The Sharing Economy: How To Put Your Car To WorkLast Updated November 17, 2016
Owning a car can be expensive, but if you’re willing to put forth the effort, you can make back that money and more by providing transportation to others. There are several companies that specialize in helping people with vehicles connect with those in need of a ride. If you aren’t afraid of having strangers in your car, they can be a great way to make some extra cash.
This ride sharing trend is catching on and is becoming a serious option for those needing extra income. This infographic provides additional information about Uber, Lyft, RelayRides and Getaround. Visit their websites if you think you would like to sign up and put your car to work for you soon.
[click the infographic below]
Uber is essentially a crowdsourced taxi service, connecting passengers with drivers through its app. It’s not the only service of its kind, but it is the most popular, which might make it easier to connect with more riders. Like all the companies in this article, Uber has a number of requirements you must meet before becoming a driver.
First off, you must be 21 or older, and you must have at least one year of driving experience. You’ll also need a driver’s license registered in the state you’ll be driving in. Your car must be registered and insured in that state as well. Uber will conduct a background check on you, and it will also check your driving record for the past seven years. A DUI or DWI will automatically disqualify you, as will a criminal record.
Your car must be a four-door and not older than 2000. It can’t be a salvage title, and must pass an inspection. You’ll need to give Uber a photo of the registration, and your name must be on the insurance card.
You connect with passengers via the Uber app, so you’ll need an iPhone 4s or newer or an Android no older than 2013. Riders pay through the app, and Uber takes 28 percent of the total fee. The remaining 72 percent is passed on to you.
Uber also has special services you may be eligible to drive for. Uber XL requires a minivan or SUV that seats at least six passengers, and a 2007 or newer luxury vehicle may be eligible for Uber Plus.
Lyft is very similar in concept to Uber. However, there are a few key differences. Lyft only takes a 20 percent cut compared to Uber’s 28 percent, but it also has more stringent requirements to become a driver.
Lyft requires an in-state vehicle and driver’s license. The vehicle must be a four-door no older than 2003, and salvage titles are off the table. Like Uber, Lyft will conduct a criminal background check and look at your driving record. However, Lyft will disqualify you for having three moving violations in the last three years, or one major violation such as reckless driving.
Lyft uses a similar payment system to Uber, and the app requires iOS 7 or later, or Android 4.0 or later.
While Uber and Lyft turn your car into a taxi, RelayRides turns it into a rental. You can loan your vehicle to other drivers when you’re not using it, and in exchange you’ll receive 75 percent of the rental fee. Of course, you don’t want to worry about an unsafe driver crashing your car, so RelayRides screens potential renters and provides a $1 million insurance policy to cover any damage to your vehicle.
RelayRides is only open to cars 2005 or newer with fewer than 100,000 miles and an automatic transmission. You must be 21 or older, and if under 25 must have at least two years of driving experience. The car must have passed a safety inspection, and must be insured and registered under your name.
Like RelayRides, Getaround allows you to loan your car out to others when you’re not using it. The requirements for drivers aren’t as strict, but Getaround also takes a larger cut of the rental fees at 40 percent. The vehicle must be 2005 or newer, and must have fewer than 125,000 miles on it. Performance modifications on the engine will disqualify the car, and you must schedule and record maintenance while you are offering your vehicle for rent.
Whether you’d prefer to loan people your car or drive them yourself, you can easily use your vehicle as a way to earn money. Since you decide when to offer up your car, these services can work no matter what your schedule.
Whether you’re a stay-at-home parent, an overnight security guard or an overworked programmer, you can find time to put your car to work and get yourself some extra cash.
Have you ever been curious about what it would take for you to turn your car into a Lyft or Uber vehicle? Our latest infographic has all the details to get you started making money with your vehicle.
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