Thinking of Selling Your Car Online? Renting It Out Is a Better Option

RelayRides blogger Sydney Jarod shows that RelayRides’ peer-to-peer car sharing marketplace is the perfect way to turn a one-time cash payment into on-going, hassle-free income

It’s easy to get trapped in the car ownership lifecycle–you buy a car with a bank note, pay down the note and then you eventually find a new car you like, so you trade in, or sell your car online and start over.

FACT: You can make more over time renting on RelayRides than selling for a lump sum.

RelayRides offers a better way–keeping your car and renting it out on a safe and secure peer-to-peer car sharing marketplace. Over time, this will net you more money than a one-time payment from a dealer, or buyer you met online, plus you keep your car.

Are you are asking yourself, ‘Why should I rent out my car instead of selling it?’ Here are four reasons why renting out your car is better than selling it:

Renting Is Repeating Income

The average RelayRides car owner makes $250 a month, and some owners make as much as a $1,000 a month!

In contrast, think about what selling your car means. Sure, you get a lump sum of money for the car—once—but then you have no car. Whatever money you made quickly disappears again into a new car, and you’ll probably still need to pay down a car note.

Renting Is Easier

Sure, we all realize that making money is better than spending money, but convenience should be a major consideration too. Selling a car is a long and stressful process that requires you to research the best sales price, vet and meet and get stood-up by potential buyers, and worry about how and when you’re going to make the sale and transfer title.

In the end, all you’re left with is a one-time cash payment and no car. Why go through all that heart-ache when you can rent out your car instead through RelayRides’ worry-free peer-to-peer car sharing marketplace? Plus, you probably have a lot of memories with that old car, why not hang on to it, make some serious dough off of it and take it out for the occasional trip down Memory Lane?

Renting Is Less Risky

Who vets potential buyers for you online? Who helps you know whether someone could actually pay, whether someone is actually going to show up on time to inspect the car and whether someone is not really some scam artist or Craiglist creeper?

When you rent your car through RelayRides, you can do it with confidence every time, because RelayRides gives you full protection by vetting the driving record of every renter that joins RelayRides and also allows you to decide which of the pre-screened renters gets to use your car. RelayRides also makes sure that your car is covered by a worry-free $1 million insurance policy during every rental.

Renting Is an Investment Opportunity

If the money you earn through RelayRides offsets the payments on one car, you effectively own a car without paying for it. Sound too good to be true? Well, it isn’t. There are owners in the RelayRides marketplace like Curtis Chong who have made more money over time than the Kelley Blue Book value of their car. Said Chong of the marketplace, “Thanks to RelayRides, I got a free car, and it continues to print cash—plus, I feel great that I’m helping out a neighbor! What’s not to like?”

Think that sounds good? What if you then bought a second car? Then you could have two cars for the price of one. Now, what if you made more money through renting out cars than you pay in car notes? Your money could potentially multiply with each car you own.

In contrast, selling your car is a losing strategy. With rare exceptions, cars lose retail value quickly over time, so selling your car will likely only help you make a down payment on your next car. While renting can be a sound investment strategy, selling is merely a consolation prize for years of payments.

These four arguments make the case. Next time you ask yourself, “Can I make money off my car?” remember that the answer is not to sell your car online, or to a dealer, but to join the RelayRides community of car owners that are making smart money off their cars every day.

Still not quite convinced RelayRides is right for you? Check out these six reasons why you need to join RelayRides today!

Photo Credit: Hugo90