(CBS) — You can make money by renting out your car, through car-sharing services.
CBS 2’s Dorothy Tucker shows you how they help cut costs for both car owners and renters.
Cars in the U.S. typically sit unused 92 percent of the time, says Steve Webb of Turo. He says owners can turns their vehicle into an “earnings engine.”
Hundreds of Chicagoans share their cars through sites like Turo and GetAround, charging anywhere from $23 to $800 per day.
Paul Hussey began renting out his first Tesla a year ago. He now has two with $3,700 a month in car payments.
“As long as I rent both cars about 10 days a month that pretty much covers the payments,” he says.
Car-sharing can save renters money, too.
“Turo is around 30 to 35 percent more affordable than a traditional rental car company,” Webb says.
You can choose the exact car when you book.
“Try to book in advance about two weeks ahead of time,” Hussey advises. “You should be able to get the car you want when you want it.”
Insurance is provided by the car-sharing companies.
For renters, there could be extra fees if the car is damaged, needs to be cleaned or is delivered to you.