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Rent Out Your Car For Cash!

December 9, 2010

When I moved to New York City I had planned on selling my car as I was told that in the city you don’t need a car as you’ll subway it everywhere or take cabs. And I was told that parking was so expensive! I was about to sell the car when I came upon a garage that charged $250. a month for parking and it was located right around the corner from my apartment; all other garages charged a minimum of $450. So I rented the space and on Sundays I take the car out for a ride around the city to act like a cab driver for a few hours (and I do well, I must say!) and the car is available for longer trips outside the city.Auto traffic in NYC

I recently read an article in Kiplinger’s Magazine where this gal turned her wheels into a rental. There are “sharing services” that help you facilitate renting out your car.

  • Spride Share (http://www.spride.com/) in a partnership with City CarShare (in SF) created this company where these cars are available to more than 13,000 prescreened City CarShare members;  hardware is installed that tracks usage and gives renters access via an electronic key fob. Owners designate when their car is available. Rental rates depend on the car. Spride estimates that if your car is available 15 hours a week the owners could earn $2150. a year. And yes, the income is taxable (minus expenses of course).
  • RelayRides (http://www.relayrides.com/) has been operating in Cambridge, Mass.
  • GetAround (http://www.getaround.com/) is another company that is testing in various cities.

At GAI (www.gunwel.com) we applaud inventive ideas and continue to support business owners and individuals in their various financial endeavors. Give us a call at 212-979-6830 or stop by for a visit. We are here to help with every thing financial!

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