First, you have to have enough to buy one. Then you need enough for gas, insurance, general maintenance, parking, etc. Let’s not forget that as soon as a new vehicle is driven off the lot, its value depreciates.
But now, because of a partnership between peer-to-peer car-sharing service RelayRides and automaker General Motors (NYSE:GM), there’s an new way for some vehicle-owners to make extra dough — by renting out their wheels. Peer-to-peer car-sharing isn’t a brand-new concept, but GM and RelayRides have made the process easier for their customers through the partnership.
Here’s the skinny on the new service.
- GM’s OnStar subscribers can now use their smartphones to access RelayRides’ marketplace to rent out their vehicles.
- The gas is provided by the vehicle’s owner, but renters are required to replace the fuel.
- The rental rate is determined by the owner. The minimum fee is $5 per hour. The owner cannot charge more than $50 an hour.
- For owners, RelayRides provides a $1 million liability insurance policy and strict renter screening.
- For renters, RelayRides provides insurance coverage and 24/7 roadside assistance and support.
- Renters can use their smartphone in conjunction with OnStar to unlock the door of the rented vehicle (keys will be inside).
The concept of peer-to-peer car rentals has grown increasingly popular over the past few years, especially among those living in large metropolitan areas who don’t want the hassles associated with car ownership.