Got a Car? Save $3,000 a Year By Renting It Out

cars

A new service called RelayRides is helping car-owners make use of their rarely used vehicles. An owner can rent out their car for a few hours or whole days at a time. Owners can set up their own pricing terms, but many are charging at least $5 an hour or $40 a day, with 60 percent of the rental proceeds going straight to them. Renters are responsible for returning the car in the same condition, with the same amount of gas in the tank. Those involved in the program (as owners) make around $250 a month. Not bad! Especially considering that’s $3,000 earned in a year.

Cars are protected by an insurance policy from RelayRides. The driver has to pay the first $500 worth of damages if involved in an accident, and owners can review the renters (unsatisfactory renters can be kicked out of the program). Small spills or damages will be paid by the program to the owner and charged to the renter.

The program is rolling out nationwide, with more and more users signing up for this peer-to-peer lending service.

What do you think? Would you ever rent out your car?

Check out how to save even more money this year.