Are you ready to rent out your car? – ‘Personal Car Sharing’ brings in $2-300/month

Have you ever thought about renting out your car, like an automobile version of Airbnb?

The trend is catching on as “personal car sharing” comes to Los Angeles in March 2012. It already exists in Boston and San Francisco as a distinct service compared to Zipcar, which rents out cars owned by Zipcar-itself.

RelayRides, based in Boston, is expanding a service that allows car owners to rent their vehicles to other licensed drivers by the hour or the day.

Personal car sharing was legalized in California last year, but RelayRides and the other two companies that offered the service in the state (Getaround and Spride) operated only in San Francisco.

“AB 1871 allows Californians to rent their cars by the hour to offset their costs of ownership, as well as cars’ impact on the environment. Previously, California law prevented personal cars from being rented for commercial use.

Under the new law, individuals who rent their personal cars need to carry auto-insurance levels at least three times greater than the state’s current minimums of $15,000 for injury/death to one person, $30,000 for injury/death to more than one person and $5,000 for damage to property.” via Greenspace

Car sharing would seem to work best where “it’s easy to live without a car,” Clark said, meaning a dense city with good public transportation. In areas such as L.A., where the opposite is true, Clark expects car sharing will be used as an alternative to buying a second or third car.

“A lot of families always need one car and sometimes need two,” Clark said. “Right now, their only option is to round up. The only way to access that car when they need it is to own one.”

The starting price for RelayRides rentals is $5 per hour and includes gas, 20 miles of driving and insurance. RelayRides keeps 35% of the rental cost. The remaining 65% goes to the car owner. Monthly payments, which average $250, are sent to owners.

via LA Times

 

From RelayRides:

Total convenience – No more walking a mile to some gas station to pick up a car: RelayRides cars live where you live! Whether it’s down the block, across the street, or in your neighbor’s driveway, RelayRides cars are always conveniently located.

 

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