If you have a vehicle that sits parked until it’s time for the next maintenance, or if you don’t use your own car often enough, or you have a boat that you take out once in a blue moon, then you might be losing money. Renting your vehicle can turn out to be a source for some extra income.
Companies like Uber handover rented cars to drivers that don’t have a car of their own. This makes it a win-win situation for everyone involved.
If you buy a new car and don’t want to part with your old one for whatever reason, it can either break down from not being used or will only add up to maintenance and car parking bills. The best-case scenario here is renting your old car so that it does not break down and you are not pilling bills for maintenance and figuring out car parking.
Once you sign a contract with a car-renting-place, any accidents or damage to your vehicle is taken care of by them, so you don’t have to worry about the car being not handled properly.
The same can be the case with bikes. And if you have a luxury car, then the returns can be even more. A luxury vehicle or something that isn’t commonly used, like a boat or a yacht, is a financially sound decision to be rented. It helps keep the vehicle running and also brings in extra cash.
Boats, yacht, private planes are usually used as rentals more often because they require a considerable amount of investment, and not everyone has it.
Like big rental companies and businesses, you can turn this venture into a considerable amount of income-generating model for you as well. You can start by leasing out your car and can eventually venture into leasing out more cars. Many people who started out with searching for ways to put their cars to use, ended up making the most of this business model and turned it into a lucrative practice.
Vehicles are one of the most common possessions to be rented. From being loaned to companies, to being loaned for private usage, it has seen a boom in business. Now, renting is more sustainable than buying, especially with more and more rental and cab services emerging, which is why it is smart to put your own car to use in a tried-and-tested business model.