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HyreCar is a peer-to-peer car rental platform that bridges the distances between car owners and transport drivers in need of vehicles for their jobs? It is a pay-as-you-go service, and renters and car owners don’t pay registration or membership fee. Nonetheless, HyreCar deducts a particular percentage of a car owner’s weekly or monthly income, whereas a driver pays rental rates and additional charges. But, can you make money with HyreCar? People ask so many questions about HyreCar but the most asked question is how to make money with HyreCar.
Earning with HyreCar
HyreCar allows you to set your daily, weekly, or monthly rental prices. On average, car owners charge about $30-$45 per day, which translates to about $200-$300 per week? Remember that HyreCar has fast approval and there is a high chance of your car getting rented following registration. A renter will have to work hard to cover your charges, pay insurance, other fees, and still make profits.
However, you need to consider the additional costs which influence the final amount credited to your account. HyreCar will charge you a 15% fee from your weekly rental price. On the contrary, the renter will pay the weekly rate, daily $10 insurance cost, and a 10% fee.
Let’s assume that a driver rents your vehicle on a weekly rate of $200. During the rental period, the driver pays a daily insurance fee of $10, which amounts to $70 by the end of the lease.
The company will charge him or her a 10% HyreCar driver fee, which equals to $20, and consequently, the gross billing amounts to $290. It’s also worth mentioning that HyreCare deducts the 15% fee from your weekly rate and not from the total billing. Hence, you earn 85% of $200, which equates to $170 per week. Contrarily, HyreCar earns a revenue of $120 from the transaction.
Assuming that the driver extends the rental period to four weeks, you can easily make $680 in one month. Several vehicle owners have attested to making more than $1000 per month.
Risks
It’s important to know that renting your car comes with some risks. To begin with, your vehicle may be totaled during the rental period, or you may start receiving calls from authorities due to unpaid tolls. The renter may also use your car to carry out illegal activities, and consequently, authorities may impound your vehicle. Nonetheless, HyreCar does an extensive background check on drivers to minimize such risks. Besides, the driver gets penalized should it be proven that he is responsible for your car’s damage. So, there is little to worry about when renting your vehicle with the platform.
Bottom-line
HyreCar provides you with a platform to rent your car on a daily, weekly, or monthly rate. The company does intensive background checks on renters to ensure that ‘clean’ drivers rent your car. This serves to minimize risks of your car getting involved in accidents or nasty activities. All in all, the demand for rental vehicles is quite high in HyreCar, and it’s possible to make $700-$1000 per month, whether through the extension of rental periods or successive rentals.
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