well as some fees tacked on. The higher your earnings are, the higher your deductible will be, which will mean higher fees.
Granted, you do get to set your daily price, as well as discounts and delivery fees, as long as it’s within the Turo limits. To play it safe, plan on Turo taking at least 25% of your fees to be safe. So, if you listed your car for $50 a day, you would net $37.50 a day. Turo does give you 100% of all reimbursement fees, such as missing fuel, toll costs and cleaning fees. Again, these are fees you can set before a customer reserves your car. The same is said about any additional mileage. If you only allow 100 miles a day and the customer goes over, then you can charge a certain amount per mile. That’s the nice thing about the platform.
When it comes to getting paid, United States residents will receive payment about three days after the trip ends. All payments are sent via Stripe, which only takes minutes to set up and verify. Stripe will then send any earnings to the bank account on file.
What Turo Includes
- Turo takes care of the liability insurance, providing up to $1 million in insurance. (additional protection plans are available)
- They also provide 24/7 roadside assistance for renters using your car.
- must be legally registered in the U.S.
- can’t be older than 12 years
- no more than 130,000 miles
- clean title ONLY
- no declared losses
- value up to $150,000
Do keep in mind that Turo does make some exceptions with “classic” cars. In this case, the car must be older than 1990 with a market value up to $85,000. It also must be in excellent working condition, both mechanically and physically. If your car is considered a classic, then it will go through a much different process than the traditional vehicles mentioned prior.
Getaround fees cover services such as roadside assistance, running the site and insurance coverage while out on the trip. As of this publishing, Getaround charges 40% of the rental rate, much higher than that of Turo. So, if you were to rent out for $50 a day, you would only be able to keep $30. And, since you can also rent out your car by the hour, the rate stays the same. A $10 hourly rate will net you $6 per hour.
That’s not all when it comes to fees, either.
When you start, you will have to keep two additional fees in mind. This will include Getaround Connect, which must be installed in every rental car as well as the system. This system provides GPS tracking, anti-theft functionality, and communications functions. It costs $99 as a one-time fee and then another $20 per month for the data monthly fee. If you plan on using the system, you will have to pay at least $20 per month in fees to keep your listing active. As you can imagine, this can eat away at your profits.
What Getaround Includes
- roadside assistance
- eligible renters are covered up to $1 million during an active trip (this includes comprehensive, collision, and liability coverage)
- car must be 12 years or newer
- no more than 125,000 miles
- small passenger vehicles only with no more than 8 passenger seats
- never been smoked in
The requirements don’t appear to be as strict as Turo. As long as you meet the guidelines above, there doesn’t seem to be a value limit nor do they care about the title, at least from what I found. Even if you’re leasing your car, it looks like you can use Getaround, however, I strongly encourage you to check out your leasing agreement to make sure it’s even allowed. You may find it’s.
Another requirement that was different, however, is that Getaround doesn’t allow you to put a car up for rent that’s been smoked in. This is usually due to credibility issues for the platform. Seeing Getaround needs to keep a clean image, they don’t want people renting out cars that are dirty and/or has a musty, smoking smell. Think of it from the customer’s angle.
If you’re able to make a profit, then I would consider going with Turo at least to start. They seem to receive more traffic and the fees are much less than that of Getaround. While there’s nothing wrong with Getaround, I think the biggest perk with them is that they aren’t as strict as to who they accept. Plus, you can rent out your car by the hour. This can be a perk to some.
No matter who you choose, I don’t think it would be hard to earn $300 to $500 a month renting it out a good chunk of the month. Your results will vary, however, as you can earn much more in a busy city compared to a rural area.
For now, browse the marketplace in your area and see what other people are charging. This should give you at least an idea as to what you can get. Add in the bills you already pay, such as insurance, car payment, etc, and see if you can come out ahead. Just don’t forget to factor in depreciation as people drive around your car. Then, you can make a decision and go from there.
That’s going to do it for now.
As always, if you want to comment on what I have written, you’re more than welcome to add to the conversation via the comments below. Thanks for stopping by.
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