Whereas Airbnb (ABNB) leases have launched many individuals’s aspect hustles into full-time careers, car-sharing apps had been all the time designed to be a supply of passive revenue.
You enroll your automotive and, when not utilizing it, let another person drive it for what could possibly be $25 a day for a Fiat 500 or $375 a day for a Bentley Continental.
Peer-to-peer car-sharing firm Turo launched out of Boston in 2010 however has exploded in reputation within the final yr. Income jumped by 207% between 2021 and 2022.
Whereas the corporate is at present personal, Turo filed for approval to go public by way of an IPO underneath the TURO ticker in January.
This Actual Property Agent Made $10K In A Few Months
One individual to just lately flip to Turo for supplementary revenue is Selina Leitner, an actual property agent at Keller Williams. The 26-year-old lives in Menasha, Wisconsin and rents out her 2018 Jeep Wrangler for $120 a day on prime of her commissions.
“Having a spare automobile is a good way to make your unused vehicles earn a bit extra cash,” Leitner advised TheStreet. “In case you are away on trip or don’t want your automotive for a sure time frame, it is a good way to make the most of the free time.”
After placing her automotive up on the positioning in December 2020, Leitner earned $8,907 within the yr that adopted. The Jeep Wrangler is all the time listed for reserving however since Leitner wants a automotive to drive to house showings and last-minute conferences as an actual property agent, she and her associate have teamed as much as share a second automotive.
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“To this point that has labored completely minus [the] one time we forgot to e-book the proper days off and we had to make use of the bike to get to appointments,” Leitner mentioned. “That was a enjoyable week!” Leitner additionally gives reductions for individuals who e-book early or for prolonged durations of time.
Those that solely have one automotive might discover the logistics of placing it out for lease extra difficult, as with a trip rental that one visits a part of the summer season, sure dates (reminiscent of when one is away or is aware of it will not be used) will also be blocked off.
However, increased value of upkeep and insurance coverage are bills that one ought to take into account earlier than placing one’s automotive up for car-sharing. Turo additionally takes between 15% and 40% of the rental value from the proprietor.
On the person finish, drivers underneath the age of 25 need to pay a charge of as much as $50 (the precise worth varies by one’s precise age on the time of driving.)
So Many New Facet Hustles Out There
Final yr, Turo mentioned that it had greater than 85,000 lively hosts and 1.3 million lively friends in numerous cities throughout the nation. An organization referred to as Getaround has the same mannequin and has additionally been gaining traction throughout the nation.
However whether or not they’re an indication of entrepreneurial spirit or sure issues within the job market, aspect hustles assist many individuals complement their revenue in each lively and passive methods.
In its round-up of 2022 salaries, Parade recognized quite a few standard aspect jobs and sources of passive revenue — together with house internet hosting, there are pet sitters, promoting used garments on eBay (EBAY) and digital private assistants who spend a number of hours a day planning conferences and making reservations for professionals.
READ PARADE’S FEATURE ON LEITNER AND OTHER PEOPLE MAKING MONEY IN NEW WAYS HERE.