You may cringe at the thought of letting a casual friend, let alone a stranger, drive your car. But what if you could earn a few extra bucks by renting it out? Several car-sharing services facilitate such deals, putting you in touch with potential renters and providing insurance to protect against damages and liability.
RelayRides is the most widely available and versatile of the bunch. Its marketplace feature links you directly to people looking to rent for at least a day in more than 2,500 cities (although the company doesn’t operate in New York State). You can check up on potential renters, who have online profiles and are prescreened by the company.
Your car must be a 2005 model or newer and have fewer than 100,000 miles on the odometer. RelayRides recommends pricing based on demand in your city, but you can charge whatever you like. In the month of August, the average active user made more than $500 after RelayRides’ 25% cut to cover administrative fees and insurance, says Steven Webb, director of communications.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
RelayRides isn’t as high-tech as better-known car-sharing services, such as Car2Go: You have to coordinate pickup and meet the renter to exchange keys. The company touts its $1 million primary liability insurance, but if your car is totaled, you’ll receive compensation only up to the actual cash value of your car. And unless you’ve taken “before” photos of your vehicle immediately prior to renting it, coverage excludes dings, dents or scratches less than 6 inches long.
-
What to Expect From Bitcoin and Other Cryptocurrencies in 2025With help from Donald Trump, the cryptocurrency industry is expanding rapidly. Here's what to expect from bitcoin in 2025.
-
What's the Key to a Happy Retirement for a Couple?Retired couples spend lots of time together. Without the distractions of work and raising kids, miscommunication can cause trouble. Here's a way to avoid that.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
Gas-Saving Tips That Actually WorkThese are gas-saving tips that will actually work for you and your car this year.
-
Want to Lease an EV? There's a Tax Credit 'Loophole' for ThatTax Credits If you are deciding whether to lease or buy a car, here's what you need to know about the EV lease tax credit.
-
Car Buying in a Topsy-Turvy MarketYou need a new car? Good luck with that! What should you do? We've got some answers.
-
Watch Out for Flood-Damaged Cars from Hurricane IanBuying & Leasing a Car In the wake of Hurricane Ian, more flood-damaged cars may hit the market. Car prices may rise further because of increased demand as well.
-
Car Buyers: The 3-Day Grace Period Is Just a Myth!Buying & Leasing a Car Many car buyers think they have three days after making a purchase to return a car. Here’s where they’re going wrong, and what they should do instead to get a decent used car.
-
PODCAST: Car-Buying in an Inflated Market with Jenni NewmanBuying & Leasing a Car With cars both scarce and expensive these days, what to do if you want – or need – a new ride? Car-buying strategist Jenni Newman of Cars.com shares some tips. Also, more on the magical 9% savings bond.
