While on Airbnb (ABNB) While car rental has turned many people’s side hustle into a full-time career, car-sharing apps have always been designed to be a passive source of income.
You sign up for your car and have someone drive it for $25 a day for a Fiat 500 or $375 a day for a Bentley Continental when you’re not using it.
Peer-to-peer car-sharing company Turo launched in Boston in 2010 and exploded in popularity last year. Revenue increased by 207% from 2021 to 2022.
The company is currently private, but in January Turo applied for approval to go public through an IPO under the TURO ticker.
This real estate agent made $10,000 in a few months
One person who recently turned to Turo for extra income is Keller Williams real estate agent Selina Leitner. The 26-year-old, who lives in Menasha, Wisconsin, rents out her 2018 Jeep Wrangler for $120 a day, topping her fees.
Selina Leitner is featured in Parade’s annual survey of working American salaries: What People Earn 2022.
Courtesy of Parade/The Street
“Having a spare car is a great way for an unused car to make a little extra money,” Leitner told TheStreet. If you don’t, it’s a good use of your free time.”
After leaving the car on site in December 2020, Leitner made $8,907 the following year. Jeep Her Wrangler is always on the reservation list, but Ms. Lightner needs to drive to home shows and last-minute meetings as a real estate agent, so she and her partner team up to get her two We share a second car.
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“So far it works perfectly minus [the] One time I forgot to book the correct holiday and had to use a motorcycle,” Leitner said. “It was a fun week!”
For those who have only one car, the logistics of renting a car are more complex, like vacation rentals that are visited on certain dates during the summer (such as when you’re out of the office or when you know it won’t be used). can be You can also block it.
On the other hand, soaring maintenance costs and insurance premiums are costs to consider before putting your car on car sharing. Turo also receives from the owner his 15% to 40% of the rental cost.
On the user side, drivers under the age of 25 must pay a fee of up to $50 (actual fee depends on exact age at the time of driving).
There are so many new side hustles
Last year, Turo said it had over 85,000 active hosts and over 1.3 million active guests in various cities across the country. A company called Getaround has a similar model, which is also gaining traction across the country.
But whether it’s a manifestation of entrepreneurship or a particular problem in the job market, a side job helps many people supplement their income in positive and passive ways.
Parade identified many popular side jobs and passive income sources in its 2022 salary roundup. In addition to home hosting, there are pet sitters who sell used clothes on eBay. (Ebay) A virtual personal assistant who spends hours a day planning meetings and booking professionals.
Read our Parade feature on how Leitner and others are making money in new ways here.