Yes, you can make money from that car sitting in your garage. here’s how

High inflation this year has increased prices for car buyers and renters. According Data from the Kelley Blue Book, new car prices have risen 12% since last year, and the average cost of a new car is now close to $50,000. Car rentals are even worse — CBS News reporting that the cost of renting a car has increased by 48% over the past year.

On a good note, if you own a vehicle, high car buying and leasing prices put a potential secondary agitation straight into your garage. You can earn extra money with online services that let you rent out your car to other drivers when you’re not using it.

Renting your car online could be a quick way to earn some extra cash, and you really don’t have to do anything more in your daily life. Just make sure it’s not your primary car that you need to use daily to get to work or other essential trips.

We’ll tell you how you can start leasing your car and how much money you can earn doing it. For other ways to earn extra money, check out six more side hustles.

What sites allow you to rent your car?

Renting your car works much like renting houses or apartments on Airbnb. Turo, HyreCar, Getaround and Avail are currently the largest online rental services where you can list your vehicle.

tutorial: Launched as RelayRides in Boston in 2010, this peer-to-peer car-sharing company is now available in all 50 states. If someone is visiting your area and needs a car for the week or the weekend, your car might be an option if you list them on Turo.

You can choose to have your rental company collect your car from a designated location or you can bring it to them. You will be paid between 60% and 90% of the cost of the trip (the rest goes to Turo), depending on the protection plan you choose.

HyreCar: With HyreCar, car owners rent their vehicles to rideshare and delivery drivers who need cars for their gigs. For example, if someone doesn’t have a vehicle eligible to be an Uber driver, they can rent your car for the weekend.

When someone requests your car, HyreCar sends you a request which you then need to approve. Your earnings for the rental depend on the car protection plan you choose. You can receive between 75% and 85% commission with HyreCar.

Move: Like Turo, Getaround is a peer-to-peer car-sharing company. Note that Getaround charges a 40% commission on all trips booked, and you’ll need to pay a one-time fee of $99 to get started. You will also be charged a monthly connection fee of $20 for your car. This fee is used to connect your car to Getaround Connect to enable contactless transfer.

To profit from: With Avail, you drop off your car at an airport and the car-sharing company takes care of the rest. Once a vehicle is leased, owners receive a set amount each day, between $20 and $25 depending on the vehicle.

Note that the requirements for renting your vehicle vary from company to company.

What happens if a renter destroys or damages your car?

Before drivers can rent your vehicle online, they will need to complete a background check. Drivers cannot use cash, so a card is always on file in case something goes wrong with your car.

All car sharing companies offer different accident insurance policies. Once you’ve collected your car, be sure to check it thoroughly to make sure it’s not damaged – for example, a dent that wasn’t there before or if it smells of smoke of cigarettes.

How much money can you earn by renting your car online?

It won’t replace your full-time salary, but you can still bring in a good chunk of change on the side. How much you earn depends on your location, the vehicle you own, and the demand for rental cars.

Here are some different Turo Estimates which vary according to the vehicle and the price range:

• A vehicle worth $12,512 with loan repayments of $2,519 a year could earn you $7,009 annually.
• A vehicle worth $31,853 with loan repayments of $6,414 a year could earn you $10,857 annually.
• A vehicle worth $68,351 with loan repayments of $13,762 a year could earn you $21,453 annually.

Note that each company pays different amounts, so find the best service that suits your car.

If your car is already paid off, you’ll earn more money leasing your car since you won’t have to repay your loan. Also note that you set your own prices for your rental car for most of these services, and that these prices change throughout the year depending on demand – for example, during summer travel seasonmore people may need rental cars.