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Owning a car can be expensive but you could also make money with your car by renting it out. If you work from home or simply don’t drive as often, there are many different apps and sites that will help you get paid by renting your vehicle out.
Two of the most popular sites that come to mind are Turo and Getaround. We’ll get into the Getaround vs. Turo debate and compare the two options. However, it’s important to realize all the money-making potential you’ll have by using either platform.
Research shows the average car is parked 95% of the time. This doesn’t mean that no one is driving or people don’t need transportation.
In fact, more and more people are renting vehicles and using ride-share apps. Sites like Getaround and Turo allow you to monetize your vehicle owner status during the days and times that you’re not driving.
Let’s dive into how they both work so you can determine which one is right for you.
What is Getaround?
Getaround is a car-sharing website and app available worldwide. There are currently 1 billion cars located all over the world and this number is expected to double in 10 years.
Getaround wants to prevent this from happening by promoting car-sharing as a more environmentally-friendly and affordable solution.
Each shared car takes 13 cars off the road, and you can earn an average of $500 per month by renting out your car so it’s a win-win.
How it works is users download the app and select a car they’d like to rent along with the desired day and time. Then, they head to the pickup location for that vehicle and unlock it with the app.
Getaround has its own technology where renters can unlock the vehicle with their phone so it’s a convenient keyless entry. Insurance is included and daily mileage rates apply.
Getaround pays car owners monthly and also you’ll also receive personalized earnings reports.
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What is Turo?
Turo is another car-sharing platform. They allow you to list your car for free and set your own daily rates. Turo is only located in the U.S., Canada, and U.K. right now. The average car owner can earn around $700 per month depending on their vehicle and rate.
When you list your car and someone rents it out, they can schedule a day and time to exchange the keys with you. Turo also pays sooner than Getaround so you can expect payment about 3 days after each trip.
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Getaround Vs Turo
As you can see, Getaround and Turo have some clear similarities but there are also quite a few noticeable differences. If you’re comparing apps like Turo/Getaround, it all comes down to what your preferences and needs are in a car-sharing app.
Below is a breakdown of how each of their key features might differ from one another.
1. Pay and Fees
Car-sharing sites like Turo often make their money by charging vehicle owners a fee. This fee is deducted from the amount the renter pays to borrow the car.
With Turo, you’ll earn 65% to 85% of your booking price which means Turo takes a 15% to 35% cut. For example, if you charge $40 per day, Turo will take anywhere from $6 to $14.
You can factor in these fees when you set your daily price. Vehicle owners can also set amounts for delivery fees and excess distance charges so long as it’s within Turo’s limits. You’ll earn a percentage of any additional usage or late fees a guest incurs.
Turo has an Earnings page where you can track how much you’re making and you can enter your bank’s account and routing number to receive direct deposit payments.
Payments via PayPal is available for Turo hosts outside of the United States. For your first payment to come through, you’ll need to wait at least 72 hours after the trip ends.
However, for all payments after that, you can receive your funds in as little as 3 hours after a trip ends. If someone rents out your vehicle for more than a week at a time, Turo will issue partial payments each week.
With Getaround, you can set your own rental rate as well and they will typically charge a 10% booking fee or $2 minimum. They have a Predictive Pricing program where your rate can adjust depending on their algorithm. This can be helpful if the value of your vehicle changes over time as well as to ensure you’re always offering a competitive rate.
It’s also important to realize that you could be earning more for your vehicle if you rent it on certain days of the week. Getaround’s Predictive Pricing tool may adjust your rate so it’s higher on weekends when bookings are more common and lower on weekdays to encourage more bookings.
In terms of getting paid with Getaround, you’ll receive a check or PayPal deposit every month on the 15th. Only trips completed by 11:59 UTC on the last day of the month will be included in the following month’s payment issued on the 15th.
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2. Rental Process
When comparing Getaround vs. Turo for owners, paying close attention to the rental process is key. With both apps, you’ll want to complete your profile, set your pricing, and set your available days and hours first.
There are also daily mileage limits so be sure to set your pricing for any renters who exceed these limits.
With Turo, you’ll receive a trip request whenever someone wants to rent out your vehicle. Turo will notify you via text as well as sending an email notification.
The renter makes a request more than 10 hours before they need access to the vehicle, you’ll have 8 hours to respond or the request will go to someone else.
If the request is sent 4 to 10 hours before the renter needs the vehicle, you’ll have two hours to respond. If you accept the request, the renter will receive a booking confirmation.
Turo carefully screens all guests, and you can communicate securely through the app to determine where you’ll meet to give them the car and hand over the keys.
With Getaround, users can also browse different vehicle options on the app. To list your car, it must be a 2010 or newer, have fewer than 125,000 miles, and seat no more than 8 passengers.
You’ll need to work with a local Getaround representative to install the Getaround Connect® device to your car. This is an electronic device that provides GPS tracking, anti-theft functionality which makes it easy for contactless car sharing.
When someone books your vehicle, they will be able to unlock it with the app so you don’t even need to be around to provide assistance or hand over the keys.
Related: 26 Apps That Pay You Real Money
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