With This New Service, Your Car Can Earn You Money When You’re Not Using It
You can rent out your home on Airbnb. Why not rent out your car?
General Motors is testing out a new peer-to-peer car sharing service for vehicle owners and leaseholders to make money off their cars when they’re not using them.
The service, dubbed Peer Cars, is reserved for those who own or lease a 2015 model GM or newer, USA Today reports. The service is integrated into Maven, a car-sharing app that lets users rent GM model vehicles.
GM is currently testing Peer Cars in three locations — Chicago, Detroit and Ann Arbor, Michigan — but there are plans to expand it to other cities in the fall. A GM spokesperson told USA Today that the test will help GM understand what owners need and how the app meets their needs.
Those who list their vehicles for others to rent earn 60% of the rental cost. Earnings potential vary, but one example Maven gives is that 2018 Chevrolet Cruze owners can earn $533 renting out their cars for seven days a month.
People can make money off Peer Cars by following three steps:
- Fill out an application providing your vehicle identification number.
- Allow a representative from Maven to take photos of your car and install the technology that allows renters to open the car with their phones. You never have to meet with the renter to hand over the keys.
- Determine when you’ll list the car.
Cars can be listed for rent by the hour, day, week or month. If you want to make some money while you’re chained to a desk working a 9-to-5, you can rent your car out by the hour. If you’re going on vacation, you can rent your car out by the week instead of leaving it home or paying for long-term parking at the airport.
And while a stranger is driving your car around, you don’t have to worry about any damage that might happen. GM insures the vehicles through its $1 million insurance policy.
Nicole Dow is a senior writer at The Penny Hoarder.