In an attempt to diversify their income sources many companies put their idle cars out for rent. And though, no doubt, this measure can allow earning reasonable amount of money one should also remember about the increased maintenance expenses and serious risks which are associated with renting out a car.
Such risks, however, can be and need to be managed and eliminated. Besides, the increased maintenance expenses can certainly be balanced with the effective rental management. Let us have a closer look at some of the factors which come into play when speaking about effective car renting.
Increasing the Value
Whatever option you may choose, there are certain tricks which you may use in order to increase the value of your car at the market and hence to increase your income. In order to does that consider equipping it with reasonably priced, in some cases used, but handy devices and accessories which make the car more attractive for your clients.
Do not forget about the must have things that allow the driver to effectively cope with various difficult situations on the road. Such items include fire extinguishers, jacks, jump starters. Remember to keep the equipment in proper order. Remember, even the best battery jump starter will eventually fail unless charged in due time and even the highest quality fire extinguisher may appear to be useless unless properly maintained.
It is absolutely OK to purchase used devices and accessories since you are putting your car out for rent. But you need to make sure that they all are in good shape. You want to make sure that however little they cost you they are reliable and cope with their functions and do not look “exhausted”.
Rental Options
There are several ways in which one may rent their car out. In many respects the amount of income earned and the risks associated depend on the chosen method.
First option is to put your car out for daily rent. In such a case the income is going to be more significant. Hourly and daily rates are much more significant than monthly and yearly rates. However you need to be prepared to be fully responsible for the maintenance of the car and increased risks. Such risks derive from the big number of people who drive your car every day.
Another option is contracting your car to a company or an individual who will use it for a longer period of time, will be responsible at least for partial maintenance of the vehicle. However, the income you can count on in such a case is certainly significantly lower.
Thus you basically need to decide for yourself what is more important for you. If it is the car which you plan to use for your on needs, than you may find the peer-to-peer sharing option much more attractive. You can build trustful relations with a person who is renting the car from you. If your car is not very expensive and you only plan to use it for earning extra income, then daily rentals will be the ideal solution for you.
Definitely, there are no universal solutions which equally well work for every company. Whatever option you may choose you can get the maximum benefit out of it in case you critically analyze all the advantages which the selected option provides in your particular case and find your own way to eliminating and managing the disadvantages.