Your CAR Can Make You Money… Actual Monthly INCOME

You heard it right, you can actually make money from your car by renting it out. Now, if you have not been in the loop... there have been multiple companies popping up offering you the peace of mind to rent your car to someone, and them covering the insurance to ensure you are operating at low to zero risks.

It seems like the world is becoming a GIG economy, there are more and more ways for you to generate cash.

If you own money through a bank, this method when done right can help you reduce the monthly burden OR, cover it all together. The trick is, doing the right things so you can maximize your profit. In this article, I'll dive deep and explain exactly what I mean.


Although those two are the biggest currently on the market, Turo is by far the most known and most reliable at this time (in 2018). I'll use Turo as the source of income generation.

Logistics Behind This

Let's take an example of a car: 2010 Toyota Prius

And let's pick a city: such as Phoenix, Arizona.

You rent your ride to someone for about $40 per day.

Minus a service fee, you are left with about $36.

Minus a fixed rate for income taxes (lets say 25%), you are left with $25.

Next lets factor in a car wash/detail,  (hand wash) and it costs you about $7.00. Now you are left with $18.00

Let's a factor in depreciation of 0.05 cents per mile, and assuming the car was driven 125 miles in a single day with a budget of 200 miles, you are left with..... "drum roll please" .... around $12.00 in NET Revenue for that day. Now below, I'll break it down with a few different options.

Different Scenarios, EXPLAINED

 Now the second option is even better, when you have your car paid off completely, now it's all net profit left over.

The same car will leave you $15-$20 in net profit per trip considering you take into account the other expenses mentioned previously.

In 10 days, how does $150-$200 in extra cash sound?

NOTE: Now, this is where we're talking about renting family cars, everyday cars that really can go forever (given proper maintenance).

Let's PICK a car specifically for renting out on a daily basis, where we can get the MOST money from it and either get our return on investment really fast or far exceed the monthly payment and generate revenue.

Picking a car for the least amount, that can be rented for the most... takes some digging.

Look up in your local area of the most expensive daily rate of Turo cars, which on sites like or, are actually quite cheap. Let's do a LIVE example by looking into an area of Phoenix, Arizona.

*(These results were of March, 2018).

After a quick search, these are the options:

Option #1: 2013 BMW M3

Current Average Price: $29,000

Renting Price: $149/day

Option #2: 2014 Tesla Model S 85

Current Average Price: $55,000

Renting Price: $128/day

Option #3: 2012 Mercedes-Benz C63 AMG

Current Average Price: $40,000

Renting Price: $147/day

Option #4: 2013 BMW 535i

Current Average Price: $18,000

Current Renting Price: $83/day

Option #5: 2007 BMW Z4

Current Average Price: $13,000-


Current Renting Price: $80/day

Option #6: 2016 Mazda Miata MX-5

Current Average Price: $20,000-


Current Renting Price: $87/day

Option #7: 2013 Volkswagen Beetle

Current Average Price: $13,000-


Current Renting Price: $67

Option #8: Cadillac ATS 2.0T

Current Average Price: $13,000-


Current Renting Price: $80/day

For example sakes, we're choosing option #8, the Cadillac ATS 2.0T. This is a popular option because it looks luxurious, fixing it is on the cheaper side of luxury cars, and most likely you'll be able to get one under warranty still since most are less than 4 years old.

On a $13,000 Cadillac ATS made in 2014, with a full loan coming out to be $14,200 (those extra $1,200 is for taxes, title, and other fees), financing that over 60 months with 5% sales tax and 5% interest, you should get a total of about $281.00 per month for the payment. You can even go to 72 months on newer cars and have a $240/month payment, but we're going to stick with the $281/month payment.

Let's say you rent out the Cadillac for 10 days out of the month, you managed to get the rate to $$75-80 per day, after 20% you are left with about $60-$65 gross. Account car washing/cleaning, you'll have about $50-$55 left after that. 

Account a few other expenses, and you are looking at $30-$40 in net revenue from that one-day rental. Give it 7-10 days of straight renting time and you meet your car payment, double that and you are pulling POSITIVE $280-$350 for the month.

DISCLAIMER: This is slightly oversimplified, and results may vary of course. But the principle is the same.

Words of Wisdom

There are no guarantees in this type of space, you can have amazing renters who leave great feedback and ones you can even make friends with.

On the flip side, you can have someone who seemingly you thought was going to cause no issues but ended up smoking in your car, blew a speaker inside a door, caused a stain in the leather, or curbed a wheel.

Worse case scenario they get into an accident and you are left with having to buy another car from the insurance policy Turo provided you with.

Like YODA, Be Wise. Be Cautious.

At the end of the day, the first things are the most likely case scenario... but it's IMPORTANT to not fool yourself and forget about the worst case scenario. Be cautious all the time, do everything within your power to make the most while taking on the least amount of risk.

Parting Comment

In this day and age, we are fortunate enough to see alternative fuels used to get cars moving. Electricity is taking off and is MUCH cheaper to maintain than standard fossil powered automobiles. In fact, aside from brake pads, tires, and washer fluid... there's not much to replace in the grand scheme of things.

Looking into a used Tesla Model S or some other type of EV such as a Nissan Leaf will prove to be a GOOD and SOLID option for generating income.

Less moving parts = Lower maintenance

Lower maintenance = More net profit

Net profit = Happier you