With the cost of fuel remaining high, more and more are turning to ‘car sharing’ as a way to reduce costs and earn some extra cash. So, how does it work?
US car sharing giant Turo began operating in Australia on 30 November, joining local car sharing sites Uber Carshare (formerly Car Next Door) and GoGet.
Turo, like other car sharing sites, works in a similar vein to services such as Airbnb – but with cars. Users, referred to as hosts, who are willing to rent their cars to others, list their vehicles on the site and customers, referred to as guests, can rent the cars on a per day basis.
Read: When do you give up the car keys?
The site lists all kinds of vehicles, from simple hatchbacks to working vehicles, such as trucks, right up to luxury and sports cars (the maximum car value allowed on the site is $200,000 for insurance reasons), if you’re willing to pay the hefty daily fee.
It’s potentially a great way to earn some extra income, especially for older Australians who are no longer driving as much.
Turo claims its hosts earn an average of $19,112 per year, charging an average rate of $106 per day.
Read: Car companies failing cashed-up older Aussies
On the other side, if you find yourself driving less and less but still need a car for the occasional errand, $106 per day is much less than you’ll be slugged from a car rental company. And that’s just the average rate, you can find vehicles to rent for much less than that.
Turo Australia managing director Tim Rossanis says the company’s entry into the Australian market comes at a time when Aussies could use another way to make extra income.
“We’re excited to provide local hosts with an entrepreneurial opportunity to supplement their income, while helping to meet the increasing demand from both Aussies and international visitors during peak travel season around the country,” he says.
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“Turo plan to put the 20 million registered cars in Australia to better use and expand access for local car owners to a global network of guests.”
Would you consider renting your car out? Or would renting a cheap car by the day be better for you? Let us know in the comments section below.
