With such a financial conditions, everybody is trying to cut on cost while still increasing revenue. Although there are other option available to save on cost of buying items including cars, car renting is one of the best way to generate an extra income. It is actually one of the latest trends to generate an extra income. It is one of the most flexible way to earn because you can give out your car when not in use. For example, you can rent out your car after work and pick it the day you want to use.
Renting out your car is plenty easy and convenient. There are many websites in Singapore that can help you facilitate renting out your car. You need to proof ownership and schedule of when you will need your car, the model and any other relevant information that will facilitate quick and faster process.
It is the most decent way to make money, someone else will be making money on your behalf, yet car renting companies provide the best term and condition you will never find from other industries.
To qualify, you need to prove ownership- you will provide relevant documents such as car logbook, license and any other document that will prove ownership. Most companies will only accept car if it is in good condition, and is not older than 10 years. Once you car has been accepted and you have agreed to the terms and conditions, the company goes ahead to do all the necessary marketing and leg work.
How much can you make by leasing your car.
You can make decent money by renting your car. Although this will vary from one country to another, the company you hired as well as the prevailing economic conditions, in Singapore, by renting your car TEN hours in week, you can make up to $3,000 in a year. This is good money, and your car will be well maintained. The amount can more if the economy is better.
The amount you can earn also depends on the type and the age of car. For example, most companies in Singapore advertise of 2004 Acura for only $10 per hour, while better models such as Tesla roadster is advertised for $50 per hour. The best thing with using a company to rent your car is that there is no direct transaction between renter and the owner, the company modulates transaction by collecting the cash and sending pay check.
Benefits of leasing out your car
Car leasing is convenient, cost effective and hassle free way of making. Whether you choose personal car leasing or business contract leasing, there are variety of benefits, some of the benefits include:
Fixed monthly payments- you can easily manage your monthly income by leasing car. Cars are expensive and leasing car can provide the short term solution as you prepare to buy vehicle of your own. There are no worries associated with vehicle depreciation ownership. You can also cut cost of disposing old vehicles every time you buy new vehicle.
Leasing vehicles allows you to drive better vehicle that you cannot afford to buy.
It is one of the best way to buy the car you love. You have the time to test and check the conditions of vehicle before buying. You don’t have to worry about the regular servicing and maintenance because it is usually included.
There are many more other benefits of leasing car. But what are some of risks involved in renting out your car?
Like any other investment, renting out car has some risks that you should analyze before signing the agreement. Some of the risks involved are:
Letting another person, especially complete stranger drive your car is good enough to make you feel nervous. You never know what will happen to you car. To solve these, rental companies require renters to buy larger comprehensive insurance coverage. In case your car is damaged, you are free to report immediately, the renter will be liable for damages and the company ensures that your car is properly fixed by the insurance provider. But this also takes time, and you are not assured that all the repair costs will be on the renter.
Final verdict.
Although there are risks involved in renting out cars, there are many benefits. In addition, there are compensation program in place to fix any damage. Undoubtedly, renting out your can reduce your financial liabilities.
