Do you have a car of your own? Do you rarely use it? Do you feel like you are unnecessarily spending on its maintenance when you hardly use it? Then you need not have to worry at all. In stead of leaving the car in your garage, you can give your car on rent to companies and call centers. This is going to earn you some decent money.
Now a days due to the current COVID-19 pandemic, lots of companies are opting for work from home culture and because of this the taxi/cab service has taken a hit. We have seen recent protest by Ola/Uber drivers in March 2021 demanding the increase in incentives.
In these scenario renting a car to the companies are quite competitive. But opportunity always comes with technology, new companies are coming out everyday with new offers and competitive incentives. Look for them and attach your vehicle to earn profit.
There are many software companies, call centers and other companies where people work on shift basis. Usually, in companies like these there will be transport provided to the employees. You can give your car on rent to this kind of companies where you can earn some money.
You have to contact a transport agency that provides employee transportation services to the staff members. Connect with them and attach your vehicle.
Rent out your car to corporate companies on monthly basis
You can give the car on rent basis to the companies. The best thing is you will rarely use the car and that could be mostly on weekends and the companies do not work on weekends. So, you will be able to use your car and at the same time you will also be able to earn some money from the cars. You can start with a monthly basis renting. This will help you in taking back the car whenever you wish to. If you are going for a long term contracts then you will not be able to take your car from the contracts and will have to continue.
Attach your car to Ola/Uber cabs
Ola and Uber are a great option in India if you do not want to give your car to any company in specific. You must be aware of these two cab services. They are really popular and grown really fast as well. You can choose to drive your own car or you can hire a driver. Procedure for car attachment with Ola and Uber cabs is very simple and it can be done within 2 days.
Current offers and incentives are quite low because of the COVID-19 lockdown. You should enquire with Ola/Uber office in your city.
Rent out your car to travel agencies
Travel agencies is also a great idea if those who have a car and do not use it too frequently. Get in touch with any of the travel agencies near you or you can get in touch with more than one travel agencies. You can find out the rates that they are offering you. Based on the information you gather, select an option that you find perfect for you. It is not just the rates that you will have to look for, but also the flexibility to use your car whenever you need it.
Rent out your car for outstation rentals
If you want to earn more then renting out your car for outstation rentals is a good option. Your car will go out for the station for a long period, say for a five days or a week. You should be able to arrange a drive or you can give it on self drive basis also. This way, you can earn more with outstation trip as those are long term trips.
This business model is working well in the current COVID-19 lockdown because trains and bus services are not operating in full frequency.
NO more pain
Early renting out your cars to any companies, to travel agencies or for outstation trips was a pain. But it is no longer a pain. Now, your car will be completely safe and secured as well. You can sign a contract with the company to which you are renting out the car and hence you are completely safe. You can check the complete license, permit and other documents of the agency to which you are renting out the car.
Certain requirements to take care:
Before you give out your car on rental basis to any company or any travel agencies, you will have to check a certain requirements. This is going to help you in placing your car for rents with ease.
- The condition of your car is very important. When your car is on poor condition not many companies will take your car on rental basis and you will not be able to give it to any travel agencies as well. If your car is an old car, then you can take it to your car mechanic and get it checked so that there will not be any kind of problem.
- All documents of the car must be in force. Any papers which are expired have to be renewed in order to get your car on job immediately.
- Not all the cars can be used for commercial purpose. So, you will have to make sure that you have the permit to use the car for commercial purpose, else it is going to be waste of time and money as well.
- Check the complete details of the company or the travel agency before you place your car for rentals.
- Before you give your car for self drive option, make sure to collect all the details from them and also take a security deposit amount. This is going to be useful when something goes wrong.
Amount you earn differs
When you let out your car on rental basis, do not expect it to earn really high from the first day or first month itself. If you are renting it out to a company on monthly basis, then you will sign up with the company for a certain fixed amount on monthly basis. That means, you will be able to earn that amount without any kind of problems.
But when you are renting it out for Ola or Uber, then the amount that you can earn depends on the number of rides it is taking per day. It is the same with the travel agencies as well. You will be able to make money only when your car goes out for a ride. So, plan it accordingly, but you will surely be able to make some extra income out of the car which was idle at home since long time.
Article updated on 19th-April-2021
Original date of publishing – 05-Jan-2018